Two-Unit Restaurant
For Sale
$849,900
1361 Benton Street, Crete, IL 60417
Bar-and-grill space includes a dining area, full bar, and a separately entered former dental office.
Property Size4,209 SF
Days on Market218
Property Features for 1361 Benton Street
General Information
Standard status
Active
Size
4,209 SF
Property subtype
Commercial
Zoning
COMMR
Property Condition
Severity
Minor
Evidence
does need work
Additional Details
Business Included
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$10,553
Building Details
Building Size
4,209 SF
Year Built
1964
Stories
1
Listing Agency:
Infiniti Properties, Inc.
(708) 206-3000
Listed By:
Efren Ortiz · License #475173599
(708) 206-3000
Source:
Midwestrealestate
Added: Jan 8
Changed: Aug 13
Last Checked: Aug 13 at 12:06PM
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 Infiniti Properties, Inc.
Investment Insights
Based on property information with market context.
This conventional restaurant property includes an operating bar-and-grill layout with a dining area and full bar setup. The site also contains a second unit formerly used as a dental office. That unit has its own entrance and requires work, offering additional commercial space within the same property. The building was constructed in 1964 and is designated COMMR zoning.
Located at 1361 Benton Street in Crete, the property sits steps from the Fire Department and City Hall. The two-unit configuration supports restaurant operations alongside a separate office-oriented space, with the former dental office suitable for continued professional use or reconfiguration subject to applicable requirements.
Located at 1361 Benton Street in Crete, the property sits steps from the Fire Department and City Hall. The two-unit configuration supports restaurant operations alongside a separate office-oriented space, with the former dental office suitable for continued professional use or reconfiguration subject to applicable requirements.
Key Highlights
- Conventional restaurant property with dining area and full bar setup
- Second unit has a separate entrance and was formerly used as a dental office
- COMMR zoning designation
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
$50,564
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
5.95%
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%
$1,011,280
$1.0M
Cap Rate 7%
$722,343
$722.3K
Cap Rate 9%
$561,822
$561.8K
Market Conditions
NOI Build-Up for 4,209 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
$95.0K $22.56/SF
− Vacancy
−$27.5K −$6.54/SF
EGI
$67.4K $16.02/SF
− OpEx
−$16.9K −$4.00/SF
NOI
$50.6K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$1,011,280
Cap Rate 7%
$722,343
Cap Rate 9%
$561,822
Alternative Uses
Best Use
Office B
$722.3K
$632.1K – $842.7K
NOI $50,564 @ 7.0% cap · market cap 5.95%
Second Best
Specialty Retail
$718.5K
$628.7K – $838.3K
NOI $50,295 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$954.6K
$835.3K – $1.11M
NOI $66,822 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60417, IL
15,342
Population
6,356
Households
2.4
Avg Household Size
48
Median Age
31%
College-Educated
94%
High-School Grad
37.1 sq mi
ZIP Area
414
Density / Sq Mi
$93,346
Median Household Income
$46,211
Median Earnings
$1,362
Median Rent
$225,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Bar-and-grill space includes a dining area, full bar, and a separately entered former dental office.
Where is this conventional restaurant located?
The property is located at 1361 Benton Street Crete, IL.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Conventional restaurant property with dining area and full bar setup; Second unit has a separate entrance and was formerly used as a dental office; COMMR zoning designation
