Live-Work Building with
For Sale
$350,000
218- 220 S Lake St, Aurora, IL 60506
Two-unit property with first-floor retail, a finished walkout basement, and flexible space for commercial or residential use.
Property Size924 SF
Price / SF$378.79
Days on Market29
Property Features for 218- 220 S Lake St
General Information
Standard status
Active
Size
924 SF
Total Parking Spaces
14
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Innovate
(630) 369-9000
Listed By:
Ray Garcia
Source:
Amyboston.realtopiare
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 25 at 3:58AM
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 Keller Williams Innovate
Investment Insights
Based on property information with market context.
This 924-square-foot live-work property includes a two-unit structure across two parcels. The first floor is configured for retail use and currently operates as a hair salon, while a finished walkout basement provides enclosed space for inventory, equipment, or storage. The upper unit supports the property’s live-work configuration.
The property includes 14 dedicated parking spaces and is located at 218-220 S Lake St in Aurora, Illinois. It sits one block south of the Aurora Library and the downtown district, placing the building near established civic and commercial activity. Built in 1900, the property offers a compact configuration combining retail space, an upper unit, basement storage, and on-site parking.
The property includes 14 dedicated parking spaces and is located at 218-220 S Lake St in Aurora, Illinois. It sits one block south of the Aurora Library and the downtown district, placing the building near established civic and commercial activity. Built in 1900, the property offers a compact configuration combining retail space, an upper unit, basement storage, and on-site parking.
Key Highlights
- Two‑unit structure spanning two parcels
- 14 dedicated parking spaces
- 924 square feet of building area
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
$13,638
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
3.90%
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%
$272,760
$272.8K
Cap Rate 7%
$194,829
$194.8K
Cap Rate 9%
$151,533
$151.5K
Market Conditions
NOI Build-Up for 924 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
$22.2K $24.00/SF
− Vacancy
−$4.0K −$4.32/SF
EGI
$18.2K $19.68/SF
− OpEx
−$4.5K −$4.92/SF
NOI
$13.6K $14.76/SF
Area
Aurora, IL
Vacancy
18.00%
Lease Rate
$24.00 /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%
$272,760
Cap Rate 7%
$194,829
Cap Rate 9%
$151,533
Alternative Uses
Best Use
Office B
$194.8K
$170.5K – $227.3K
NOI $13,638 @ 7.0% cap · market cap 3.90%
Second Best
Mixed Use
$178.2K
$155.9K – $207.9K
NOI $12,474 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$264.5K
$231.5K – $308.6K
NOI $18,517 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 60506, IL
52,011
Population
18,204
Households
2.9
Avg Household Size
36
Median Age
29%
College-Educated
84%
High-School Grad
21.2 sq mi
ZIP Area
2,453
Density / Sq Mi
$76,105
Median Household Income
$38,341
Median Earnings
$1,305
Median Rent
$246,700
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?
Live-work space - Two-unit property with first-floor retail, a finished walkout basement, and flexible space for commercial or residential use.
Where is this live-work space located?
The property is located at 218- 220 S Lake St Aurora, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit structure spanning two parcels; 14 dedicated parking spaces; 924 square feet of building area
