Building Details

Building Size 12,038 SF

Year Built 1930

Stories 1

Listing Agency: Four Daughters Real Estate Show Phone

Listed By: Mariusz Bilotas

Source: Jjillrealtygroup

Added: Jul 15 Changed: Aug 27 Last Checked: Aug 25 at 9:20AM

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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 Four Daughters Real Estate

Investment Insights

Based on property information with market context.

This mixed-use property comprises two adjoining parcels totaling 20,128 SF and includes several distinct improvements. The largest is an approximately 7,455 SF industrial building with a drive-in door, high-volume interiors, and a bowstring truss roof. A separate front warehouse and two storefront commercial condos on 12th Street are also included. An approximately 2,450 SF stucco industrial building provides four drive-in doors. The property additionally features a century-old commercial farmhouse with first-floor business space, a second-floor apartment, and a detached two-car garage.

The property is currently occupied, with month-to-month tenancy in place, and is zoned VC (Village Center). The Village has indicated openness to discussing a PUD route that could support greater height and density for future mixed-use commercial and residential redevelopment. The assemblage is near the Wilmette Metra station, downtown retail and dining, Lake Michigan’s harbor, Gillson Beach, and the dog park. The property is being sold as-is.

Key Highlights

• Two adjoining parcels total 20,128 SF, with each lot measuring 10,064 SF
• Approximately 7,455 SF industrial building with drive‑in access and bowstring truss roof
• Approximately 2,450 SF stucco industrial building with 4 drive‑in doors

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

$121,885

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

6.25%

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%

$2,437,700 $2.4M

Cap Rate 7%

$1,741,214 $1.7M

Cap Rate 9%

$1,354,278 $1.4M

Market Conditions

NOI Build-Up for 12,038 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

$216.7K $18.00/SF

− Vacancy

−$21.7K −$1.80/SF

EGI

$195.0K $16.20/SF

− OpEx

−$73.1K −$6.07/SF

NOI

$121.9K $10.13/SF

Area

McLean County, IL

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

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%

$2,437,700

Cap Rate 7%

$1,741,214

Cap Rate 9%

$1,354,278

Alternative Uses

Best Use

Mixed Use

$1.74M

$1.52M – $2.03M (±1% cap)

NOI $121,885 @ 7.0% cap · market cap 6.25%

Second Best

Retail

$1.66M

$1.45M – $1.94M (±1% cap)

NOI $116,287 @ 7.0% cap · market cap 5.96%

Theoretical Best

Office A

$2.51M

$2.20M – $2.93M (±1% cap)

NOI $175,658 @ 7.0% cap · market cap 9.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Commercial land

Suggested Use

Top Pick Restaurant Real Estate Agency Hair Salon Law Firm Spa & Massage Center Nail Salon

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

Location Intelligence

Trade Area within ½ mile

561

Businesses Nearby

Explore this area Business Placement

Demographics for 60091, IL

28,053

Population

10,673

Households

2.6

Avg Household Size

44

Median Age

85%

College-Educated

99%

High-School Grad

5.3 sq mi

ZIP Area

5,293

Density / Sq Mi

$190,250

Median Household Income

$98,414

Median Earnings

$1,968

Median Rent

$800,100

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties 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?

Mixed-use property - VC-zoned property near Metra, downtown Wilmette shopping and dining, Lake Michigan’s harbor, Gillson Beach, and the New Trier school district.

Where is this mixed-use property located?

The property is located at 736-740 12th Street Wilmette, IL.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: Two adjoining parcels total 20,128 SF, with each lot measuring 10,064 SF; Approximately 7,455 SF industrial building with drive‑in access and bowstring truss roof; Approximately 2,450 SF stucco industrial building with 4 drive‑in doors