Multi-Unit Flex
For Sale
Contact for pricing
465 Mulberry St, Manteno, IL 60950
Includes two commercial suites, a residential unit, and garage space with overhead-door access.
Property Size6,114 SF
Price / SF$89.94
Days on Market812
Property Features for 465 Mulberry St
General Information
Standard status
Active
Size
6,114 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Power
230 amps
Three-Phase Power
No
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Listing Agency:
McColly Bennett Real Estate
(815) 549-4301
Listed By:
Jay Tamblyn · License #475131086
(815) 549-4301
Source:
Moodyscre
Added: Jun 10, 2024
Changed: Aug 29
Last Checked: Aug 29 at 4:48PM
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 McColly Bennett Real Estate
Investment Insights
Based on property information with market context.
This 6,114-square-foot flex property at 465 Mulberry St in Manteno, Illinois, combines two commercial units with a residential component. The commercial suites measure 2,000 SF and 1,800 SF. The larger unit includes two overhead doors plus a private restroom with shower and is leased through May of 2024. The second suite has an office, private restroom, one overhead door, and a lease through May of 2025.
The residential unit is approximately 1,500 SF and includes a large garage with an overhead door. Building infrastructure includes 230 Amp/single phase electric service and internet. The property provides access to main thoroughfares and highways.
The residential unit is approximately 1,500 SF and includes a large garage with an overhead door. Building infrastructure includes 230 Amp/single phase electric service and internet. The property provides access to main thoroughfares and highways.
Key Highlights
- 6,114‑square‑foot flex property at 465 Mulberry St, Manteno, IL 60950
- 2,000 SF commercial unit with two overhead doors and a private restroom with shower
- 1,800 SF commercial unit with an office, private restroom, and one overhead door
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
$49,895
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
9.07%
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%
$997,900
$997.9K
Cap Rate 7%
$712,786
$712.8K
Cap Rate 9%
$554,389
$554.4K
Market Conditions
NOI Build-Up for 6,114 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
$85.8K $14.04/SF
− Vacancy
−$6.0K −$0.98/SF
EGI
$79.8K $13.06/SF
− OpEx
−$29.9K −$4.90/SF
NOI
$49.9K $8.16/SF
Area
Kankakee County, IL
Vacancy
7.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
37.50%
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%
$997,900
Cap Rate 7%
$712,786
Cap Rate 9%
$554,389
Alternative Uses
Best Use
Warehouse
$758.9K
$664.0K – $885.4K
NOI $53,123 @ 7.0% cap · market cap 9.66%
Second Best
Mixed Use
$712.8K
$623.7K – $831.6K
NOI $49,895 @ 7.0% cap · market cap 9.07%
Theoretical Best
Multifamily LT 5
$4.93M
$4.32M – $5.75M
NOI $345,266 @ 7.0% cap · market cap 62.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60950, IL
11,996
Population
5,243
Households
2.3
Avg Household Size
44
Median Age
22%
College-Educated
94%
High-School Grad
76.6 sq mi
ZIP Area
157
Density / Sq Mi
$87,848
Median Household Income
$54,034
Median Earnings
$1,008
Median Rent
$244,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Includes two commercial suites, a residential unit, and garage space with overhead-door access.
Where is this flex space located?
The property is located at 465 Mulberry St Manteno, IL.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 6,114‑square‑foot flex property at 465 Mulberry St, Manteno, IL 60950; 2,000 SF commercial unit with two overhead doors and a private restroom with shower; 1,800 SF commercial unit with an office, private restroom, and one overhead door
