Turn-Key Commercial Buildings For
For Sale
$649,000
2412 Georgetown Road, Danville, IL 61832
2.82-acre property with three commercial buildings, two turn-key.
Property Size5,800 SF
Lot Size2.82 Acres
Price / SF$111.90
Days on Market103
Property Features for 2412 Georgetown Road
General Information
Standard status
Active
Size
5,800 SF
Total Parking Spaces
35
Lot size
2.82 Acres
Zoning
COM
Taxes and HOA fees
Annual Taxes
$8,060
Amenities
One
yes
1
Gas Water Heater
Central Air
Forced Air
Appraiser
Metal
Public Sewer
no
Public
2.82
35
Acres
Asphalt
Slab
2.82 acres
122839
Other
Building Details
Year Built
2012
Stories
1
Listing Agency:
Keller Williams The Real Estate Center of Illinois, LLC
(217) 820-0182
Listed By:
Josh Burgener · License #475
(217) 820-0182
Source:
Jburgenerrealty.idxbroker
Added: May 16
Changed: Aug 25
Last Checked: Aug 26 at 5:31AM
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 The Real Estate Center of Illinois, LLC
Investment Insights
Based on property information with market context.
This 2.82-acre property features three commercial buildings. Two buildings are ready-to-go, turn-key opportunities. The third building is leased, providing passive income. The first building, spans over 5,800 square feet and features 3 overhead doors. All equipment will stay with the building, including a 6-color auto press, one infrared power house heater, one infrared quartz heater, a 6-station manual head, a washing and drying station, 4 embroidery machines, a direct-to-garment machine, and so much more. The second building, spans over 1,450 square feet and was remodeled in 2020. As you enter, you will find a reception area, a waiting room, a bathroom, a laundry room, and 8 tanning rooms. All 7 lay-down beds were replaced in 2020. There is one stand-up bed that will convey with the building as well. The third building, which is leased out, spans over 1,440 square feet. The renters pay their own power and water bills.
Key Highlights
- 2.82‑acre property with three commercial buildings
- Two turn‑key commercial buildings ready for immediate business operation
- One building is currently leased, providing immediate passive income
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
$58,403
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
9.00%
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%
$1,168,060
$1.2M
Cap Rate 7%
$834,329
$834.3K
Cap Rate 9%
$648,922
$648.9K
Market Conditions
NOI Build-Up for 5,800 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
$87.0K $15.00/SF
− Vacancy
−$3.6K −$0.61/SF
EGI
$83.4K $14.39/SF
− OpEx
−$25.0K −$4.32/SF
NOI
$58.4K $10.07/SF
Area
Vermilion County, IL
Vacancy
4.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,168,060
Cap Rate 7%
$834,329
Cap Rate 9%
$648,922
Alternative Uses
Best Use
Retail
$834.3K
$730.0K – $973.4K
NOI $58,403 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.13M
$988.7K – $1.32M
NOI $79,094 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 61832, IL
32,878
Population
16,390
Households
2
Avg Household Size
40
Median Age
17%
College-Educated
90%
High-School Grad
27.3 sq mi
ZIP Area
1,204
Density / Sq Mi
$45,264
Median Household Income
$37,288
Median Earnings
$805
Median Rent
$78,400
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?
Retail space - 2.82-acre property with three commercial buildings, two turn-key.
Where is this retail space located?
The property is located at 2412 Georgetown Road Danville, IL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2.82‑acre property with three commercial buildings; Two turn‑key commercial buildings ready for immediate business operation; One building is currently leased, providing immediate passive income
