Historic Geneva Office
For Sale
$725,000
22 W State St, Geneva, IL 60134
Renovated office building in downtown Geneva with flexible layouts.
Property Size2,497 SF
Price / SF$219.70
Days on Market164
Property Features for 22 W State St
General Information
Standard status
Active
Size
2,497 SF
Class
C
Property subtype
Office
Building Details
Building Size
2,497 SF
Year Built
1893
Listing Agency:
SVN | Landmark Commercial Real Estate
(630) 254-4734
Listed By:
Jeff Cadwallader · License #475116201
(630) 254-4734
Source:
Svn
Added: Mar 6
Changed: Aug 8
Last Checked: Apr 6 at 12:16AM
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 SVN | Landmark Commercial Real Estate
Investment Insights
Based on property information with market context.
This renovated office building, constructed in 1893 and modernized in 2007, is located in downtown Geneva. The property offers over 3,300 square feet of usable space across three finished floors. It features multiple entrances and flexible layouts suitable for an owner-user or small business seeking long-term investment. Architectural details, such as exposed tension beams on the second floor, highlight the building’s historic character. The property is zoned D-CM and is situated among downtown shops and restaurants, and is located blocks from the Metra station. The building has multiple access points, seven private offices, a conference room, and open work areas. Restrooms are located on each floor. The property can be sub-divided into multiple units. It is located on the west side of the Fox River, on the south side of State Street (Route 38), just east of First Street (Route 31), and two blocks from the historic Third Street shopping district. The location benefits from traffic generators, including restaurants and the Herrington Hotel. Street parking and large public lots are available nearby. The 2020 demographics within a five-mile radius include a population of 109,973 and an average household income of $168,247.
Key Highlights
- Prime Downtown Geneva location, steps from shops, restaurants, and the Metra station.
- Historic building (built in 1893) with distinctive architectural details, including exposed tension beams.
- 3,300+ SF of usable space across three finished floors.
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
$45,502
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
6.28%
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%
$910,040
$910.0K
Cap Rate 7%
$650,029
$650.0K
Cap Rate 9%
$505,578
$505.6K
Market Conditions
NOI Build-Up for 3,300 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
$80.8K $24.48/SF
− Vacancy
−$20.1K −$6.10/SF
EGI
$60.7K $18.38/SF
− OpEx
−$15.2K −$4.60/SF
NOI
$45.5K $13.79/SF
Area
Kane County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$910,040
Cap Rate 7%
$650,029
Cap Rate 9%
$505,578
Alternative Uses
Best Use
Office B
$650.0K
$568.8K – $758.4K
NOI $45,502 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$996.9K – $1.33M
NOI $79,754 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,318
Businesses Nearby
Explore this area
Business Placement
Demographics for 60134, IL
30,503
Population
11,159
Households
2.7
Avg Household Size
42
Median Age
66%
College-Educated
97%
High-School Grad
14.6 sq mi
ZIP Area
2,089
Density / Sq Mi
$148,283
Median Household Income
$66,586
Median Earnings
$1,816
Median Rent
$427,300
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?
Office building - Renovated office building in downtown Geneva with flexible layouts.
Where is this office building located?
The property is located at 22 W State St Geneva, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Prime Downtown Geneva location, steps from shops, restaurants, and the Metra station.; Historic building (built in 1893) with distinctive architectural details, including exposed tension beams.; 3,300+ SF of usable space across three finished floors.
