Building Details

Building Size 9,002 SF

Year Built 2016

Units 1

Tenancy Single

Listing Agency: Elevate Net Lease

Listed By: Rita Michil · License #6505433330

Source: Commercialcafe

Added: Apr 1 Changed: Aug 16 Last Checked: Aug 14 at 8:04AM

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Investment Insights

Based on property information with market context.

This is a single-tenant, freestanding retail store currently operated as a Dollar General. The property is presented as a standalone investment opportunity with one tenant in place.

The address is 1111 Coyne Center Rd, Milan, IL 61264.

Key Highlights

• Single‑tenant, freestanding Dollar General retail property
• Built in 2016

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

$105,874

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

8.21%

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%

$2,117,480 $2.1M

Cap Rate 7%

$1,512,486 $1.5M

Cap Rate 9%

$1,176,378 $1.2M

Market Conditions

NOI Build-Up for 9,002 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

$145.8K $16.20/SF

− Vacancy

−$4.7K −$0.52/SF

EGI

$141.2K $15.68/SF

− OpEx

−$35.3K −$3.92/SF

NOI

$105.9K $11.76/SF

Area

Rock Island County, IL

Vacancy

3.20%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

25.00%

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%

$2,117,480

Cap Rate 7%

$1,512,486

Cap Rate 9%

$1,176,378

Alternative Uses

Best Use

Specialty Retail

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,874 @ 7.0% cap · market cap 8.21%

Second Best

Retail

$1.06M

$930.6K – $1.24M (±1% cap)

NOI $74,445 @ 7.0% cap · market cap 5.77%

Theoretical Best

Healthcare Medical

$1.53M

$1.34M – $1.79M (±1% cap)

NOI $107,316 @ 7.0% cap · market cap 8.32%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Grocery and convenience stores

Suggested Use

Top Pick Building Supply Restaurant Auto Repair Shop Storage Facility Kitchen & Bath Showroom Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

42

Businesses Nearby

5k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Dollar General Shops & Services

5,072 visits/mo 0.1 miles

Demographics for 61264, IL

10,157

Population

4,978

Households

2

Avg Household Size

47

Median Age

23%

College-Educated

91%

High-School Grad

68.9 sq mi

ZIP Area

147

Density / Sq Mi

$78,285

Median Household Income

$50,389

Median Earnings

$832

Median Rent

$147,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Single-tenant freestanding Dollar General retail property offered for sale.

Where is this grocery and convenience store located?

The property is located at 1111 Coyne Center Rd Milan, IL.

What is the asking price?

The asking price for this property is $1,289,795.

What are key features of this property?

This property features: Single‑tenant, freestanding Dollar General retail property; Built in 2016