Renovated Office Suite with
For Sale
$218,500
1706 N 16th Street, Quincy, IL 62301
Move-in ready office space with lobby, private offices, breakroom, storage, restrooms, and handicap accessibility.
Property Size1,751 SF
Price / SF$124.79
Days on Market134
Property Features for 1706 N 16th Street
General Information
Standard status
Active
Size
1,751 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$3,547
Amenities
spacious lobby/reception area
multiple private offices
breakroom/kitchen
storage rooms
restrooms
handicap accessible
Building Details
Building Size
1,751 SF
Year Renovated
2013
Listing Agency:
Farlow Real Estate Experts
(217) 257-0098
Listed By:
Jeremy Farlow · License #471002036
(217) 257-0098
Source:
Craggsrealtors
Added: Apr 13
Changed: Aug 23
Last Checked: Aug 22 at 8:44AM
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 Farlow Real Estate Experts
Investment Insights
Based on property information with market context.
This well-maintained commercial space is currently configured as office use and features a spacious lobby/reception area, multiple private offices, a breakroom/kitchen, storage rooms, and restrooms. The property is handicap accessible and includes convenient alley access to the rear of the building.
A concrete parking lot provides convenient access for both clients and staff. The space was completely renovated in 2013.
The interior layout supports a professional office environment with a mix of reception, private work areas, and supporting amenities, making it suitable for a range of business uses.
A concrete parking lot provides convenient access for both clients and staff. The space was completely renovated in 2013.
The interior layout supports a professional office environment with a mix of reception, private work areas, and supporting amenities, making it suitable for a range of business uses.
Key Highlights
- Well‑maintained commercial space currently used as office space
- Spacious lobby/reception area plus multiple private offices
- Includes breakroom/kitchen, storage rooms, and restrooms
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
$13,899
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
6.36%
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%
$277,980
$278.0K
Cap Rate 7%
$198,557
$198.6K
Cap Rate 9%
$154,433
$154.4K
Market Conditions
NOI Build-Up for 1,751 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
$22.1K $12.60/SF
− Vacancy
−$3.5K −$2.02/SF
EGI
$18.5K $10.58/SF
− OpEx
−$4.6K −$2.65/SF
NOI
$13.9K $7.94/SF
Area
Adams County, IL
Vacancy
16.00%
Lease Rate
$12.60 /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%
$277,980
Cap Rate 7%
$198,557
Cap Rate 9%
$154,433
Alternative Uses
Best Use
Office B
$198.6K
$173.7K – $231.7K
NOI $13,899 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$349.8K
$306.1K – $408.1K
NOI $24,485 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 62301, IL
31,481
Population
15,295
Households
2.1
Avg Household Size
39
Median Age
24%
College-Educated
91%
High-School Grad
11.2 sq mi
ZIP Area
2,811
Density / Sq Mi
$52,212
Median Household Income
$36,665
Median Earnings
$805
Median Rent
$124,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Move-in ready office space with lobby, private offices, breakroom, storage, restrooms, and handicap accessibility.
Where is this office units located?
The property is located at 1706 N 16th Street Quincy, IL.
What is the asking price?
The asking price for this property is $218,500.
What are key features of this property?
This property features: Well‑maintained commercial space currently used as office space; Spacious lobby/reception area plus multiple private offices; Includes breakroom/kitchen, storage rooms, and restrooms
