Fully Leased Retail
For Sale
Contact for pricing
507 N CONVENT ST, Bourbonnais, IL 60914
Investment-ready retail center with 100% leased occupancy within the Chicago MSA.
Property Size9,782 SF
Price / SF$223.37
Days on Market55
Property Features for 507 N CONVENT ST
General Information
Standard status
Active
Size
9,782 SF
Property subtype
Retail
Occupancy
100%
Financials
Cap Rate
7.5%
Business Included
Yes
Building Details
Year Built
1995
Listing Agency:
Adelphia Properties
(630) 455-4495
Listed By:
George Spirrison, CCIM · License #IL 471002579
Source:
Crexi
Added: Jun 9
Changed: Jul 10
Last Checked: Aug 2 at 5:15AM
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 Adelphia Properties
Investment Insights
Based on property information with market context.
This for-sale retail center is fully leased, with 100% occupancy in place. The offering is structured as a retail property and shopping center opportunity designed for buyers seeking current income from an operating tenant base.
The property is located at 507 N Convent St in Bourbonnais, Illinois, within the Chicago MSA. As a storefront-focused retail asset, it is positioned to serve everyday retail needs from a dedicated commercial setting.
For prospective buyers, the key practical advantage here is the existing leasing in place, with all space noted as leased. This can be an appropriate fit for investors or owner-operators looking to acquire a retail center without needing to secure new tenants as part of the initial purchase. The property’s current occupancy profile also supports straightforward underwriting centered on the existing leased layout and tenant occupancy as presented in the listing materials.
The property is located at 507 N Convent St in Bourbonnais, Illinois, within the Chicago MSA. As a storefront-focused retail asset, it is positioned to serve everyday retail needs from a dedicated commercial setting.
For prospective buyers, the key practical advantage here is the existing leasing in place, with all space noted as leased. This can be an appropriate fit for investors or owner-operators looking to acquire a retail center without needing to secure new tenants as part of the initial purchase. The property’s current occupancy profile also supports straightforward underwriting centered on the existing leased layout and tenant occupancy as presented in the listing materials.
Key Highlights
- Retail center built in 1995
- 100% leased occupancy (fully leased investment)
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.4k | $12.00 |
| − Vacancy | −$11.7k | −$1.20 |
| EGI | $105.6k | $10.80 |
| − OpEx | −$31.7k | −$3.24 |
| NOI | $74.0k | $7.56 |
9,782 SF · lease $12.00/SF/yr · vacancy 10.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.06M
$924.4K – $1.23M
NOI $73,952 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$7.89M
$6.91M – $9.21M
NOI $552,403 @ 7.0% cap · market cap 25.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
960
Businesses Nearby
203k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 30%
Groceries 19%
Apparel 6%
Kroger
Groceries
35,231 visits/mo
0.5 miles
Starbucks
Dining
15,325 visits/mo
0.5 miles
Circle K
Shops & Services
14,595 visits/mo
0.5 miles
Speedway
Shops & Services
14,218 visits/mo
0.3 miles
Goodwill
Apparel
12,874 visits/mo
0.4 miles
Demographics for 60914, IL
28,894
Population
10,763
Households
2.7
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
48.9 sq mi
ZIP Area
591
Density / Sq Mi
$88,688
Median Household Income
$42,150
Median Earnings
$1,206
Median Rent
$240,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Boxed and Bloom Decor — 407 S Main St, Bourbonnais, IL 60914
- Kroger Floral — 170 E John Casey Rd, Bourbonnais, IL 60914
Frequently Asked Questions
What type of property is this?
Storefront property - Investment-ready retail center with 100% leased occupancy within the Chicago MSA.
Where is this storefront property located?
The property is located at 507 N CONVENT ST Bourbonnais, IL.
What is the asking price?
The asking price for this property is $2,185,000.
What are key features of this property?
This property features: Retail center built in 1995; 100% leased occupancy (fully leased investment)
