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    Crete Commercial Property with Income Title is generated by Realmo AI

    1361 Benton Street, Crete, IL 60417

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    Claim this Listing
    For Sale
    $849,900

    COMMERCIAL - Crete, IL

    Type:Office
    Lot size:
    0.38 Acres
    Added:
    Jan 8, 2026
    Days on Market:
    125
    Last Refresh:
    May 13 at 11:06 am

    Property Features for 1361 Benton Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    COMMR
    Standard status
    Active
    APN
    2315093200180000
    Lot size
    0.38 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    10553

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1964
    Floors in Building
    1

    We can help!

    Listing Contact
    Efren Ortiz
    Efren Ortiz

    Listing agent Efren Ortiz License #475173599

    Listing office Infiniti Properties, Inc. 2401 W. 183rd St., Homewood, IL

    Listing date Jan 8, 2026

    MLS# 12543922

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic commercial property with multiple revenue streams (bar/grill and potential rental unit).
    • Prime location with prominent visibility, ample parking, and proximity to key municipal buildings.
    • Redevelopment potential into a medical or specialty clinic in an area lacking immediate hospital access.
    • Existing bar and grill with spacious dining area and full bar setup.
    • Second unit with separate entrance suitable for various business types (office, studio, etc.).
    • Potential access to city TIF funds for property improvements and business growth.

    Overview

    This commercial property in Crete, Illinois, presents an opportunity to own a well-known neighborhood bar and grill, along with a large former dental office. The property benefits from prominent visibility and ample parking. Its location near the Fire Department and City Hall suggests potential for redevelopment into a medical or specialty clinic, addressing a need for immediate hospital access in the area. The existing bar and grill features a spacious dining area and a full bar setup, suitable for an owner-operator or investor. The second unit, with its own entrance, is suitable for a dentist office, professional office, podcast studio, or other business. While the second unit requires renovation, it offers potential for additional income or expansion. The property is a versatile, high-traffic commercial space with multiple revenue streams, including gaming. City TIF funds may be available to the new owner for improvements or larger projects. The lot size is 0.3777 acres. The zoning is COMMR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ATM Atm Crete's Backyard Restaurant

    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
    • Jemma's Slots — 1395 Main St, Crete, IL 60417
    • Vintage Oak — 1392 Main St, 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
    -87.632327
    Latitude
    41.4440759

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    FAQs

    What type of property is this?
    Bar & Pub - Bar/Grill plus office with redevelopment potential in Crete, IL.
    Where is this bar & pub 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: High‑traffic commercial property with multiple revenue streams (bar/grill and potential rental unit).; Prime location with prominent visibility, ample parking, and proximity to key municipal buildings.; Redevelopment potential into a medical or specialty clinic in an area lacking immediate hospital access.
    (708) 206-3000
    We can help!
    Listing Contact
    Efren Ortiz
    Efren Ortiz
    Real Estate License ID: 475173599
    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.

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