201 W Main St, Genoa, IL 60135

Listing Agency: Northern Illinois Realty LLC s***@northernillinoisrealty.com Show Phone

Listed By: Joline Latimer Show Phone

Source: Exprealty

Added: Jul 15, 2024 Changed: Aug 8 Last Checked: Aug 11 at 9:39AM

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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

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Review the available facts, identify missing information and prepare questions for the agent.

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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 / Yr

$25,313

Cap Rate

6.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$506,260 $506.3K

Cap Rate 7%

$361,614 $361.6K

Cap Rate 9%

$281,256 $281.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,500 SF

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 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 (±1% cap)

NOI $25,313 @ 7.0% cap · market cap 6.34%

Second Best

Retail

$301.4K

$263.7K – $351.6K (±1% cap)

NOI $21,098 @ 7.0% cap · market cap 5.29%

Theoretical Best

Office A

$409.0K

$357.9K – $477.2K (±1% cap)

NOI $28,631 @ 7.0% cap · market cap 7.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office Units

Suggested Use

Top Pick Law Firm Building Supply Electrical Service Grocery & Convenience Store Skin Care Clinic Real Estate Agency

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

295

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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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.**