Mixed-Use Retail & Apartment
For Sale
$1,250,000
49-63 North Main Street, Manteno, IL 60950
Mixed-use property in Manteno's central commercial area.
Property Size12,800 SF
Lot Size0.29 Acres
Price / SF$97.66
Days on Market305
Property Features for 49-63 North Main Street
General Information
Standard status
Active
Size
12,800 SF
Lot size
0.29 Acres
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$19,238
Building Details
Year Built
1920
Stories
2
Listing Agency:
Village Realty, Inc.
(708) 263-5869
Listed By:
Michael Glenn · License #471022481
(708) 263-5869
Source:
Compass
Added: Oct 23, 2025
Changed: Aug 23
Last Checked: Aug 22 at 4:28PM
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 Village Realty, Inc.
Investment Insights
Based on property information with market context.
The property features approximately 12,800 square feet of land area, improved with a 12,963-square-foot mixed-use building. The building includes both retail and apartment spaces. The property is zoned C-1 Downtown Commercial District and is located in Manteno's central commercial area, providing visibility and access to nearby businesses and amenities. The mixed-use configuration offers retail and residential income potential. The property includes 4 apartment units, three of which are occupied by long-term tenants, and 3 commercial spaces. The fair market value of rent is near $11,000 per month.
Key Highlights
- High income potential with FMV of rent near $11,000/month.
- Mixed‑use property with both retail and residential income streams.
- Prime downtown location** in Manteno's central commercial area.
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
$104,458
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
8.36%
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%
$2,089,160
$2.1M
Cap Rate 7%
$1,492,257
$1.5M
Cap Rate 9%
$1,160,644
$1.2M
Market Conditions
NOI Build-Up for 12,800 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
$179.7K $14.04/SF
− Vacancy
−$12.6K −$0.98/SF
EGI
$167.1K $13.06/SF
− OpEx
−$62.7K −$4.90/SF
NOI
$104.5K $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%
$2,089,160
Cap Rate 7%
$1,492,257
Cap Rate 9%
$1,160,644
Alternative Uses
Best Use
Apartment 5plus
$9.00M
$7.88M – $10.50M
NOI $630,162 @ 7.0% cap · market cap 50.41%
Second Best
Mixed Use
$1.49M
$1.31M – $1.74M
NOI $104,458 @ 7.0% cap · market cap 8.36%
Theoretical Best
Multifamily LT 5
$10.33M
$9.04M – $12.05M
NOI $722,833 @ 7.0% cap · market cap 57.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in Manteno's central commercial area.
Where is this mixed-use property located?
The property is located at 49-63 North Main Street Manteno, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: High income potential with FMV of rent near $11,000/month.; Mixed‑use property with both retail and residential income streams.; Prime downtown location** in Manteno's central commercial area.
