Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mixed-Use Strip Center Investment Title is generated by Realmo AI

    375-395 E State Street, South Elgin, IL 60177

    View on Map
    Claim this Listing
    For Sale
    $670,000

    COMMERCIAL - South Elgin, IL

    Type:Retail
    Property size:
    8,880 SF
    Lot size:
    0.32 Acres
    Price / SF:
    $75/SF
    Added:
    Apr 15, 2025
    Days on Market:
    397
    Last Refresh:
    May 16 at 3:06 pm

    Property Features for 375-395 E State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    APN
    0635262002
    Size
    8,880 SF
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    12837

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1955
    Floors in Building
    2
    Number of units
    4

    We can help!

    Listing Contact
    Timothy Winkler

    Listing agent Timothy Winkler License #475214596

    Listing office Infiniti Realty & Development, Inc. 6N426 Garden Avenue, ADDISON, IL

    Listing date Apr 15, 2025

    MLS# 12339546

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility corner lot location on a high‑traffic corridor.
    • Strong income potential with below‑market leases on two retail units.
    • Vacant second‑floor office space provides immediate leasing opportunity or owner‑occupant use.
    • Mixed‑use property with three retail units and office space offers flexible use options.
    • Ample on‑site parking.
    • Well‑maintained 4‑unit strip center with stable income and future upside.

    Overview

    This well-maintained four-unit mixed-use strip center is located on a high-visibility corner lot totaling 13,743 square feet. The two-story structure features 8,880 square feet of space. The ground floor includes three retail units, two of which are currently leased below market rent, while the third is leased near market rates. The second floor, configured for office use, is currently vacant, providing the potential for additional rental income or use by an owner-occupant. The property is located in South Elgin, Illinois, in Kane County. Ample on-site parking and strong frontage on a high-traffic corridor enhance the property's appeal for retail, office, or service-oriented businesses. The property is positioned for value growth and strong long-term returns. The lot size is 0.3155 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    South Elgin
    County
    Kane
    State
    Illinois
    Longitude
    -88.2904628
    Latitude
    41.9940904

    Nearby Similar for Sale

    • $575,000
      2,763 SF

      Premium Office Condo For Sale

      Two-unit office condo in South Elgin's Thornwood Professional Center.
      460 Briargate Drive #500, South Elgin, IL 60177
      View Details
    • $549,000
      15,430 SF

      Furnished Office Condo For Sale

      Class A office condominium in South Elgin, Illinois.
      460 Briargate Drive Unit 500, South Elgin, IL 60177
      View Details
    • $575,000
      2,763 SF

      Premium Office Condo For Sale

      Two-unit office condo in South Elgin's Thornwood Professional Center.
      460 Briargate Drive #500, South Elgin, IL 60177
      View Details
    • $7,539,295
      19,500 SF

      Veterinary Portfolio in Chicago Suburbs

      Three properties, 100% leased to Mission Pet Health.
      477 Briargate Dr, South Elgin, IL 60177
      View Details
    • $4,000,000
      21,734 SF

      South Elgin Retail Investment Opportunity

      New construction retail space with long-term lease in affluent area.
      436 S Randall Rd, South Elgin, IL 60177
      View Details
    • $75,000

      Profitable Gaming Property For Sale

      Recently renovated gaming property available for purchase.
      310 N LaFox Street, South Elgin, IL 60177
      View Details
    • $2,500,000
      11,569 SF

      Vacant Retail Building For Sale

      11,569 SF vacant retail building adjacent to Randall and Thornwood.
      474 Redington Dr, South Elgin, IL 60177
      View Details
    • Contact for pricing
      32,415 SF

      Class A Medical Office Building

      Class A medical office building with strong tenancy.
      2000 McDonald Rd, South Elgin, IL
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Four-unit mixed-use property with income and upside potential.
    Where is this mixed-use property located?
    The property is located at 375-395 E State Street South Elgin, IL.
    What is the asking price?
    The asking price for this property is $670,000.
    What are key features of this property?
    This property features: High‑visibility corner lot location on a high‑traffic corridor.; Strong income potential with below‑market leases on two retail units.; Vacant second‑floor office space provides immediate leasing opportunity or owner‑occupant use.
    (630) 935-6985
    We can help!
    Listing Contact
    Timothy Winkler
    Real Estate License ID: 475214596
    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

    Thank You for Inquiry
    375-395 E State Street, South Elgin, IL 60177
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!