Building Details

Year Built 1982

Buildings 1

Stories 1

Construction brick

Listing Agency: Redfin Corporation

Listed By: Jacqueline Casino · License #475126970 Show Phone

Source: Realtopiare

Added: Sep 7 Changed: Oct 14 Last Checked: Oct 7 at 1:24PM

Report an Issue

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 Redfin Corporation

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 2,400 SF freestanding office building was constructed in 1982 with an all-brick exterior and single-story layout. The prior configuration included a reception area, waiting area, 4–6 private offices, storage, kitchen or breakroom space, and two half baths. Updated electrical, plumbing, and drywalled perimeter walls support a range of office configurations, while the property is offered in its current condition.

A blacktop parking area accommodates 13–18 vehicles. The roof was replaced in 2022, and the building has been inspected with the City of Elgin. Located at 530 N McLean Boulevard in Elgin, Illinois, the property also offers a corner-site position and existing signage potential.

Key Highlights

• 2,400 SF single‑story office building constructed in 1982
• All‑brick freestanding building on a corner lot
• Prior layout included 4–6 private offices, reception, storage, kitchen/breakroom, and two half baths

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$33,092

Cap Rate

8.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$661,840 $661.8K

Cap Rate 7%

$472,743 $472.7K

Cap Rate 9%

$367,689 $367.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$58.8K $24.48/SF

− Vacancy

−$14.6K −$6.10/SF

EGI

$44.1K $18.38/SF

− OpEx

−$11.0K −$4.60/SF

NOI

$33.1K $13.79/SF

Area

Kane County, IL

Vacancy

24.90%

Lease Rate

$24.48 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$661,840

Cap Rate 7%

$472,743

Cap Rate 9%

$367,689

Alternative Uses

Best Use

Office B

$472.7K

$413.7K – $551.5K (±1% cap)

NOI $33,092 @ 7.0% cap · market cap 8.51%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$828.6K

$725.0K – $966.7K (±1% cap)

NOI $58,003 @ 7.0% cap · market cap 14.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Skin Care Clinic Cafe & Coffee Shop (Bike/Boat/Book/etc) Store Acupuncture Home Appliance Store Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

342

Businesses Nearby

Explore this area Business Placement

Demographics for 60123, IL

47,932

Population

18,129

Households

2.6

Avg Household Size

37

Median Age

24%

College-Educated

84%

High-School Grad

14.0 sq mi

ZIP Area

3,424

Density / Sq Mi

$86,762

Median Household Income

$40,288

Median Earnings

$1,226

Median Rent

$242,200

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Similar For Sale Nearby

See more

Historic Mixed-Use Building

20-24 Douglas Ave, Elgin, IL 60120

$795,000

14,124 SF

View details

Multi-Tenant Medical Office Building

2000 McDonald Road South, Elgin, IL 60177

$12,200,000

View details

Office Campus with Parking Garage

1000 North Randall Road, Elgin, IL 60123

Contact for pricing

27,266 SF

View details

8-Unit Apartment Building

809 South Street, Elgin, IL 60123

$749,000

2,880 SF

View details

Ground-Floor Office Units

2000 Larkin Avenue 102-103, Elgin, IL 60123

$140,000

1,495 SF

View details

NNN Leased Jiffy Lube

445 South McLean Boulevard, Elgin, IL 60123

Contact for pricing

1,942 SF

View details

Turnkey Office Condo Suite

1425 N McLean Blvd, Suite 900, Elgin, IL 60123

Contact for pricing

1,800 SF

View details

Horse Property with Indoor Arena

12N185 Muirhead Road, Elgin, IL 60124

Contact for pricing

3,260 SF

View details

Retail Storefront with High Visibility

263 Randall Road, Elgin, IL 60123

Contact for pricing

1,600 SF

View details

Light Industrial Building with 4 Units

765 Villa Street, Elgin, IL 60120

$1,399,000

View details

Multi-Tenant Retail Center with Drive-Thru

2500 North Randall Road, Elgin, IL 60123

$4,435,000

View details

Move-In-Ready Office Suite

472 North McLean Boulevard, Elgin, IL 60123

Contact for pricing

1,197 SF

View details

Frequently Asked Questions

What type of property is this?

Office building - Freestanding all-brick commercial property with updated electrical and plumbing systems.

Where is this office building located?

The property is located at 530 N McLean Boulevard Elgin, IL.

What is the asking price?

The asking price for this property is $389,000.

What are key features of this property?

This property features: 2,400 SF single‑story office building constructed in 1982; All‑brick freestanding building on a corner lot; Prior layout included 4–6 private offices, reception, storage, kitchen/breakroom, and two half baths