Renovated Mixed-Use Income
518 W Main St Kirkland, IL 60146
For Sale
Contact for pricing
Renovated mixed-use building with two commercial units, including an operating laundromat, two occupied apartments, and fenced lots.
Property Size2,000 SF
Price / SF$149
Days on Market109
Property Features for 518 W Main St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
RETAIL
Listing Agency:
GAMBINO REALTORS-Rkfd
(815) 978-6489
Listed By:
Jayson Shull · License #475179205
(815) 978-6489
Source:
Moodyscre
Added: Apr 13
Changed: Jul 22
Last Checked: Jul 22 at 2:36PM
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 GAMBINO REALTORS-Rkfd
Investment Insights
Based on property information with market context.
Located at 518 W Main St in downtown Kirkland, Illinois, this fully renovated mixed-use property combines two ground-floor commercial units with two fully occupied residential apartments above. The ground floor offers separate commercial spaces connected by a common door, while maintaining independent utilities for separate operation. The rear unit is currently operating as a laundromat. The front unit is street-facing and is described as suitable for a range of retail or service uses, including office, café, restaurant, bar, gaming, salon, or professional services, subject to local approvals.
The property also includes two fenced-in lots that could support expansion or enhanced commercial use of the front unit, subject to local approvals. On-site parking is available and accessible via the rear alley, and the building is fully handicap accessible.
Current income is approximately $3,300 per month, with the front commercial unit presenting an estimated rental opportunity of $1,000 per month and a projected total income of approximately $4,300 per month. The property is positioned in a community of approximately 2,000 residents with steady daily traffic and strong visibility in a central downtown setting.
The property also includes two fenced-in lots that could support expansion or enhanced commercial use of the front unit, subject to local approvals. On-site parking is available and accessible via the rear alley, and the building is fully handicap accessible.
Current income is approximately $3,300 per month, with the front commercial unit presenting an estimated rental opportunity of $1,000 per month and a projected total income of approximately $4,300 per month. The property is positioned in a community of approximately 2,000 residents with steady daily traffic and strong visibility in a central downtown setting.
Key Highlights
- Fully renovated mixed‑use property in downtown Kirkland, IL with two commercial units and two residential apartments
- Ground floor has two separate commercial units connected by a common door, with separate utilities for independent operation
- Rear commercial unit is currently operating as a laundromat, providing one steady income stream
Financial Insights For Multifamily LT 5
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 | $40.1k | $20.04 |
| − Vacancy | −$3.0k | −$1.50 |
| EGI | $37.1k | $18.54 |
| − OpEx | −$11.1k | −$5.56 |
| NOI | $26.0k | $12.98 |
2,000 SF · lease $20.04/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Mixed Use
$482.1K
$421.9K – $562.5K
NOI $33,750 @ 7.0% cap · market cap 11.33%
Second Best
Retail
$396.6K
$347.0K – $462.7K
NOI $27,760 @ 7.0% cap · market cap 9.32%
Theoretical Best
Office A
$690.5K
$604.2K – $805.6K
NOI $48,336 @ 7.0% cap · market cap 16.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use building with two commercial units, including an operating laundromat, two occupied apartments, and fenced lots.
Where is this mixed-use property located?
The property is located at 518 W Main St Kirkland, IL.
What is the asking price?
The asking price for this property is $298,000.
What are key features of this property?
This property features: Fully renovated mixed‑use property in downtown Kirkland, IL with two commercial units and two residential apartments; Ground floor has two separate commercial units connected by a common door, with separate utilities for independent operation; Rear commercial unit is currently operating as a laundromat, providing one steady income stream
