Downtown Retail Building with
For Sale
$499,900
303 N Main Street, Elburn, IL 60119
Historic retail building with multiple levels, original details, recent exterior updates, and 20+ on-site parking spaces.
Property Size3,663 SF
Lot Size0.50 Acres
Price / SF$136.47
Days on Market157
Property Features for 303 N Main Street
General Information
Standard status
Active
Size
3,663 SF
Total Parking Spaces
20
Lot size
0.50 Acres
Property subtype
Commercial
Zoning
COMMR
Additional Details
Traffic Count
10,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$13,425
Building Details
Building Size
3,663 SF
Year Built
1880
Stories
3
Listing Agency:
Coldwell Banker Real Estate Group
(630) 232-6900
Listed By:
Charles Kirkwood · License #475142955
(630) 232-6900
Source:
Gia-sells
Added: Mar 23
Changed: Aug 24
Last Checked: Aug 25 at 8:33AM
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.
This stately downtown property is currently operating as retail and was historically used as an office building. The building retains a significant amount of original character, including hardwood floors and parquet flooring with inlays, stained glass, antique door hardware, built-ins, and substantial casing and crown molding. There is a kitchen area on the main floor, numerous windows for natural light, and additional usable space including a walk-up, fully decked attic for storage and a full basement. Updates noted include a new furnace and air conditioner in 2026, new roofs and gutters on all three buildings in 2022, stucco 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 property also includes two outbuildings: a heated workshop and an oversized two-car garage with loft storage.
The property is located in the heart of downtown Elburn on Main Street (Route 47), with remarks indicating nearly 10,000 cars passing by daily. It is described as suitable for a variety of uses under B2 zoning and features parking for 20+ vehicles on an over half-acre professionally landscaped lot.
With first and second floors plus a walk-up attic and full basement, the configuration supports multiple interior spaces while providing substantial exterior improvements and dedicated outbuilding amenities.
The property is located in the heart of downtown Elburn on Main Street (Route 47), with remarks indicating nearly 10,000 cars passing by daily. It is described as suitable for a variety of uses under B2 zoning and features parking for 20+ vehicles on an over half-acre professionally landscaped lot.
With first and second floors plus a walk-up attic and full basement, the configuration supports multiple interior spaces while providing substantial exterior improvements and dedicated outbuilding amenities.
Key Highlights
- Historic 1880 downtown Elburn building with B2 zoning, currently operating as retail for Sadie's on Main
- Original interior features include hardwood floors and parquet flooring with inlays, stained glass, antique door hardware, and built‑ins
- Recent updates include brand new furnace and air conditioner (2026), new roofs and gutters on all three buildings (2022), and stucco (2022)
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
Property Profile
Current Use
Lease Details
10,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
73k
Monthly Visits Nearby
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
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 - Historic retail building with multiple levels, original details, recent exterior updates, and 20+ on-site parking spaces.
Where is this retail space located?
The property is located at 303 N Main Street 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: Historic 1880 downtown Elburn building with B2 zoning, currently operating as retail for Sadie's on Main; Original interior features include hardwood floors and parquet flooring with inlays, stained glass, antique door hardware, and built‑ins; Recent updates include brand new furnace and air conditioner (2026), new roofs and gutters on all three buildings (2022), and stucco (2022)
