Versatile Commercial Property in
514 State Street Ottawa, IL 61350
514 State Street, Ottawa, IL, 61350
$425,000
For Sale
$425,000
3,420 SF commercial space ideal for restaurant or office.
Property Size3,420 SF
Lot Size0.50 Acres
Price / SF$124.27
Days on Market460
Property Features for 514 State Street
General Information
- Standard status
- Active
- Size
- 3,420 SF
- Lot size
- 0.50 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1950
Listing Agency
Coldwell Banker Today's
(815) 228-9708
Listed by
Thomas Templeton · License #475190082
(815) 228-9708
Source
Exitrealty
Added: Apr 15, 2025 Checked: Jul 17 at 9:21 pm
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 Coldwell Banker Today's
Investment Insights
Based on property information with market context.
This commercial property in Ottawa, IL, offers 3,420 square feet of space suitable for a restaurant, office, or other business ventures. The property is situated on a half-acre lot and includes 30 on-site parking spaces. It features handicapped-accessible entrances. The building combines steel and wood construction. A new rubber roof was installed in 2017, along with an updated HVAC system. The space is equipped with an Ansul fire suppression system. This property offers potential for investors and business owners.
Key Highlights
- 3,420 sq ft versatile space suitable for restaurant, office, or other businesses.
- Ample on‑site parking with 30 spaces.
- New rubber roof and updated HVAC system (2017).
Local 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 | $49.2k | $14.40 |
| − Vacancy | −$4.9k | −$1.44 |
| EGI | $44.3k | $12.96 |
| − OpEx | −$13.3k | −$3.89 |
| NOI | $31.0k | $9.07 |
3,420 SF · lease $14.40/SF/yr · vacancy 10.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$443.2K
$387.8K – $517.1K
NOI $31,026 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$856.0K
$749.0K – $998.6K
NOI $59,918 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The New Chalet Restaurant
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Kroger Floral — 301 E McKinley Rd, Ottawa, IL 61350
FAQs
What type of property is this?
Storefront property - 3,420 SF commercial space ideal for restaurant or office.
Where is this storefront property located?
The property is located at 514 State Street Ottawa, IL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3,420 sq ft versatile space suitable for restaurant, office, or other businesses.; Ample on‑site parking with 30 spaces.; New rubber roof and updated HVAC system (2017).
