Starved Rock Commercial
For Sale
Contact for pricing
Pending
1313 Chestnut St, Ottawa, IL 61350
Established bike shop near Starved Rock State Park for sale.
Property Size1,325 SF
Days on Market197
Property Features for 1313 Chestnut St
General Information
Standard status
Pending
Size
1,325 SF
Property subtype
Office, Retail, Special Purpose
Building Details
Year Built
2006
Buildings
1
Stories
1
Listing Agency:
Coldwell Banker Real Estate Group Ottawa
(815) 228-1859
Listed By:
George Shanley · License #IL 475.092481
Source:
Crexi
Added: Feb 3
Changed: Aug 10
Last Checked: Aug 17 at 1:37PM
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 Coldwell Banker Real Estate Group Ottawa
Investment Insights
Based on property information with market context.
This unique commercial property is located in the "Town of Two Rivers," near the Illinois & Michigan Canal and close to Starved Rock State Park and other state parks. Currently operating as a bike shop offering sales, rentals, and repairs, the property is positioned to attract outdoor enthusiasts year-round. The main building includes a lobby, office space, service area, kitchen, and two bathrooms, making it suitable for various business needs. In 2014, a 13' x 24' Morton building was added, providing additional space for storage, workspace, or future expansion. The property offers possibilities to continue the bike business, convert to retail or office space, or bring your own vision to life. The building has a total size of 1325 square feet.
Key Highlights
- Prime location in Starved Rock Country, a major tourist destination.
- Established business opportunity as a well‑regarded bike shop with sales, rentals, and repairs.
- High‑visibility, high‑traffic location in the 'Town of Two Rivers', near bike paths and scenic routes.
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
$12,020
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
7.66%
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%
$240,400
$240.4K
Cap Rate 7%
$171,714
$171.7K
Cap Rate 9%
$133,556
$133.6K
Market Conditions
NOI Build-Up for 1,325 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
$19.1K $14.40/SF
− Vacancy
−$1.9K −$1.44/SF
EGI
$17.2K $12.96/SF
− OpEx
−$5.2K −$3.89/SF
NOI
$12.0K $9.07/SF
Area
LaSalle, IL
La Salle County, LA
Vacancy
10.00%
Lease Rate
$14.40 /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%
$240,400
Cap Rate 7%
$171,714
Cap Rate 9%
$133,556
Alternative Uses
Best Use
Retail
$171.7K
$150.3K – $200.3K
NOI $12,020 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$331.6K
$290.2K – $386.9K
NOI $23,214 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
Demographics for 61350, IL
23,997
Population
10,853
Households
2.2
Avg Household Size
43
Median Age
22%
College-Educated
93%
High-School Grad
152.5 sq mi
ZIP Area
157
Density / Sq Mi
$77,562
Median Household Income
$43,042
Median Earnings
$940
Median Rent
$157,100
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?
Retail space - Established bike shop near Starved Rock State Park for sale.
Where is this retail space located?
The property is located at 1313 Chestnut St Ottawa, IL.
What is the asking price?
The asking price for this property is $156,900.
What are key features of this property?
This property features: Prime location in Starved Rock Country, a major tourist destination.; Established business opportunity as a well‑regarded bike shop with sales, rentals, and repairs.; High‑visibility, high‑traffic location in the 'Town of Two Rivers', near bike paths and scenic routes.
