Renovated Downtown Office
New
For Sale
$725,000
22 W State St, Geneva, IL 60134
Three finished levels, multiple entrances, and historic architectural details support adaptable professional workspace in a central downtown setting.
Property Size2,497 SF
Days on Market4
Property Features for 22 W State St
General Information
Standard status
Active
Size
2,497 SF
Class
C
Property subtype
Office - General Office
Building Details
Building Size
2,497 SF
Year Built
1893
Year Renovated
2007
Units
1
Listing Agency:
SVN | Landmark Commercial Real Estate
Listed By:
Jeff Cadwallader · License #475116201
(630) 938-4950
Source:
Commercialcafe
Added: Sep 21
Last Checked: Sep 24 at 6:48AM
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 office building provides over 3,300 SF of usable space across three finished floors. Originally constructed in 1893 and modernized in 2007, the property combines updated workspace with period character, including exposed tension beams on the second floor. Multiple entrances and flexible interior layouts support a range of professional office configurations.
The property is located at 22 W State St in downtown Geneva, on the west side of the Fox River and near the intersection of State St (Rt 38) and First St (Rt 31). It is two blocks from the Third Street shopping district, with restaurants, Herrington Hotel, nearby street parking, and large public lots. The Metra station is also a few blocks away. D-CM zoning applies.
The property is located at 22 W State St in downtown Geneva, on the west side of the Fox River and near the intersection of State St (Rt 38) and First St (Rt 31). It is two blocks from the Third Street shopping district, with restaurants, Herrington Hotel, nearby street parking, and large public lots. The Metra station is also a few blocks away. D-CM zoning applies.
Key Highlights
- Over 3,300 SF of usable office space
- Three finished floors with multiple entrances
- Built in 1893 and modernized in 2007
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
$34,430
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
4.75%
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%
$688,600
$688.6K
Cap Rate 7%
$491,857
$491.9K
Cap Rate 9%
$382,556
$382.6K
Market Conditions
NOI Build-Up for 2,497 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
$61.1K $24.48/SF
− Vacancy
−$15.2K −$6.10/SF
EGI
$45.9K $18.38/SF
− OpEx
−$11.5K −$4.60/SF
NOI
$34.4K $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%
$688,600
Cap Rate 7%
$491,857
Cap Rate 9%
$382,556
Alternative Uses
Best Use
Office B
$491.9K
$430.4K – $573.8K
NOI $34,430 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$862.1K
$754.3K – $1.01M
NOI $60,347 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,787
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Three finished levels, multiple entrances, and historic architectural details support adaptable professional workspace in a central downtown setting.
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: Over 3,300 SF of usable office space; Three finished floors with multiple entrances; Built in 1893 and modernized in 2007
