Building Details

Building Size 3,200 SF

Stories 1

Listing Agency: Keller Williams Innovate p***@gmail.com Show Phone

Listed By: Phil Makarewicz · License #475138878 Show Phone

Source: Evrealestate

Added: Jul 30 Changed: Aug 2 Last Checked: Aug 6 at 4:45AM

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Investment Insights

Based on property information with market context.

This bar and pub property at 148 Mill Street includes central air conditioning and carries the COMMR zoning designation. The property is located in Utica, Illinois, in LaSalle County.

Key Highlights

• COMMR zoning designation
• Central air conditioning
• 148 Mill Street, Utica, IL 61373

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

$42,683

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

4.86%

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%

$853,660 $853.7K

Cap Rate 7%

$609,757 $609.8K

Cap Rate 9%

$474,256 $474.3K

Market Conditions

NOI Build-Up for 3,200 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

$60.7K $18.96/SF

− Vacancy

−$3.8K −$1.18/SF

EGI

$56.9K $17.78/SF

− OpEx

−$14.2K −$4.45/SF

NOI

$42.7K $13.34/SF

Area

LaSalle, IL La Salle County, LA

Vacancy

6.20%

Lease Rate

$18.96 /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%

$853,660

Cap Rate 7%

$609,757

Cap Rate 9%

$474,256

Alternative Uses

Best Use

Specialty Retail

$609.8K

$533.5K – $711.4K (±1% cap)

NOI $42,683 @ 7.0% cap · market cap 4.86%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$800.9K

$700.8K – $934.4K (±1% cap)

NOI $56,064 @ 7.0% cap · market cap 6.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Canal Port Restaurant

Suggested Use

Top Pick Auto Repair Shop Building Supply Real Estate Agency Pharmacy Garden Center Parking Lot & Garage

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

Location Intelligence

Trade Area within ½ mile

160

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 61373, IL

1,976

Population

930

Households

2.1

Avg Household Size

44

Median Age

24%

College-Educated

96%

High-School Grad

47.0 sq mi

ZIP Area

42

Density / Sq Mi

$102,639

Median Household Income

$52,708

Median Earnings

$1,310

Median Rent

$222,600

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this bars & pubs located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Skoog's Pub & Grill — 155 Mill St, North Utica, IL 61373
• Clarks Run Creek Gifts &Wine — 143 Mill St, North Utica, IL 61373
• The Bickerman Building — 166 Mill St, North Utica, IL 61373

Frequently Asked Questions

What type of property is this?

Bar & Pub - Commercially zoned property with central air conditioning in Utica, Illinois.

Where is this bar & pub located?

The property is located at 148 Mill Street Utica, IL.

What is the asking price?

The asking price for this property is $878,000.

What are key features of this property?

This property features: COMMR zoning designation; Central air conditioning; 148 Mill Street, Utica, IL 61373