Move-in Ready Boutique Office
For Sale
$435,000
438 N Hough Street, Barrington, IL 60010
Two-story office building near downtown Barrington with flexible zoning.
Property Size2,700 SF
Lot Size0.19 Acres
Price / SF$161.11
Days on Market760
Property Features for 438 N Hough Street
General Information
Standard status
Active
Size
2,700 SF
Lot size
0.19 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,931
Amenities
Central air
Central Air Cooling
Composition Roof
Building Details
Year Built
1920
Listing Agency:
@PROPERTIES CHRISTIE'S INTERNATIONAL REAL ESTATE
(847) 692-5522
Listed By:
CHRISTOPHER DEMOS · License #475135317
Source:
Corcoran
Added: Jul 11, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:58AM
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 @PROPERTIES CHRISTIE'S INTERNATIONAL REAL ESTATE
Investment Insights
Based on property information with market context.
This move-in ready, two-story boutique office building offers just over 2700 square feet and includes 13 parking spaces. The property is located in close proximity to downtown Barrington shopping and within a short walk to the Metra. Its B-4 zoning provides a flexible list of uses under the Office and Retail categories. The layout features a large reception area, 7 or more offices, a conference room, a lounge area with a fireplace, a kitchenette, 2 bathrooms, and a basement for storage. An outdoor patio is also included. The building is equipped with central air conditioning and forced air heat. The air conditioning unit is 1 year old, the furnace is 5 years old, and the hot water tank is 2 years old. The property is suitable for either sale or lease.
Key Highlights
- Move‑in ready, boutique 2‑story office building with 2700+ sq. ft.
- 13 parking spaces
- Close proximity to downtown Barrington shopping and Metra station
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
$37,229
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
8.56%
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%
$744,580
$744.6K
Cap Rate 7%
$531,843
$531.8K
Cap Rate 9%
$413,656
$413.7K
Market Conditions
NOI Build-Up for 2,700 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
$66.1K $24.48/SF
− Vacancy
−$16.5K −$6.10/SF
EGI
$49.6K $18.38/SF
− OpEx
−$12.4K −$4.60/SF
NOI
$37.2K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$744,580
Cap Rate 7%
$531,843
Cap Rate 9%
$413,656
Alternative Uses
Best Use
Office B
$531.8K
$465.4K – $620.5K
NOI $37,229 @ 7.0% cap · market cap 8.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$932.2K
$815.7K – $1.09M
NOI $65,253 @ 7.0% cap · market cap 15.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,116
Businesses Nearby
Explore this area
Business Placement
Demographics for 60010, IL
46,365
Population
17,621
Households
2.6
Avg Household Size
47
Median Age
70%
College-Educated
97%
High-School Grad
74.1 sq mi
ZIP Area
626
Density / Sq Mi
$175,050
Median Household Income
$86,255
Median Earnings
$2,459
Median Rent
$622,900
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?
Office building - Two-story office building near downtown Barrington with flexible zoning.
Where is this office building located?
The property is located at 438 N Hough Street Barrington, IL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Move‑in ready, boutique 2‑story office building with 2700+ sq. ft.; 13 parking spaces; Close proximity to downtown Barrington shopping and Metra station
