Four-Unit Strip
For Sale
$1,000,000
1513 S State Street, Lockport, IL 60441
Commercial Sale, Lockport, IL
Property Size9,048 SF
Lot Size0.08 Acres
Price / SF$110.52
Days on Market326
Property Features for 1513 S State Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Archer (State street in Lockport) to Division, south of Metra Station
Subdivision
Homer / Lockport
Standard status
Active
APN
1104233230050000
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16627
Utilities
Cooling system
Central Air
Building Details
Year built
1987
Floors in Building
1
Number of units
4
Listing Agency:
Exit Real Estate Specialists · EXIT Realty
(815) 457-7575
Listed By:
Melanie Aranda · License #475147387
(815) 823-5478
Added: Nov 4, 2025
Changed: Aug 20
Last Checked: Sep 26 at 2:06PM
MLS# 12501074
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.
Investment Insights
Based on property information with market context.
This 4-unit retail plaza was built in 1987 and contains approximately 9,048 square feet. The property includes two occupied storefronts serving pizza and liquor retail uses, along with two vacant units that can be shown by appointment. Central air supports the building’s retail configuration, while on-site parking accommodates customers and staff.
Positioned at the corner of State Street and Division Street in Lockport, the property benefits from direct access and a visible commercial setting. The surrounding area includes established businesses, and the building is zoned COMMR. Access to occupied suites varies according to customer traffic and business operations.
Positioned at the corner of State Street and Division Street in Lockport, the property benefits from direct access and a visible commercial setting. The surrounding area includes established businesses, and the building is zoned COMMR. Access to occupied suites varies according to customer traffic and business operations.
Key Highlights
- 4‑unit retail plaza with approximately 9, 048 sq. ft.
- Two occupied units and two vacant storefronts
- Pizza restaurant and liquor retail uses currently occupy two units
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
$85,504
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
8.55%
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%
$1,710,080
$1.7M
Cap Rate 7%
$1,221,486
$1.2M
Cap Rate 9%
$950,044
$950.0K
Market Conditions
NOI Build-Up for 9,048 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
$135.7K $15.00/SF
− Vacancy
−$13.6K −$1.50/SF
EGI
$122.1K $13.50/SF
− OpEx
−$36.6K −$4.05/SF
NOI
$85.5K $9.45/SF
Area
Will County, IL
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,710,080
Cap Rate 7%
$1,221,486
Cap Rate 9%
$950,044
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.43M
NOI $85,504 @ 7.0% cap · market cap 8.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.80M – $2.39M
NOI $143,646 @ 7.0% cap · market cap 14.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
5,104 visits/mo
0.3 miles
Demographics for 60441, IL
37,093
Population
13,249
Households
2.8
Avg Household Size
38
Median Age
36%
College-Educated
92%
High-School Grad
28.1 sq mi
ZIP Area
1,320
Density / Sq Mi
$104,271
Median Household Income
$54,665
Median Earnings
$1,488
Median Rent
$287,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Corner retail property with two leased units, two vacancies, central air, and on-site parking.
Where is this strip mall located?
The property is located at 1513 S State Street Lockport, IL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 4‑unit retail plaza with approximately 9, 048 sq. ft.; Two occupied units and two vacant storefronts; Pizza restaurant and liquor retail uses currently occupy two units
