Brick Retail
For Sale
Contact for pricing
415 West State Street, Geneva, IL 60134
Five-suite shopping center with full occupancy, dedicated parking, and recent HVAC upgrades.
Property Size7,959 SF
Price / SF$219.88
Days on Market10
Property Features for 415 West State Street
General Information
Standard status
Active
Size
7,959 SF
Total Parking Spaces
27
Property subtype
Retail
Occupancy
100%
Lease Type
Gross
Net Operating Income
$126,403
Additional Details
Road Access
Yes
Building Details
Year Built
1950
Year Renovated
2008
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Construction
brick
Listing Agency:
Interra Realty, LLC
Listed By:
Nathan Zito · License #IL
Source:
Crexi
Added: Jul 30
Changed: Aug 4
Last Checked: Aug 8 at 2:27PM
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 Interra Realty, LLC
Investment Insights
Based on property information with market context.
This 7,959-square-foot brick shopping center contains five suites and is fully leased to three established local tenants. Built in 1950, the property received a comprehensive remodel and upgrade in 2008, followed by installation of four new HVAC condensers in 2025. Twenty-seven dedicated surface parking spaces serve the center, an uncommon feature for a downtown retail property.
The property occupies 415 West State Street in Geneva’s Historic District near 3rd Street and Route 38, an east-west arterial through the downtown core. It is close to the Third Street shopping and dining district, Geneva Metra Station, and the Fox River, with access to Routes 31 and 64 connecting St. Charles, Batavia, and the broader Fox Valley. The surrounding area includes 85,000 residents across Geneva, Batavia, and St. Charles.
The property occupies 415 West State Street in Geneva’s Historic District near 3rd Street and Route 38, an east-west arterial through the downtown core. It is close to the Third Street shopping and dining district, Geneva Metra Station, and the Fox River, with access to Routes 31 and 64 connecting St. Charles, Batavia, and the broader Fox Valley. The surrounding area includes 85,000 residents across Geneva, Batavia, and St. Charles.
Key Highlights
- 7,959 SF brick shopping center with five suites
- 100% leased to three established local tenants
- Twenty‑seven dedicated surface parking spaces
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
$96,071
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
5.49%
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%
$1,921,420
$1.9M
Cap Rate 7%
$1,372,443
$1.4M
Cap Rate 9%
$1,067,456
$1.1M
Market Conditions
NOI Build-Up for 7,959 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
$143.3K $18.00/SF
− Vacancy
−$6.0K −$0.76/SF
EGI
$137.2K $17.24/SF
− OpEx
−$41.2K −$5.17/SF
NOI
$96.1K $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%
$1,921,420
Cap Rate 7%
$1,372,443
Cap Rate 9%
$1,067,456
Alternative Uses
Best Use
Retail
$1.37M
$1.20M – $1.60M
NOI $96,071 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.40M – $3.21M
NOI $192,352 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,787
Businesses Nearby
24k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 33%
Home Improvements & Furnishings 29%
Dining 24%
Apparel 7%
Geneva Ace Hardware
Home Improvements & Furnishings
6,970 visits/mo
0.3 miles
Dunkin' Donuts
Dining
5,871 visits/mo
0.4 miles
7-Eleven
Shops & Services
5,150 visits/mo
0.4 miles
U.S. Bank
Shops & Services
2,814 visits/mo
0.5 miles
J.McLaughlin
Apparel
1,773 visits/mo
0.1 miles
Demographics for 60134, IL
30,503
Population
11,159
Households
2.7
Avg Household Size
42
Median Age
66%
College-Educated
97%
High-School Grad
14.6 sq mi
ZIP Area
2,089
Density / Sq Mi
$148,283
Median Household Income
$66,586
Median Earnings
$1,816
Median Rent
$427,300
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?
Shopping center - Five-suite shopping center with full occupancy, dedicated parking, and recent HVAC upgrades.
Where is this shopping center located?
The property is located at 415 West State Street Geneva, IL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7,959 SF brick shopping center with five suites; 100% leased to three established local tenants; Twenty‑seven dedicated surface parking spaces
