Storefront Building with Auxiliary
New
For Sale
$145,000
1313 Chestnut Street, Ottawa, IL 61350
Existing layout combines retail, office, service, kitchen, and restroom areas for flexible commercial use.
Property Size1,325 SF
Days on Market5
Property Features for 1313 Chestnut Street
General Information
Standard status
Active
Size
1,325 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$2,734
Building Details
Building Size
1,325 SF
Year Built
2006
Buildings
2
Stories
1
Units
1
Listing Agency:
Coldwell Banker Real Estate Group
(815) 433-5501
Listed By:
George Shanley · License #475092481
(815) 433-5501
Source:
Perillorealestategroup
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 6 at 12:37PM
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
Investment Insights
Based on property information with market context.
This storefront property currently operates as a bike shop offering sales, rentals, and repairs. The main building includes a lobby, office, service area, kitchen, and two bathrooms, creating a multi-room layout for the existing operation or another commercial concept. The building was constructed in 2006 and carries COMMR zoning.
A 13' x 24' Morton building was added in 2014, providing separate storage or workspace. The property is located at 1313 Chestnut Street in Ottawa, Illinois, near the Illinois & Michigan Canal, bike paths, scenic road routes, and the Illinois and Fox Rivers. Starved Rock and two other state parks are also identified in the surrounding area.
A 13' x 24' Morton building was added in 2014, providing separate storage or workspace. The property is located at 1313 Chestnut Street in Ottawa, Illinois, near the Illinois & Michigan Canal, bike paths, scenic road routes, and the Illinois and Fox Rivers. Starved Rock and two other state parks are also identified in the surrounding area.
Key Highlights
- Current bike‑shop operation includes sales, rentals, and repairs
- Main building contains lobby, office, service area, kitchen, and two bathrooms
- 13' x 24' Morton building added in 2014
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
8.29%
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
Office B
$220.8K
$193.2K – $257.6K
NOI $15,455 @ 7.0% cap · market cap 10.66%
Second Best
Retail
$171.7K
$150.3K – $200.3K
NOI $12,020 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$331.6K
$290.2K – $386.9K
NOI $23,214 @ 7.0% cap · market cap 16.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Existing layout combines retail, office, service, kitchen, and restroom areas for flexible commercial use.
Where is this storefront property located?
The property is located at 1313 Chestnut Street Ottawa, IL.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Current bike‑shop operation includes sales, rentals, and repairs; Main building contains lobby, office, service area, kitchen, and two bathrooms; 13' x 24' Morton building added in 2014
