Automotive Property with
For Sale
$300,000
7312 Hancock Drive, Wonder Lake, IL 60097
Former automotive building with a new roof, shared water service, and commercial zoning.
Property Size1,680 SF
Days on Market1515
Property Features for 7312 Hancock Drive
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$2,880
Building Details
Building Size
1,680 SF
Year Built
1950
Stories
1
Units
1
Listing Agency:
RE/MAX Plaza
(847) 596-6100
Listed By:
Christopher Hoelz · License #471004104
(847) 596-6100
Source:
Cavanaghrealty
Added: Jul 7, 2022
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 RE/MAX Plaza
Investment Insights
Based on property information with market context.
This automotive property includes a former gas and automotive building constructed in 1950. The garage has a new roof, and the property carries COMMR zoning. The building may be considered separately from the broader offering, subject to the seller’s stated terms.
The property is located at 7312 Hancock Drive in Wonder Lake, Illinois. The water service is shared with 7314 Hancock and requires attention. The total package includes 28,750 square feet of land.
The property is located at 7312 Hancock Drive in Wonder Lake, Illinois. The water service is shared with 7314 Hancock and requires attention. The total package includes 28,750 square feet of land.
Key Highlights
- Former gas and automotive building at 7312 Hancock Drive
- Garage has a new roof
- 28,750 square feet of total package land
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
$16,211
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
5.40%
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%
$324,220
$324.2K
Cap Rate 7%
$231,586
$231.6K
Cap Rate 9%
$180,122
$180.1K
Market Conditions
NOI Build-Up for 1,680 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
$25.2K $15.00/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$23.2K $13.79/SF
− OpEx
−$6.9K −$4.14/SF
NOI
$16.2K $9.65/SF
Area
McHenry County, IL
Vacancy
8.10%
Lease Rate
$15.00 /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%
$324,220
Cap Rate 7%
$231,586
Cap Rate 9%
$180,122
Alternative Uses
Best Use
Retail
$231.6K
$202.6K – $270.2K
NOI $16,211 @ 7.0% cap · market cap 5.40%
Second Best
Industrial
$103.3K
$90.4K – $120.5K
NOI $7,232 @ 7.0% cap · market cap 2.41%
Theoretical Best
Office A
$580.0K
$507.5K – $676.7K
NOI $40,602 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
157
Businesses Nearby
18k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 92%
Dining 8%
BP
Shops & Services
7,054 visits/mo
0.2 miles
Dollar General
Shops & Services
4,417 visits/mo
0.3 miles
Dollar Tree
Shops & Services
4,039 visits/mo
0.2 miles
SUBWAY
Dining
1,494 visits/mo
0.1 miles
Banfield Pet Hospital
Shops & Services
1,042 visits/mo
0.2 miles
Demographics for 60097, IL
10,849
Population
4,446
Households
2.4
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
16.0 sq mi
ZIP Area
678
Density / Sq Mi
$90,865
Median Household Income
$48,168
Median Earnings
$1,369
Median Rent
$215,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Adams Service — 4010 E Wonder Lake Rd, Wonder Lake, IL 60097
- Mike's Automotive Service Inc. — 7402 Hancock Dr, Wonder Lake, IL 60097
- Mendoza Auto Body Repair — 7307 McCullom Lake Rd, Wonder Lake, IL 60097
Frequently Asked Questions
What type of property is this?
Auto shop - Former automotive building with a new roof, shared water service, and commercial zoning.
Where is this auto shop located?
The property is located at 7312 Hancock Drive Wonder Lake, IL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Former gas and automotive building at 7312 Hancock Drive; Garage has a new roof; 28,750 square feet of total package land
