Flex Space with Shop
For Sale
$435,000
1400 N Galena Avenue, Dixon, IL 61021
Former bank lobby, converted shop space, basement areas, and customer parking support varied commercial operations.
Property Size4,486 SF
Days on Market12
Property Features for 1400 N Galena Avenue
General Information
Standard status
Active
Size
4,486 SF
Total Parking Spaces
20
Property subtype
Commercial
Additional Details
Road Access
Yes
Drive-In Doors
3
Taxes and HOA fees
Annual Taxes
$6,563
Building Details
Building Size
4,486 SF
Year Built
1979
Stories
1
Units
1
Listing Agency:
Judy Powell Realty
(815) 626-7450
Listed By:
Brian Carradus
(815) 626-7450
Source:
Perillorealestategroup
Added: Jul 31
Changed: Aug 9
Last Checked: Aug 10 at 11:34AM
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 Judy Powell Realty
Investment Insights
Based on property information with market context.
This 1979 flex property combines a former bank lobby with converted shop space created from the prior drive-through lanes. The shop area has a concrete floor, oil separator, floor drains, two insulated 10X16 doors at the front, and one 10X10 door at the rear. A walk-in safe remains in the building. The 10' deep basement includes a 32'X37' open area along with a separate room containing mechanical and utility services.
Access is provided by dual driveways from Independence Court, with 20 marked parking spaces for employees and customers. An adjacent vacant lot provides additional expansion area. The shingled roof was replaced in August 2025, adding a recent major building improvement to the existing commercial configuration.
Access is provided by dual driveways from Independence Court, with 20 marked parking spaces for employees and customers. An adjacent vacant lot provides additional expansion area. The shingled roof was replaced in August 2025, adding a recent major building improvement to the existing commercial configuration.
Key Highlights
- Converted drive‑through area includes shop space with two 10X16 insulated front doors and one 10X10 rear door
- Former bank lobby includes a walk‑in safe
- 10' deep basement with a 32'X37' open area and separate mechanicals room
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
$37,956
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
8.73%
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%
$759,120
$759.1K
Cap Rate 7%
$542,229
$542.2K
Cap Rate 9%
$421,733
$421.7K
Market Conditions
NOI Build-Up for 4,486 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
$47.1K $10.50/SF
− Vacancy
−$2.4K −$0.55/SF
EGI
$44.7K $9.95/SF
− OpEx
−$6.7K −$1.49/SF
NOI
$38.0K $8.46/SF
Area
Lee County, IL
Vacancy
5.20%
Lease Rate
$10.50 /SF/Yr
Expense Ratio
15.00%
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%
$759,120
Cap Rate 7%
$542,229
Cap Rate 9%
$421,733
Alternative Uses
Best Use
Warehouse
$542.2K
$474.5K – $632.6K
NOI $37,956 @ 7.0% cap · market cap 8.73%
Second Best
Flex RnD
$509.2K
$445.5K – $594.0K
NOI $35,642 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,593 @ 7.0% cap · market cap 19.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,015
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61021, IL
22,984
Population
10,110
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
89%
High-School Grad
150.1 sq mi
ZIP Area
153
Density / Sq Mi
$65,719
Median Household Income
$40,805
Median Earnings
$823
Median Rent
$144,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Former bank lobby, converted shop space, basement areas, and customer parking support varied commercial operations.
Where is this flex space located?
The property is located at 1400 N Galena Avenue Dixon, IL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Converted drive‑through area includes shop space with two 10X16 insulated front doors and one 10X10 rear door; Former bank lobby includes a walk‑in safe; 10' deep basement with a 32'X37' open area and separate mechanicals room
