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    Mixed-Use Live-Work Property Title is generated by Realmo AI

    435 Washington Street, Elgin, IL 60123

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    Claim this Listing
    New
    For Sale
    $279,000

    COMMERCIAL - Elgin, IL

    Lot size:
    0.44 Acres
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 6:06 pm

    Property Features for 435 Washington Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0614257013
    Lot size
    0.44 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3154

    Utilities

    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1925
    Floors in Building
    1
    Number of units
    2

    We can help!

    Listing Contact
    Joe Gawley
    Joe Gawley

    Listing agent Joe Gawley License #475144756

    Listing office Charles Rutenberg Realty of IL 3135 Book Road, Naperville, IL

    Listing date Jun 4, 2026

    MLS# 12669192

    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

    • Mixed‑use property with residential and commercial components under RB (Residence/Business) zoning for residential, business, or a combination
    • Updated 2‑bed, 2‑bath residence leased for $1,900/month, providing immediate rental income
    • Separate brick commercial building at 530 W. Highland Ave with a spacious main‑level room and a basement for storage or expansion
    • Commercial building includes a convenient half bath and is currently vacant
    • Window unit(s) cooling; home year built 1925

    Overview

    This mixed-use property combines a leased 2-bedroom, 2-bath home with a separate brick commercial building, all under flexible RB (Residence/Business) zoning. The residential unit is described as well-maintained and updated, and it is currently leased. The commercial building includes a spacious main-level room, a basement that can support storage or expanded functionality, and a convenient half bath. The commercial space is currently vacant, giving an owner-occupant or incoming tenant the ability to tailor the space to their needs.

    The property is located in Elgin, Illinois, with the residential address listed as 435 Washington Street. The separate commercial structure is identified at 530 W. Highland Ave. The offering is designed for flexibility by tying the home and business components together within the same ownership structure.

    For buyers or owner-users, the RB zoning supports residential use, business use, or a combination of both, which can be helpful for a live-work setup or an operator looking to be close to where they live. If you are planning to occupy the commercial building, the vacant condition can reduce time spent coordinating with an existing tenant. For investors, the current lease in the residential portion provides immediate rental income while the commercial component offers a separate opportunity for customization or new tenancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Village Investment Club Financial Advisor

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Cook
    State
    Illinois
    Longitude
    -88.1296362
    Latitude
    42.1561681

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    FAQs

    What type of property is this?
    Live-work space - Residential income and a separate vacant commercial building offer RB-zoned flexibility for owner-users or investors.
    Where is this live-work space located?
    The property is located at 435 Washington Street Elgin, IL.
    What is the asking price?
    The asking price for this property is $279,000.
    What are key features of this property?
    This property features: Mixed‑use property with residential and commercial components under RB (Residence/Business) zoning for residential, business, or a combination; Updated 2‑bed, 2‑bath residence leased for $1,900/month, providing immediate rental income; Separate brick commercial building at 530 W. Highland Ave with a spacious main‑level room and a basement for storage or expansion
    (630) 929-1100
    We can help!
    Listing Contact
    Joe Gawley
    Joe Gawley
    Real Estate License ID: 475144756
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    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.

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