Historic Retail Building with
New
For Sale
$499,900
303 N Main St, Elburn, IL 60119
B2-zoned retail property with original architectural details, supplemental buildings, landscaped grounds, and flexible reuse potential.
Property Size3,663 SF
Price / SF$136.47
Days on Market5
Property Features for 303 N Main St
General Information
Standard status
Active
Size
3,663 SF
Zoning
B2
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1880
Year Renovated
2022
Buildings
3
Stories
2
Tenancy
Single
Listing Agency:
Coldwell Banker Real Estate Group
Listed By:
Charles Kirkwood · License #475142955
(815) 553-2406
Source:
Amyboston.realtopiare
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 12 at 11:37AM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1880, this 3,663-square-foot retail property occupies a 0.56-acre lot at 303 N Main St in Elburn. The two-story building retains hardwood and parquet floors with inlays, stained glass, antique door hardware, built-ins, extensive casing and crown molding, and abundant windows. A main-floor kitchen area, walk-up attic, full basement, and 20+ parking spaces add practical utility. The property is currently used for retail and was historically operated as an office building. B2 zoning supports a variety of uses, while the existing layout and character provide a foundation for continued commercial use or conversion to residential use.
Recent work includes a new furnace and air conditioner in 2026, new roofs and gutters on all three buildings in 2022, stucco completed in 2022, a new front sidewalk, hurricane windows in the side porch, fire safety equipment, an ADS alarm system, and a new fire escape. The site also includes a 20' x 16' heated workshop and an oversized two-car garage with loft storage. Main Street is identified as Route 47 and carries almost 10,000 cars daily.
Recent work includes a new furnace and air conditioner in 2026, new roofs and gutters on all three buildings in 2022, stucco completed in 2022, a new front sidewalk, hurricane windows in the side porch, fire safety equipment, an ADS alarm system, and a new fire escape. The site also includes a 20' x 16' heated workshop and an oversized two-car garage with loft storage. Main Street is identified as Route 47 and carries almost 10,000 cars daily.
Key Highlights
- 3,663 SF retail property on a 0.56‑acre lot
- B2 zoning supports a variety of uses
- Original hardwood and parquet floors, stained glass, built‑ins, and decorative millwork
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
$44,215
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
8.84%
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%
$884,300
$884.3K
Cap Rate 7%
$631,643
$631.6K
Cap Rate 9%
$491,278
$491.3K
Market Conditions
NOI Build-Up for 3,663 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
$65.9K $18.00/SF
− Vacancy
−$2.8K −$0.76/SF
EGI
$63.2K $17.24/SF
− OpEx
−$18.9K −$5.17/SF
NOI
$44.2K $12.07/SF
Area
Kane County, IL
Vacancy
4.20%
Lease Rate
$18.00 /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%
$884,300
Cap Rate 7%
$631,643
Cap Rate 9%
$491,278
Alternative Uses
Best Use
Retail
$631.6K
$552.7K – $736.9K
NOI $44,215 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,527 @ 7.0% cap · market cap 17.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
73k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 38%
Shops & Services 32%
Dining 29%
Beauty & Spa 1%
Jewel-Osco
Groceries
27,573 visits/mo
0.4 miles
McDonald's
Dining
18,586 visits/mo
0.5 miles
BP
Shops & Services
11,692 visits/mo
0.5 miles
AutoZone
Shops & Services
6,389 visits/mo
0.4 miles
Mobil
Shops & Services
4,207 visits/mo
0.4 miles
Demographics for 60119, IL
10,905
Population
4,595
Households
2.4
Avg Household Size
41
Median Age
51%
College-Educated
98%
High-School Grad
49.6 sq mi
ZIP Area
220
Density / Sq Mi
$124,058
Median Household Income
$62,747
Median Earnings
$1,620
Median Rent
$366,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - B2-zoned retail property with original architectural details, supplemental buildings, landscaped grounds, and flexible reuse potential.
Where is this storefront property located?
The property is located at 303 N Main St Elburn, IL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,663 SF retail property on a 0.56‑acre lot; B2 zoning supports a variety of uses; Original hardwood and parquet floors, stained glass, built‑ins, and decorative millwork
