Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    279 N State Street Hampshire, IL 60140

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $240,000

    All brick building perfect for a small business.

    Type:Retail
    Added:
    Feb 26, 2026
    Days on Market:
    34
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 279 N State Street

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Building Details

    Year Built
    1956

    We can help!

    Listing Contact
    Heidi Evinger

    Listing agent Heidi Evinger License #IL

    Listing office CENTURY 21 New Heritage West

    Listing date Feb 26, 2026

    Source Crexi

    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 CENTURY 21 New Heritage West

    Overview

    Commercial Property with B1 Zoning

    This commercial property, zoned B1, presents an opportunity for small business owners. The all-brick building was previously used as a residence. The main floor features an open area, two closed-door offices, and a kitchen. The upper area is suitable for an additional office. A large English basement is also included. The boiler and roof are approximately 7 years old.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hampshire
    County
    Kane
    State
    Illinois
    Longitude
    -88.529859
    Latitude
    42.1007813

    Nearby Similar for Sale

    • $320,000

      Remodeled Commercial Building on Route 72

      Turnkey commercial building on Route 72 with redevelopment potential.
      124 E Oak Knoll Drive, Hampshire, IL 60140
      View Details
    • $725,000

      Hampshire Commercial Building For Sale

      11,500 SF commercial building in high-visibility location.
      41W584 US HIGHWAY 20, Hampshire, IL 60140
      View Details
    • $470,000

      Historic Building with Sewing Business

      Historic building with thriving quilt/sewing business for sale.
      290 S State Street, Hampshire, IL 60140
      View Details
    • $229,900

      Commercial Property in Hampshire, IL

      Zoned B1, perfect for small business, all brick building.
      279 N State Street, Hampshire, IL 60140
      View Details
    • $115,000

      Commercial Property in Hampshire, IL

      Commercial property for sale in Hampshire, Illinois.
      107 W Oak Knoll Drive, Hampshire, IL 60140
      View Details
    • $375,000
      3,078 SF

      Historic Downtown Hampshire Retail Opportunity

      Charming 3,078 SF retail property in revitalized downtown Hampshire.
      141 N State St, HAMPSHIRE, IL, 60140-9438
      View Details
    • $1,700,000

      Professional Building in Hampshire, IL

      Well-kept commercial building with business opportunities in Hampshire, Illinois.
      895 S State Street S, Hampshire, IL 60140
      View Details
    • Contact for pricing
      23,958 SF

      Hampshire Warehouse/Industrial Opportunity

      23,958 SF warehouse/industrial property in Hampshire, Illinois.
      255 Keyes Avenue, Hampshire, IL 60140
      View Details
    • Contact for pricing
      69,300 SF

      Industrial Property in Hampshire, Illinois

      Industrial property available for sale in Hampshire, Illinois.
      201-255 Keyes Ave, Hampshire, IL 60140
      View Details
    • Contact for pricing
      76,000 SF

      Hampshire Warehouse/Industrial Opportunity

      76,000 sqft warehouse/industrial property in Hampshire, Illinois.
      281 Keyes Avenue, Hampshire, IL 60140
      View Details
    • Contact for pricing
      32,378 SF

      Hampshire Warehouse Property For Sale

      32,378 sqft warehouse property in Hampshire, Illinois.
      16N196 Walker Rd., Hampshire, IL 60140
      View Details
    • Contact for pricing
      32,378 SF

      Hampshire Industrial Building For Rent

      32,378 sqft industrial building with fenced yard.
      16 Walker Rd, Hampshire, IL
      View Details

    FAQs

    What type of property is this?
    Storefront property - All brick building perfect for a small business.
    Where is this storefront property located?
    The property is located at 279 N State Street Hampshire, IL.
    What is the asking price?
    The asking price for this property is $240,000.
    What are key features of this property?
    This property features: Zoned B1: Ideal for small business operations.; All Brick Building: Durable and aesthetically pleasing.; Versatile Space: Main floor features an open area, offices, and kitchen; large upper area suitable for another office.
    We can help!
    Listing Contact
    Heidi Evinger
    Real Estate License ID: IL
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!