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 Market119
Property Features for 507 N CONVENT ST
General Information
Standard status
Active
Size
9,782 SF
Total Parking Spaces
50
Property subtype
Retail
Zoning
B2
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Financials
Cap Rate
7.5%
Business Included
Yes
Building Details
Year Built
1995
Units
3
Tenancy
Multi
Listing Agency:
Adelphia Properties
Listed By:
George Spirrison, CCIM · License #IL 471002579
(630) 455-4495
Source:
Crexi
Added: Jun 9
Changed: Sep 26
Last Checked: Oct 4 at 7:02AM
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
Estimated NOI and Cap Rate
NOI / Yr
$73,952
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,479,040
$1.5M
Cap Rate 7%
$1,056,457
$1.1M
Cap Rate 9%
$821,689
$821.7K
Market Conditions
NOI Build-Up for 9,782 SF
Gross rent
$117.4K $12.00/SF
− Vacancy
−$11.7K −$1.20/SF
EGI
$105.6K $10.80/SF
− OpEx
−$31.7K −$3.24/SF
NOI
$74.0K $7.56/SF
Area
Kankakee County, IL
Vacancy
10.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,479,040
Cap Rate 7%
$1,056,457
Cap Rate 9%
$821,689
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
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
961
Businesses Nearby
215k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 25%
Groceries 16%
Apparel 6%
Kroger
Groceries
35,231 visits/mo
0.3 miles
Culver's
Dining
32,460 visits/mo
0.5 miles
Dunkin' Donuts
Dining
19,287 visits/mo
0.5 miles
Circle K
Shops & Services
14,595 visits/mo
0.1 miles
Speedway
Shops & Services
14,218 visits/mo
0.1 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Boxed and Bloom Decor — 407 S Main St, Bourbonnais, IL 60914
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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)
