Refurbished Mixed-Use Property For
For Sale
$399,000
201 W Main St, Genoa, IL 60135
Fully rented commercial space and two residential apartments for sale.
Property Size1,500 SF
Price / SF$266
Days on Market755
Property Features for 201 W Main St
General Information
Standard status
Active
Size
1,500 SF
Taxes and HOA fees
Annual Taxes
$4,897
Listing Agency:
Northern Illinois Realty LLC
(815) 751-6101
Listed By:
Joline Latimer · License #471003549
(815) 751-6101
Source:
Exprealty
Added: Jul 15, 2024
Changed: Aug 8
Last Checked: Aug 7 at 11:01AM
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 Northern Illinois Realty LLC
Investment Insights
Based on property information with market context.
This mixed-use property features a commercial space and two residential apartments. The first level offers approximately 1500 square feet of office or retail space, a bathroom, a finished basement, and a garage. The commercial space is currently leased for $1500 per month under a 5-year lease with a 3-year option. The second floor contains two, two-bedroom apartments that have been professionally improved. Both residential units are rented at $1250 each on a one-year term, with tenants interested in long-term leases. A shared washer and dryer are available for tenant use. All units are separately metered. The finished basement provides ample storage space. An attached garage is located at the back of the building. Street parking is available, and a city parking lot is located across the street. The property has been refurbished throughout the first and second floors, including new electric, plumbing, drywall, trim, and fixtures.
Key Highlights
- Fully rented commercial space and 2 residential apartments provide immediate income for a new investor.
- Recently refurbished throughout the 1st and 2nd floors with new electric, plumbing, drywall, trim, and fixtures.
- Commercial space has a 5‑year lease with a 3‑year option, generating $1500 per month.**
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
$25,313
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
6.34%
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%
$506,260
$506.3K
Cap Rate 7%
$361,614
$361.6K
Cap Rate 9%
$281,256
$281.3K
Market Conditions
NOI Build-Up for 1,500 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
$45.0K $30.00/SF
− Vacancy
−$4.5K −$3.00/SF
EGI
$40.5K $27.00/SF
− OpEx
−$15.2K −$10.13/SF
NOI
$25.3K $16.88/SF
Area
DeKalb County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$506,260
Cap Rate 7%
$361,614
Cap Rate 9%
$281,256
Alternative Uses
Best Use
Mixed Use
$361.6K
$316.4K – $421.9K
NOI $25,313 @ 7.0% cap · market cap 6.34%
Second Best
Retail
$297.4K
$260.3K – $347.0K
NOI $20,820 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$517.9K
$453.2K – $604.2K
NOI $36,252 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Explore this area
Business Placement
Demographics for 60135, IL
7,292
Population
2,923
Households
2.5
Avg Household Size
39
Median Age
15%
College-Educated
88%
High-School Grad
46.8 sq mi
ZIP Area
156
Density / Sq Mi
$87,935
Median Household Income
$47,101
Median Earnings
$1,038
Median Rent
$238,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully rented commercial space and two residential apartments for sale.
Where is this mixed-use property located?
The property is located at 201 W Main St Genoa, 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: Fully rented commercial space and 2 residential apartments provide immediate income for a new investor.; Recently refurbished throughout the 1st and 2nd floors with new electric, plumbing, drywall, trim, and fixtures.; Commercial space has a 5‑year lease with a 3‑year option, generating $1500 per month.**
