Mixed-Use Building with
For Sale
$650,000
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$98.35
Days on Market165
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 29
Changed: Sep 8
Last Checked: Aug 30 at 9:18AM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$57,424
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,148,480
$1.1M
Cap Rate 7%
$820,343
$820.3K
Cap Rate 9%
$638,044
$638.0K
Market Conditions
NOI Build-Up for 6,609 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$71.1K $10.76/SF
− Vacancy
−$3.6K −$0.54/SF
EGI
$67.6K $10.22/SF
− OpEx
−$10.1K −$1.53/SF
NOI
$57.4K $8.69/SF
Area
Kankakee County, IL
Vacancy
5.00%
Lease Rate
$10.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,148,480
Cap Rate 7%
$820,343
Cap Rate 9%
$638,044
Alternative Uses
Best Use
Apartment 5plus
$4.65M
$4.07M – $5.42M
NOI $325,370 @ 7.0% cap · market cap 50.06%
Second Best
Office B
$1.04M
$908.0K – $1.21M
NOI $72,638 @ 7.0% cap · market cap 11.18%
Theoretical Best
Multifamily LT 5
$5.33M
$4.67M – $6.22M
NOI $373,219 @ 7.0% cap · market cap 57.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
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
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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 is the asking price?
The asking price for this property is $650,000.
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
