Mixed-Use Building with
228 W Main Street, Ottawa, IL 61350
For Sale
$515,000
Ground-floor commercial space is paired with an upper-level apartment and full basement.
Property Size2,320 SF
Price / SF$221.98
Days on Market47
Property Features for 228 W Main Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Mixed-Use Components
Taxes and HOA fees
Annual Taxes
Amenities
courtyard
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Row House Realty Group LLC
Listed By:
Phil Makarewicz · License #475138878
(815) 579-9314
Source:
Crossdavidson
Added: Sep 24
Changed: Nov 8
Last Checked: Nov 8 at 10:46AM
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 Row House Realty Group LLC
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Investment Insights
Based on property information with market context.
This 2,320-square-foot mixed-use property combines a street-level storefront or restaurant area with an apartment above. A full basement adds interior space, while a courtyard with private street access provides parking. Mechanical and cosmetic work has been completed throughout the building, which dates to 1920.
The property is in Ottawa’s historic downtown central business district and is zoned COMMR.
The property is in Ottawa’s historic downtown central business district and is zoned COMMR.
Key Highlights
- 2,320 square feet of mixed‑use space
- Commercial storefront or restaurant area on the ground floor, with an apartment above
- Full basement and courtyard with private street access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,968
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$459,360
$459.4K
Cap Rate 7%
$328,114
$328.1K
Cap Rate 9%
$255,200
$255.2K
Market Conditions
NOI Build-Up for 2,320 SF
Gross rent
$41.8K $18.00/SF
− Vacancy
−$5.0K −$2.16/SF
EGI
$36.7K $15.84/SF
− OpEx
−$13.8K −$5.94/SF
NOI
$23.0K $9.90/SF
Area
LaSalle, IL
La Salle County, LA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$459,360
Cap Rate 7%
$328,114
Cap Rate 9%
$255,200
Alternative Uses
Best Use
Mixed Use
$328.1K
$287.1K – $382.8K
NOI $22,968 @ 7.0% cap · market cap 4.46%
Second Best
Retail
$300.7K
$263.1K – $350.8K
NOI $21,047 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$580.7K
$508.1K – $677.4K
NOI $40,646 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 61350, IL
23,997
Population
10,853
Households
2.2
Avg Household Size
43
Median Age
22%
College-Educated
93%
High-School Grad
152.5 sq mi
ZIP Area
157
Density / Sq Mi
$77,562
Median Household Income
$43,042
Median Earnings
$940
Median Rent
$157,100
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is paired with an upper-level apartment and full basement.
Where is this mixed-use property located?
The property is located at 228 W Main Street Ottawa, IL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 2,320 square feet of mixed‑use space; Commercial storefront or restaurant area on the ground floor, with an apartment above; Full basement and courtyard with private street access
