Building Details

Year Built 1900

Buildings 1

Listing Agency: Keller Williams Innovate

Listed By: Ray Garcia · License #475154811 Show Phone

Source: Amyboston.realtopiare

Added: Jul 31 Changed: Oct 1 Last Checked: Oct 5 at 10:54PM

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Investment Insights

Based on property information with market context.

This 924-square-foot live-work property includes a two-unit structure across two parcels. The first floor is configured for retail use and currently operates as a hair salon, while a finished walkout basement provides enclosed space for inventory, equipment, or storage. The upper unit supports the property’s live-work configuration.

The property includes 14 dedicated parking spaces and is located at 218-220 S Lake St in Aurora, Illinois. It sits one block south of the Aurora Library and the downtown district, placing the building near established civic and commercial activity. Built in 1900, the property offers a compact configuration combining retail space, an upper unit, basement storage, and on-site parking.

Key Highlights

• Two‑unit structure spanning two parcels
• 14 dedicated parking spaces
• 924 square feet of building area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,638

Cap Rate

3.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$272,760 $272.8K

Cap Rate 7%

$194,829 $194.8K

Cap Rate 9%

$151,533 $151.5K

Market Conditions

NOI Build-Up for 924 SF

Gross rent

$22.2K $24.00/SF

− Vacancy

−$4.0K −$4.32/SF

EGI

$18.2K $19.68/SF

− OpEx

−$4.5K −$4.92/SF

NOI

$13.6K $14.76/SF

Area

Aurora, IL

Vacancy

18.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$272,760

Cap Rate 7%

$194,829

Cap Rate 9%

$151,533

Alternative Uses

Best Use

Office B

$194.8K

$170.5K – $227.3K (±1% cap)

NOI $13,638 @ 7.0% cap · market cap 3.90%

Second Best

Mixed Use

$178.2K

$155.9K – $207.9K (±1% cap)

NOI $12,474 @ 7.0% cap · market cap 3.56%

Theoretical Best

Office A

$264.5K

$231.5K – $308.6K (±1% cap)

NOI $18,517 @ 7.0% cap · market cap 5.29%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Live-work space

Suggested Use

Top Pick Real Estate Agency (Bike/Boat/Book/etc) Store Computer & Electronic Repair Carpet & Flooring Store Skin Care Clinic Tech Support Center

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

1,604

Businesses Nearby

Explore this area Business Placement

Demographics for 60506, IL

52,011

Population

18,204

Households

2.9

Avg Household Size

36

Median Age

29%

College-Educated

84%

High-School Grad

21.2 sq mi

ZIP Area

2,453

Density / Sq Mi

$76,105

Median Household Income

$38,341

Median Earnings

$1,305

Median Rent

$246,700

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this live-work space 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?

Live-work space - Two-unit property with first-floor retail, a finished walkout basement, and flexible space for commercial or residential use.

Where is this live-work space located?

The property is located at 218- 220 S Lake St Aurora, IL.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Two‑unit structure spanning two parcels; 14 dedicated parking spaces; 924 square feet of building area