Mixed-Use Building with
For Sale
$405,000
700 Maine Street, Quincy, IL 62301
Downtown property combines vacant commercial space, apartments, garages, and rear parking.
Property Size7,390 SF
Price / SF$94.19
Days on Market131
Property Features for 700 Maine Street
General Information
Standard status
Active
Size
7,390 SF
Property subtype
Commercial
Zoning
D1
Additional Details
Gross Income
$21,600
Taxes and HOA fees
Annual Taxes
$3,943
Amenities
two garages
rear parking
Building Details
Building Size
7,390 SF
Buildings
1
Tenancy
Multi
Listing Agency:
Happel, Inc., REALTORS
(217) 440-3100
Listed By:
Max Dancer · License #47519024
(217) 440-3100
Source:
Craggsrealtors
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 5:44PM
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 Happel, Inc., REALTORS
Investment Insights
Based on property information with market context.
This downtown mixed-use building contains two vacant commercial units on the ground floor and two apartments above. The commercial spaces are approximately 2,000 sq. ft. each, while the upstairs apartments are approximately 1,400 sq. ft. each. The property totals approximately 7,390 sq. ft. and includes two garages along with rear parking. Roof updates are currently in progress.
The property is zoned D1 and has TIF potential. The lower-level units were previously used as a bar and a nutrition shop, providing established layouts for varied commercial occupancy. The combination of street-level business space and residential units creates a multi-component property within downtown Quincy.
The property is zoned D1 and has TIF potential. The lower-level units were previously used as a bar and a nutrition shop, providing established layouts for varied commercial occupancy. The combination of street-level business space and residential units creates a multi-component property within downtown Quincy.
Key Highlights
- Approximately 7,390 sq. ft. of mixed‑use space
- Two vacant lower‑level commercial units, approximately 2,000 sq. ft. each
- Two upstairs apartments, approximately 1,400 sq. ft. each
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
$32,427
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
8.01%
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%
$648,540
$648.5K
Cap Rate 7%
$463,243
$463.2K
Cap Rate 9%
$360,300
$360.3K
Market Conditions
NOI Build-Up for 4,300 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
$49.0K $11.40/SF
− Vacancy
−$2.7K −$0.63/SF
EGI
$46.3K $10.77/SF
− OpEx
−$13.9K −$3.23/SF
NOI
$32.4K $7.54/SF
Area
Adams County, IL
Vacancy
5.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$648,540
Cap Rate 7%
$463,243
Cap Rate 9%
$360,300
Alternative Uses
Best Use
Retail
$463.2K
$405.3K – $540.5K
NOI $32,427 @ 7.0% cap · market cap 8.01%
Second Best
Mixed Use
$344.6K
$301.5K – $402.1K
NOI $24,123 @ 7.0% cap · market cap 5.96%
Theoretical Best
Healthcare Medical
$859.0K
$751.6K – $1.00M
NOI $60,129 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,322
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown property combines vacant commercial space, apartments, garages, and rear parking.
Where is this mixed-use property located?
The property is located at 700 Maine Street Quincy, IL.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Approximately 7,390 sq. ft. of mixed‑use space; Two vacant lower‑level commercial units, approximately 2,000 sq. ft. each; Two upstairs apartments, approximately 1,400 sq. ft. each
