Mixed-Use Building with Long-Term
For Sale
$565,000
19478 Springfield Road Groveland, Groveland, IL 61535
Newly remodeled mixed-use building with two apartments and three commercial units, fully occupied with long-term leases in place.
Property Size6,200 SF
Price / SF$91.13
Days on Market29
Property Features for 19478 Springfield Road Groveland
General Information
Standard status
Active
Size
6,200 SF
Total Parking Spaces
25
Zoning
comm
Occupancy
100%
Financials
Cap Rate
9.07%
Business Included
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,260
Building Details
Building Size
6,200 SF
Year Built
1979
Buildings
1
Tenancy
Multi
Listing Agency:
(309) 722-1612
Listed By:
Scott Cramer
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 13
Changed: Aug 9
Last Checked: Aug 9 at 8:30PM
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 Scott Cramer
Investment Insights
Based on property information with market context.
This fully occupied, newly remodeled mixed-use building includes two residential apartments and three commercial units. The property is described as having long-term tenants and long-term leases, with a reported in-place NOI of $51,216 and gross income of $62,556.
The listing is offered for sale as an income-producing property with minimal landlord responsibilities as stated in the remarks. It is positioned as a turn-key investment opportunity supported by the current occupancy and lease structure, along with the reported cap rate of 9.07%.
The building’s mix of residential and commercial units provides an income stream across five total units, all currently occupied.
The listing is offered for sale as an income-producing property with minimal landlord responsibilities as stated in the remarks. It is positioned as a turn-key investment opportunity supported by the current occupancy and lease structure, along with the reported cap rate of 9.07%.
The building’s mix of residential and commercial units provides an income stream across five total units, all currently occupied.
Key Highlights
- Mixed‑use building built in 1979 with 2 residential apartments and 3 commercial units
- Fully occupied with long‑term tenants and long‑term leases in place
- In‑place NOI of $51,216 and gross income of $62,556
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
$40,948
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
7.25%
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%
$818,960
$819.0K
Cap Rate 7%
$584,971
$585.0K
Cap Rate 9%
$454,978
$455.0K
Market Conditions
NOI Build-Up for 6,200 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
$63.2K $10.20/SF
− Vacancy
−$4.7K −$0.77/SF
EGI
$58.5K $9.44/SF
− OpEx
−$17.5K −$2.83/SF
NOI
$40.9K $6.60/SF
Area
Tazewell County, IL
Vacancy
7.50%
Lease Rate
$10.20 /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%
$818,960
Cap Rate 7%
$584,971
Cap Rate 9%
$454,978
Alternative Uses
Best Use
Multifamily LT 5
$585.0K
$511.9K – $682.5K
NOI $40,948 @ 7.0% cap · market cap 7.25%
Second Best
Mixed Use
$584.6K
$511.5K – $682.0K
NOI $40,920 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,831 @ 7.0% cap · market cap 30.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 61535, IL
1,748
Population
666
Households
2.6
Avg Household Size
44
Median Age
36%
College-Educated
90%
High-School Grad
7.4 sq mi
ZIP Area
236
Density / Sq Mi
$138,594
Median Household Income
$64,654
Median Earnings
$222,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Newly remodeled mixed-use building with two apartments and three commercial units, fully occupied with long-term leases in place.
Where is this mixed-use property located?
The property is located at 19478 Springfield Road Groveland Groveland, IL.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Mixed‑use building built in 1979 with 2 residential apartments and 3 commercial units; Fully occupied with long‑term tenants and long‑term leases in place; In‑place NOI of $51,216 and gross income of $62,556
