Single-Story Office
New
For Sale
$389,000
530 N Mclean Boulevard, Elgin, IL 60123
Freestanding office property with updated systems, flexible former office layout, and on-site parking.
Property Size2,400 SF
Price / SF$162.08
Days on Market2
Property Features for 530 N Mclean Boulevard
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
18
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$8,062
Building Details
Building Size
2,400 SF
Year Built
1982
Buildings
1
Stories
1
Units
1
Construction
brick
Listing Agency:
Redfin Corporation
(224) 699-5002
Listed By:
Jacqueline Casino · License #475126970
(224) 699-5002
Source:
Gia-sells
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 15 at 3:53AM
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
Investment Insights
Based on property information with market context.
This 2,400-square-foot, single-story office building was constructed in 1982 and features an all-brick exterior. The prior configuration included a reception area, waiting space, 4–6 private offices, storage, a kitchen/breakroom, and two half baths. Updated electrical and plumbing, along with drywalled perimeter walls, support a range of office configurations. The property is offered as-is and is zoned COMMR.
Positioned on a corner lot, the building includes a blacktop parking area with capacity for 13–18 vehicles. A roof replacement completed in 2022 adds a recent capital improvement, while the standalone format provides dedicated building identity and signage potential. City of Elgin inspections have been completed.
Positioned on a corner lot, the building includes a blacktop parking area with capacity for 13–18 vehicles. A roof replacement completed in 2022 adds a recent capital improvement, while the standalone format provides dedicated building identity and signage potential. City of Elgin inspections have been completed.
Key Highlights
- 2,400 SF single‑story office building constructed in 1982
- All‑brick freestanding building on a corner lot
- Former layout included 4–6 private offices, reception, waiting area, storage, kitchen/breakroom, and two half baths
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,092
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$661,840
$661.8K
Cap Rate 7%
$472,743
$472.7K
Cap Rate 9%
$367,689
$367.7K
Market Conditions
NOI Build-Up for 2,400 SF
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.
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
Cook 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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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
NOI $58,003 @ 7.0% cap · market cap 14.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
652
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Freestanding office property with updated systems, flexible former office layout, and on-site parking.
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; Former layout included 4–6 private offices, reception, waiting area, storage, kitchen/breakroom, and two half baths
