Three-Story Corner
For Sale
$3,700,000
235-239 South Washington Street, Naperville, IL 60540
Flexible layout supports retail, office, or mixed-use concepts across multiple levels.
Property Size17,750 SF
Days on Market194
Property Features for 235-239 South Washington Street
General Information
Standard status
Active
Size
17,750 SF
Property subtype
Street Retail
Site & Location
Corner Location
Yes
Traffic Count
28,899 vehicles/day
Building Details
Building Size
17,750 SF
Buildings
1
Stories
3
Listing Agency:
Caton Commercial Real Estate Group
(815) 436-5700
Listed By:
Christina Caton Kitchel · License #471015925
(815) 436-5700
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 12:46AM
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 Caton Commercial Real Estate Group
Investment Insights
Based on property information with market context.
This three-story storefront property at 235-239 South Washington Street offers a flexible configuration for retail, office, or mixed-use concepts. The building is positioned for renovation, with income potential across multiple floors and an existing Standards Goods lease. The roof was replaced in June 2022.
At the Washington Street and Jackson Avenue intersection, the property records 28,899 vpd and has a Walk Score of 97. It is near the Naperville Riverwalk, Main Street Promenade, Central Park, and municipal parking decks. Nearby retailers and restaurants include Sephora, Anthropologie, Apple, Nike, Lululemon, Aerie, Birkenstock, Athleta, Alo Yoga, Barnes & Noble, The George, and Sullivan’s Steakhouse.
At the Washington Street and Jackson Avenue intersection, the property records 28,899 vpd and has a Walk Score of 97. It is near the Naperville Riverwalk, Main Street Promenade, Central Park, and municipal parking decks. Nearby retailers and restaurants include Sephora, Anthropologie, Apple, Nike, Lululemon, Aerie, Birkenstock, Athleta, Alo Yoga, Barnes & Noble, The George, and Sullivan’s Steakhouse.
Key Highlights
- Three‑story storefront building at 235‑239 South Washington Street
- 28,899 vpd at the Washington Street and Jackson Avenue intersection
- Flexible retail, office, or mixed‑use configuration across multiple levels
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
$222,851
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
6.02%
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%
$4,457,020
$4.5M
Cap Rate 7%
$3,183,586
$3.2M
Cap Rate 9%
$2,476,122
$2.5M
Market Conditions
NOI Build-Up for 17,750 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
$383.4K $21.60/SF
− Vacancy
−$26.8K −$1.51/SF
EGI
$356.6K $20.09/SF
− OpEx
−$133.7K −$7.53/SF
NOI
$222.9K $12.56/SF
Area
Naperville, IL
Vacancy
7.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$4,457,020
Cap Rate 7%
$3,183,586
Cap Rate 9%
$2,476,122
Alternative Uses
Best Use
Mixed Use
$3.18M
$2.79M – $3.71M
NOI $222,851 @ 7.0% cap · market cap 6.02%
Second Best
Retail
$2.34M
$2.04M – $2.73M
NOI $163,590 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$4.01M
$3.51M – $4.67M
NOI $280,461 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28,899 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
2,830
Businesses Nearby
219k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Hotels & Casinos 13%
Shops & Services 11%
Apparel 10%
Hotel Indigo Naperville Riverwalk
Hotels & Casinos
27,966 visits/mo
0.2 miles
Starbucks
Dining
19,321 visits/mo
0.2 miles
Apple Store
Electronics
17,825 visits/mo
0.2 miles
Sullivan's Steakhouse
Dining
14,568 visits/mo
0.2 miles
Shell
Shops & Services
12,612 visits/mo
0.5 miles
Demographics for 60540, IL
44,201
Population
16,253
Households
2.7
Avg Household Size
41
Median Age
72%
College-Educated
98%
High-School Grad
13.2 sq mi
ZIP Area
3,349
Density / Sq Mi
$155,866
Median Household Income
$70,026
Median Earnings
$1,982
Median Rent
$504,900
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?
Storefront property - Flexible layout supports retail, office, or mixed-use concepts across multiple levels.
Where is this storefront property located?
The property is located at 235-239 South Washington Street Naperville, IL.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Three‑story storefront building at 235‑239 South Washington Street; 28,899 vpd at the Washington Street and Jackson Avenue intersection; Flexible retail, office, or mixed‑use configuration across multiple levels
