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    1334-1338 Main St Crete, IL

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    Two-story, multi-tenant building with bar and restaurant potential.

    Type:RETAIL
    Property size:
    18,651 SF
    Lot size:
    0.22 Acres
    Added:
    Mar 27, 2025
    Days on Market:
    391
    Last Refresh:
    Apr 5 at 9:19 pm

    Property Features for 1334-1338 Main St

    General Information

    Standard status
    Active
    Size
    18,651 SF
    Lot size
    0.22 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 1334-1338 Main St Contact us

    We can help!

    Listing Contact
    Karen Kulczycki, CCIM
    Karen Kulczycki, CCIM

    Listing agent Karen Kulczycki, CCIM

    Listing office SVN | Chicago - Corporate

    Listing date Mar 27, 2025

    Source Moodyscre

    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 SVN | Chicago - Corporate

    Overview

    Multi-Tenant Building on Main Street

    This is an approximately 18,651 square-foot, two-story, multi-tenant building. The property includes a bar business, restaurant space, and real estate. The lower level features storage and office space, along with a tasting room. Surface parking is available for 20 vehicles, with additional public parking located across the street. The property is equipped with floor drains and a walk-in cooler. It features heavy power, with 800 amps, 3-phase, and 240 volts. A new roof was installed in 2021, and the property was renovated in 2021. Located in Will County, the property has frontage on Main Street.
    Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Roxann Sports Bar — 1407 Main St, Crete, IL 60417
    • Smokey Jo's — 475 W Burville Rd, Crete, IL 60417
    • Vintage Oak — 1392 Main St, Crete, IL 60417
    • Main Street Exchange Pizza Bar — 25346 S Dixie Hwy, Crete, IL 60417
    • Old Town Tap — 475 W Burville Rd, Crete, IL 60417

    Location Insight

    • Map
    • Local Demand
    City
    Crete
    County
    Will
    State
    Illinois
    Longitude
    -87.6315
    Latitude
    41.4452

    Nearby Similar for Sale

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    • $849,900

      Crete Commercial Bar and Grill

      Well-known neighborhood bar and grill with additional income potential.
      1361 Benton Street, Crete, IL 60417
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    • $1,750,000
      18,651 SF

      Crete Multi-Tenant Retail Restaurant Building

      Two-story, 18,651 SF multi-tenant building with bar, restaurant, and retail.
      1338 Main St, Crete, IL 60417
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    • $19,000

      Land Opportunity in Crete, IL

      Land for sale near downtown Crete, Illinois.
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    FAQs

    What type of property is this?
    Bar & Pub - Two-story, multi-tenant building with bar and restaurant potential.
    Where is this bar & pub located?
    The property is located at 1334-1338 Main St Crete, IL.
    What are key features of this property?
    This property features: Bar business, restaurant and real estate available; Substantial ±18,651 SF two‑story, multi‑tenant building; New roof (2021) and renovated in 2021
    (630) 330-3352 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Karen Kulczycki, CCIM
    Karen Kulczycki, CCIM
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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