Retail Storefront
For Sale
$625,000
230-238 N McLean Blvd, Elgin, IL 60123
Multi-tenant storefront property previously operated as a florist/retail shop.
Property Size3,674 SF
Days on Market93
Property Features for 230-238 N McLean Blvd
General Information
Standard status
Active
Size
3,674 SF
Property subtype
Retail
Building Details
Building Size
3,674 SF
Listing Agency:
Caton Commercial Real Estate Group
Listed By:
Eddie Palacios
(630) 988-0412
Source:
Catoncommercial
Added: Jun 2
Changed: Sep 1
Last Checked: Sep 1 at 5:50PM
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 Caton Commercial Real Estate Group
Investment Insights
Based on property information with market context.
This retail storefront property includes multiple units and was previously used as a florist and retail storefront. The configuration is suited to retail-style operations based on the property’s prior use.
The property is located at 230-238 N McLean Blvd in Elgin, Illinois. It offers straightforward access for retail customers consistent with a storefront setting.
As presented for sale, the asset’s primary documented attribute is its prior florist/retail use, which may be helpful for a buyer seeking a retail-oriented footprint.
The property is located at 230-238 N McLean Blvd in Elgin, Illinois. It offers straightforward access for retail customers consistent with a storefront setting.
As presented for sale, the asset’s primary documented attribute is its prior florist/retail use, which may be helpful for a buyer seeking a retail-oriented footprint.
Key Highlights
- Multi‑tenant storefront property previously operated as a florist/retail shop
- Past use: florist/retail storefront
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
$50,996
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
8.16%
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%
$1,019,920
$1.0M
Cap Rate 7%
$728,514
$728.5K
Cap Rate 9%
$566,622
$566.6K
Market Conditions
NOI Build-Up for 3,674 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
$79.4K $21.60/SF
− Vacancy
−$6.5K −$1.77/SF
EGI
$72.9K $19.83/SF
− OpEx
−$21.9K −$5.95/SF
NOI
$51.0K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,019,920
Cap Rate 7%
$728,514
Cap Rate 9%
$566,622
Alternative Uses
Best Use
Retail
$728.5K
$637.5K – $849.9K
NOI $50,996 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,793 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
863
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60123, IL
47,932
Population
18,129
Households
2.6
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
14.0 sq mi
ZIP Area
3,424
Density / Sq Mi
$86,762
Median Household Income
$40,288
Median Earnings
$1,226
Median Rent
$242,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Multi-tenant storefront property previously operated as a florist/retail shop.
Where is this storefront property located?
The property is located at 230-238 N McLean Blvd Elgin, IL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Multi‑tenant storefront property previously operated as a florist/retail shop; Past use: florist/retail storefront
