Historic Storefront With
For Sale
$499,900
303 N Main Street, Elburn, IL 60119
Downtown commercial property with original architectural details, multiple structures, landscaped grounds, and parking for more than 20 vehicles.
Property Size3,663 SF
Days on Market160
Property Features for 303 N Main Street
General Information
Standard status
Active
Size
3,663 SF
Property subtype
Commercial
Zoning
COMMR
Site & Location
Traffic Count
10,000 vehicles/day
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$13,425
Amenities
hardwood floors
parquet flooring
stained glass
antique door hardware
built-ins
crown molding
kitchen area
walk-up attic
full basement
heated workshop
oversized two car garage with loft storage
professional landscaping
Building Details
Building Size
3,663 SF
Year Built
1880
Year Renovated
2022
Buildings
3
Stories
3
Tenancy
Single
Abandoned
No
Listing Agency:
Coldwell Banker Real Estate Group
(630) 232-6900
Listed By:
Charles Kirkwood · License #475142955
(630) 232-6900
Source:
Perillorealestategroup
Added: Mar 23
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 downtown commercial property occupies a parcel of over 1/2 acre and includes a primary storefront, two additional buildings, a full basement, and a finished walk-up attic. The interior retains hardwood and parquet floors with inlays, stained glass, built-in cabinetry, antique door hardware, substantial trim, and crown molding. A main-level kitchen area and abundant windows add practical utility and natural light. The current use is retail, following an earlier period as office space.
Recent work includes new furnaces and air conditioners in 2026, roof and gutter replacement across all three buildings in 2022, stucco completed in 2022, a new front sidewalk, hurricane windows at the side porch, fire-safety equipment, an ADS alarm system, and a new fire escape. Site improvements include professional landscaping, more than 20 parking spaces, a heated 20' x 16' workshop, and an oversized two-car garage with loft storage. The property fronts N Main Street in Elburn along Route 47, where approximately 10,000 cars pass daily.
Recent work includes new furnaces and air conditioners in 2026, roof and gutter replacement across all three buildings in 2022, stucco completed in 2022, a new front sidewalk, hurricane windows at the side porch, fire-safety equipment, an ADS alarm system, and a new fire escape. Site improvements include professional landscaping, more than 20 parking spaces, a heated 20' x 16' workshop, and an oversized two-car garage with loft storage. The property fronts N Main Street in Elburn along Route 47, where approximately 10,000 cars pass daily.
Key Highlights
- Current retail property at 303 N Main Street, Elburn, IL 60119
- Over 1/2‑acre landscaped lot with 20+ parking spaces
- Two outbuildings: a heated 20' x 16' workshop and oversized two‑car garage with loft storage
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
Office B
$721.5K
$631.3K – $841.8K
NOI $50,507 @ 7.0% cap · market cap 10.10%
Second Best
Retail
$631.6K
$552.7K – $736.9K
NOI $44,215 @ 7.0% cap · market cap 8.84%
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
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Downtown commercial property with original architectural details, multiple structures, landscaped grounds, and parking for more than 20 vehicles.
Where is this storefront property 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: Current retail property at 303 N Main Street, Elburn, IL 60119; Over 1/2‑acre landscaped lot with 20+ parking spaces; Two outbuildings: a heated 20' x 16' workshop and oversized two‑car garage with loft storage
