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    Crete Multi-Tenant Retail Restaurant Building Title is generated by Realmo AI

    1338 Main St, Crete, IL 60417

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    For Sale
    $1,750,000

    Two-story, 18,651 SF multi-tenant building with bar, restaurant, and retail.

    Type:Retail
    Property size:
    18,651 SF
    Price / SF:
    $93/SF
    Added:
    Jan 27, 2026
    Days on Market:
    114
    Last Refresh:
    Apr 6 at 12:16 am

    Property Features for 1338 Main St

    General Information

    Standard status
    Active
    Size
    18,651 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1911

    We can help!

    Listing Contact
    Karen Kulczycki, CCIM, SIOR

    Listing agent Karen Kulczycki, CCIM, SIOR License #IL #471020279

    Listing office

    Listing date Jan 27, 2026

    Source Svn

    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 Karen Kulczycki, CCIM, SIOR

    HighLights

    • ±18,651 SF Two‑Story, Multi‑Tenant Retail and Restaurant Building with Patio in Crete, Illinois.
    • Renovated historical W M Seggebruch building with existing bar, restaurant, and martial arts tenants.
    • Full liquor license available for new bar operator with new entertainment area.
    • New roof (2021) and second floor redesign (2021) and new water heaters (2023).
    • Lower Level office and storage with tasting room.
    • Incentives within TIF District #2.

    Overview

    This two-story, multi-tenant building, with an area of approximately 18,651 square feet, is located at 1338 Main Street in Crete, Illinois. The building features an elevator and a patio. The renovated historical W M Seggebruch building includes a bar occupying the first floor, with a private entry to the second-floor restaurant and Polaris Martial Arts. The property also features a lower-level office and storage area. The building was renovated in 2021, including a new roof and redesign of the second floor (flooring and paint). New water heaters were installed for tenants in 2023. A full liquor license is available for a new bar operator, along with a new entertainment area. Incentives are available within TIF District #2. The property includes surface parking for 20 vehicles, with additional public parking available across the street. It features floor drains, a walk-in cooler, heavy power (800 Amp/3P/240 V), and frontage on Main Street. The property is located in Will County, approximately 35 miles south of Chicago and near the Indiana state line. The property is suitable for bar, restaurant, and retail businesses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Evil Horse Brewing ... Production Facility

    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
    41.4449

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    FAQs

    What type of property is this?
    Bar & Pub - Two-story, 18,651 SF multi-tenant building with bar, restaurant, and retail.
    Where is this bar & pub located?
    The property is located at 1338 Main St Crete, IL.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: ±18,651 SF Two‑Story, Multi‑Tenant Retail and Restaurant Building with Patio in Crete, Illinois.; Renovated historical W M Seggebruch building with existing bar, restaurant, and martial arts tenants.; Full liquor license available for new bar operator with new entertainment area.
    (630) 330-3352
    We can help!
    Listing Contact
    Karen Kulczycki, CCIM, SIOR
    Real Estate License ID: IL #471020279
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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.

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