Mixed-Use Property With
New
For Sale
$850,000
205 S Main Street, Algonquin, IL 60102
Remodeled commercial building with restaurant seating, a video gaming room, basement space, and two residential apartments.
Property Size4,400 SF
Days on Market3
Property Features for 205 S Main Street
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Furnished
No
Equipment Included
No
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$15,017
Amenities
video gaming room
Building Details
Building Size
4,400 SF
Year Built
1902
Buildings
1
Stories
2
Units
3
Listing Agency:
RE/MAX Suburban
(815) 455-5700
Listed By:
Mary Opfer · License #750112389
(815) 455-5700
Source:
Perillorealestategroup
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 16 at 3:34PM
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 RE/MAX Suburban
Investment Insights
Based on property information with market context.
This mixed-use property at 205 S Main Street combines an established restaurant and bar layout with residential components. The remodeled interior includes booths and tables for seating of 90+ guests, a dedicated video gaming room, and basement space. Two apartments occupy the second floor, creating a configuration that includes both commercial and residential areas.
Built in 1902, the building is located in Historic Downtown Algonquin along the Fox River. The property is zoned COMMR, and the roof was replaced in 2019. The building is being offered without the existing business, allowing the next owner to evaluate restaurant, retail, office, entertainment, or other mixed-use applications supported by the property’s configuration.
Built in 1902, the building is located in Historic Downtown Algonquin along the Fox River. The property is zoned COMMR, and the roof was replaced in 2019. The building is being offered without the existing business, allowing the next owner to evaluate restaurant, retail, office, entertainment, or other mixed-use applications supported by the property’s configuration.
Key Highlights
- Mixed‑use building with restaurant and bar layout
- Remodeled interior with seating for 90+ guests
- Dedicated video gaming room and basement space
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
$51,670
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
6.08%
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%
$1,033,400
$1.0M
Cap Rate 7%
$738,143
$738.1K
Cap Rate 9%
$574,111
$574.1K
Market Conditions
NOI Build-Up for 4,400 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
$73.9K $16.80/SF
− Vacancy
−$5.0K −$1.14/SF
EGI
$68.9K $15.66/SF
− OpEx
−$17.2K −$3.91/SF
NOI
$51.7K $11.74/SF
Area
McHenry County, IL
Vacancy
6.80%
Lease Rate
$16.80 /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%
$1,033,400
Cap Rate 7%
$738,143
Cap Rate 9%
$574,111
Alternative Uses
Best Use
Specialty Retail
$738.1K
$645.9K – $861.2K
NOI $51,670 @ 7.0% cap · market cap 6.08%
Second Best
Mixed Use
$650.6K
$569.3K – $759.0K
NOI $45,540 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,338 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 96%
Shops & Services 4%
McDonald's
Dining
23,038 visits/mo
0.5 miles
Stacks
Dining
1,437 visits/mo
0.1 miles
Bricks & Minifigs
Shops & Services
958 visits/mo
0.4 miles
Demographics for 60102, IL
31,959
Population
12,076
Households
2.6
Avg Household Size
42
Median Age
43%
College-Educated
95%
High-School Grad
15.8 sq mi
ZIP Area
2,023
Density / Sq Mi
$128,070
Median Household Income
$59,484
Median Earnings
$1,826
Median Rent
$320,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled commercial building with restaurant seating, a video gaming room, basement space, and two residential apartments.
Where is this mixed-use property located?
The property is located at 205 S Main Street Algonquin, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Mixed‑use building with restaurant and bar layout; Remodeled interior with seating for 90+ guests; Dedicated video gaming room and basement space
