Building Details

Year Built 2010

Buildings 1

Stories 1

Units 4

Building Size 4,800 SF

Listing Agency: Meyer-Jochums Agency c***@meyerjochums.com Show Phone

Listed By: Craig Meyer · License #471005506 Show Phone

Source: Midwestrealestate

Added: Aug 11 Changed: Aug 12 Last Checked: Aug 12 at 5:35AM

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Investment Insights

Based on property information with market context.

Built in 2010, this 4,800-square-foot climate-controlled building accommodates several commercial functions under one roof. The current configuration includes a gaming parlor associated with a liquor-licensed LLC, a fitness center with more than 20 commercial machines, nine storage units, and commercial garage space with an office. Zoning is designated COMMR.

The property is located at 1421 Industrial Park Road in Minonk, Illinois, near IL Rt 251 and I-39. The site includes ample parking and additional room for parking expansion. Existing neighboring businesses in the surrounding area include a gas station, restaurant, automotive-related operations, and a metal fabrication company.

Key Highlights

• 4,800‑square‑foot climate‑controlled building constructed in 2010
• Gaming parlor associated with a liquor‑licensed LLC
• Fitness center includes 20+ commercial machines

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

$35,068

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

8.79%

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%

$701,360 $701.4K

Cap Rate 7%

$500,971 $501.0K

Cap Rate 9%

$389,644 $389.6K

Market Conditions

NOI Build-Up for 4,800 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

$43.2K $9.00/SF

− Vacancy

−$1.9K −$0.41/SF

EGI

$41.3K $8.59/SF

− OpEx

−$6.2K −$1.29/SF

NOI

$35.1K $7.31/SF

Area

Woodford County, IL

Vacancy

4.50%

Lease Rate

$9.00 /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%

$701,360

Cap Rate 7%

$500,971

Cap Rate 9%

$389,644

Alternative Uses

Best Use

Mixed Use

$709.7K

$621.0K – $828.0K (±1% cap)

NOI $49,680 @ 7.0% cap · market cap 12.45%

Second Best

Self Storage

$529.9K

$463.7K – $618.2K (±1% cap)

NOI $37,094 @ 7.0% cap · market cap 9.30%

Theoretical Best

Multifamily LT 5

$4.20M

$3.67M – $4.90M (±1% cap)

NOI $293,930 @ 7.0% cap · market cap 73.67%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Gold Star Solutions Hardware & Home Improvement Gold Star Home ... Home Inspector Gold Star Gaming ... Gambling House

Suggested Use

Top Pick Auto Repair Shop Parking Lot & Garage Big Box & Wholesale Store Auto Parts Store Garden Center Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

26

Businesses Nearby

Explore this area Business Placement

Demographics for 61760, IL

2,350

Population

1,048

Households

2.2

Avg Household Size

44

Median Age

19%

College-Educated

88%

High-School Grad

69.9 sq mi

ZIP Area

34

Density / Sq Mi

$65,035

Median Household Income

$41,543

Median Earnings

$985

Median Rent

$121,900

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Climate-controlled space combines gaming, fitness, storage, and commercial garage functions.

Where is this mixed-use property located?

The property is located at 1421 Industrial Park Road Minonk, IL.

What is the asking price?

The asking price for this property is $399,000.

What are key features of this property?

This property features: 4,800‑square‑foot climate‑controlled building constructed in 2010; Gaming parlor associated with a liquor‑licensed LLC; Fitness center includes 20+ commercial machines