Flex Space with
For Sale
$175,000
600 Kentucky, Quincy, IL 62301
Versatile commercial layout combines retail, storage, and office-ready rooms.
Property Size2,386 SF
Price / SF$73.34
Days on Market69
Property Features for 600 Kentucky
General Information
Standard status
Active
Size
2,386 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Warehouse Space
880 SF
Taxes and HOA fees
Annual Taxes
$789
Amenities
High-speed internet cable
High-speed internet DSL
High-speed internet fiber
Building Details
Building Size
2,386 SF
Buildings
1
Stories
1
Listing Agency:
Zanger & Associates, Inc., REALTORS
(217) 223-8851
Listed By:
John Beck · License #475128768
(217) 223-8851
Source:
Perillorealestategroup
Added: Jun 4
Changed: Aug 11
Last Checked: Aug 11 at 5:50AM
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 Zanger & Associates, Inc., REALTORS
Investment Insights
Based on property information with market context.
This 2386-square-foot flex property combines several functional areas within one commercial building. The layout includes a 750-square-foot workshop, 880 square feet of storage, and a 756-square-foot retail area. The retail section features a fireplace, full kitchen, and full bathroom, while two additional rooms can serve as offices, meeting rooms, or bedrooms.
Zoned COMMR, the property includes loading dock(s) and supports a range of configurations, including workshop, retail, office headquarters, mixed-use, and live/work applications. High-speed internet is available through cable, DSL, and fiber connections. Immediate possession can be provided by the seller.
Zoned COMMR, the property includes loading dock(s) and supports a range of configurations, including workshop, retail, office headquarters, mixed-use, and live/work applications. High-speed internet is available through cable, DSL, and fiber connections. Immediate possession can be provided by the seller.
Key Highlights
- 2386 square feet of commercial space
- 750‑square‑foot workshop
- 880 square feet of storage space
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
$13,385
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
7.65%
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%
$267,700
$267.7K
Cap Rate 7%
$191,214
$191.2K
Cap Rate 9%
$148,722
$148.7K
Market Conditions
NOI Build-Up for 2,386 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
$24.3K $10.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$21.4K $8.98/SF
− OpEx
−$8.0K −$3.37/SF
NOI
$13.4K $5.61/SF
Area
Adams County, IL
Vacancy
12.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
37.50%
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%
$267,700
Cap Rate 7%
$191,214
Cap Rate 9%
$148,722
Alternative Uses
Best Use
Office B
$270.6K
$236.8K – $315.7K
NOI $18,940 @ 7.0% cap · market cap 10.82%
Second Best
Retail
$257.0K
$224.9K – $299.9K
NOI $17,993 @ 7.0% cap · market cap 10.28%
Theoretical Best
Healthcare Medical
$476.6K
$417.1K – $556.1K
NOI $33,365 @ 7.0% cap · market cap 19.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 62301, IL
31,481
Population
15,295
Households
2.1
Avg Household Size
39
Median Age
24%
College-Educated
91%
High-School Grad
11.2 sq mi
ZIP Area
2,811
Density / Sq Mi
$52,212
Median Household Income
$36,665
Median Earnings
$805
Median Rent
$124,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial layout combines retail, storage, and office-ready rooms.
Where is this flex space located?
The property is located at 600 Kentucky Quincy, IL.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 2386 square feet of commercial space; 750‑square‑foot workshop; 880 square feet of storage space
