Auto Shop With Wash
For Sale
$350,000
301 S Chestnut St, Le Roy, IL 61752
Corner-lot automotive facility includes office space, service bays, and a separate wash bay.
Property Size2,460 SF
Price / SF$142.28
Days on Market16
Property Features for 301 S Chestnut St
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Retail - Freestanding
Site & Location
Highway Access
Yes
Road Access
Yes
Automotive
Service Bays
3
Car Wash Bays
1
Amenities
reception desk
waiting area
private office
10-foot overhead doors
Building Details
Building Size
2,460 SF
Year Built
1971
Buildings
1
Listing Agency:
Vieweg Real Estate
(217) 433-0839
Listed By:
Cole Babcock
Source:
Commercialcafe
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 29 at 10:47PM
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 Vieweg Real Estate
Investment Insights
Based on property information with market context.
Located at 301 S Chestnut St in Le Roy, Illinois, this 2,460-square-foot automotive shop and dealership was built in 1971. The building combines a customer-facing office area with a reception desk, waiting area, and private office. Its service component includes three operating bays with 10-foot overhead doors, plus a separate wash bay. The corner-lot setting provides convenient access and space for ample parking.
The property is 12 miles east of Bloomington-Normal and positioned just off Interstate 74. Its layout supports automotive service and dealership operations, with dedicated areas for customer reception, administration, vehicle work, and washing.
The property is 12 miles east of Bloomington-Normal and positioned just off Interstate 74. Its layout supports automotive service and dealership operations, with dedicated areas for customer reception, administration, vehicle work, and washing.
Key Highlights
- 2,460 SF automotive shop and dealership built in 1971
- Three working service bays with 10‑foot overhead doors
- Separate wash bay for vehicle service operations
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
$23,764
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
6.79%
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%
$475,280
$475.3K
Cap Rate 7%
$339,486
$339.5K
Cap Rate 9%
$264,044
$264.0K
Market Conditions
NOI Build-Up for 2,460 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
$36.9K $15.00/SF
− Vacancy
−$3.0K −$1.20/SF
EGI
$33.9K $13.80/SF
− OpEx
−$10.2K −$4.14/SF
NOI
$23.8K $9.66/SF
Area
McLean County, IL
Vacancy
8.00%
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%
$475,280
Cap Rate 7%
$339,486
Cap Rate 9%
$264,044
Alternative Uses
Best Use
Retail
$339.5K
$297.1K – $396.1K
NOI $23,764 @ 7.0% cap · market cap 6.79%
Second Best
Industrial
$242.7K
$212.4K – $283.2K
NOI $16,989 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$512.8K
$448.7K – $598.3K
NOI $35,896 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61752, IL
4,250
Population
1,880
Households
2.3
Avg Household Size
41
Median Age
37%
College-Educated
97%
High-School Grad
86.4 sq mi
ZIP Area
49
Density / Sq Mi
$86,845
Median Household Income
$50,248
Median Earnings
$791
Median Rent
$176,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Love's Truck Care — 505 Persimmon Dr, Le Roy, IL 61752
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- Hail Automotive — 502 W Washington St, Le Roy, IL 61752
- Hutton Auto Care — 409 N Walnut St, Le Roy, IL 61752
Frequently Asked Questions
What type of property is this?
Auto shop - Corner-lot automotive facility includes office space, service bays, and a separate wash bay.
Where is this auto shop located?
The property is located at 301 S Chestnut St Le Roy, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,460 SF automotive shop and dealership built in 1971; Three working service bays with 10‑foot overhead doors; Separate wash bay for vehicle service operations
