Mixed-Use Building with
For Sale
Contact for pricing
127 West Taylor Street, Grant Park, IL 60940
Combines residential units with office and light warehouse space in one multi-component commercial building.
Property Size6,609 SF
Price / SF$0.30
Days on Market230
Property Features for 127 West Taylor Street
General Information
Standard status
Active
Size
6,609 SF
Zoning
OTHER
Taxes and HOA fees
Annual Taxes
$8,266
Building Details
Year Built
1920
Stories
2
Listing Agency:
McColly Bennett Real Estate
Listed By:
Greg Leutloff · License #475122665
(815) 592-7502
Source:
Compass
Added: Mar 13
Changed: Oct 26
Last Checked: Oct 26 at 7:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of McColly Bennett Real Estate
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Investment Insights
Based on property information with market context.
This mixed-use building in Grant Park, Illinois, combines five apartments with approximately 3,000 SF of office area and 5,449 SF of light warehouse space. The residential component includes one three-bedroom unit, two two-bedroom units, and two one-bedroom units. Office and warehouse areas, along with apartments 1 and 2, use gas forced-air heat and central air; the other apartments have electric baseboard heat and window cooling units.
The office area is furnished with five workstations, including desks, chairs, phones, headsets, monitors, keyboards, computers, and a server. The right two-thirds of the building underwent a full renovation 17 years ago, including electrical, plumbing, and HVAC systems. Apartment interiors were updated individually. The structure was built in 1920, and the roof is 8-9 years old. Zoning is listed as OTHER.
The office area is furnished with five workstations, including desks, chairs, phones, headsets, monitors, keyboards, computers, and a server. The right two-thirds of the building underwent a full renovation 17 years ago, including electrical, plumbing, and HVAC systems. Apartment interiors were updated individually. The structure was built in 1920, and the roof is 8-9 years old. Zoning is listed as OTHER.
Key Highlights
- Five apartments: 1 three‑bedroom, 2 two‑bedroom, and 2 one‑bedroom units
- Approximately 3,000 SF of office space plus 5,449 SF of light warehouse
- Office furnished with 5 workstations, computers, phones, monitors, and server equipment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,934
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,078,680
$1.1M
Cap Rate 7%
$770,486
$770.5K
Cap Rate 9%
$599,267
$599.3K
Market Conditions
NOI Build-Up for 6,609 SF
Gross rent
$92.8K $14.04/SF
− Vacancy
−$6.5K −$0.98/SF
EGI
$86.3K $13.06/SF
− OpEx
−$32.4K −$4.90/SF
NOI
$53.9K $8.16/SF
Area
Kankakee County, IL
Vacancy
7.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,078,680
Cap Rate 7%
$770,486
Cap Rate 9%
$599,267
Alternative Uses
Best Use
Apartment 5plus
$4.65M
$4.07M – $5.42M
NOI $325,370 @ 7.0% cap · market cap 16,268.50%
Second Best
Office B
$1.04M
$908.0K – $1.21M
NOI $72,638 @ 7.0% cap · market cap 3,631.90%
Theoretical Best
Multifamily LT 5
$5.33M
$4.67M – $6.22M
NOI $373,219 @ 7.0% cap · market cap 18,660.95%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
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Business Placement
Demographics for 60940, IL
3,246
Population
1,173
Households
2.8
Avg Household Size
44
Median Age
19%
College-Educated
94%
High-School Grad
76.7 sq mi
ZIP Area
42
Density / Sq Mi
$97,778
Median Household Income
$50,493
Median Earnings
$1,201
Median Rent
$244,800
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines residential units with office and light warehouse space in one multi-component commercial building.
Where is this mixed-use property located?
The property is located at 127 West Taylor Street Grant Park, IL.
What are key features of this property?
This property features: Five apartments: 1 three‑bedroom, 2 two‑bedroom, and 2 one‑bedroom units; Approximately 3,000 SF of office space plus 5,449 SF of light warehouse; Office furnished with 5 workstations, computers, phones, monitors, and server equipment
