Restaurant Building with Outdoor
For Sale
Contact for pricing
8 S Main Street, Algonquin, IL 60102
Hospitality-oriented layout with indoor and outdoor seating, storefront windows, and parking.
Property Size2,347 SF
Price / SF$298.25
Days on Market9
Property Features for 8 S Main Street
General Information
Standard status
Active
Size
2,347 SF
Property subtype
Retail
Zoning
RTAIL
Building Details
Year Built
1893
Stories
2
Listing Agency:
Keller Williams Inspire - Christie Gabriel
(310) 739-4986
Listed By:
Christie Gabriel · License #475203002
Source:
Crexi
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 20 at 11:22AM
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 Keller Williams Inspire - Christie Gabriel
Investment Insights
Based on property information with market context.
This 1893-built restaurant property offers a hospitality-oriented layout with tall storefront windows and seating for 50 indoors. Outdoor areas accommodate 70+ guests across covered street-level dining spaces, a second-floor balcony, an additional seating area, and an outdoor bar. The sale includes the real estate only; the operating business, business assets, and trade fixtures are excluded.
The building fronts S Main Street in downtown Algonquin, with parking directly behind the property and additional off-street parking. Visibility extends to Route 62, while the property also offers views toward downtown Algonquin’s historic district. The existing tenant may relocate before closing, allowing the next owner to occupy the building for a new concept. Zoning is RTAIL.
The building fronts S Main Street in downtown Algonquin, with parking directly behind the property and additional off-street parking. Visibility extends to Route 62, while the property also offers views toward downtown Algonquin’s historic district. The existing tenant may relocate before closing, allowing the next owner to occupy the building for a new concept. Zoning is RTAIL.
Key Highlights
- Restaurant property with seating for 50 indoors and 70+ outdoors
- Covered street‑level dining, second‑floor balcony, additional seating area, and outdoor bar
- Tall storefront windows with direct visibility from Route 62
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
$27,561
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
3.94%
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%
$551,220
$551.2K
Cap Rate 7%
$393,729
$393.7K
Cap Rate 9%
$306,233
$306.2K
Market Conditions
NOI Build-Up for 2,347 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
$39.4K $16.80/SF
− Vacancy
−$2.7K −$1.14/SF
EGI
$36.7K $15.66/SF
− OpEx
−$9.2K −$3.91/SF
NOI
$27.6K $11.74/SF
Area
McHenry County, IL
Vacancy
6.80%
Lease Rate
$16.80 /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%
$551,220
Cap Rate 7%
$393,729
Cap Rate 9%
$306,233
Alternative Uses
Best Use
Specialty Retail
$393.7K
$344.5K – $459.4K
NOI $27,561 @ 7.0% cap · market cap 3.94%
Second Best
Retail
$323.5K
$283.1K – $377.5K
NOI $22,647 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$810.3K
$709.0K – $945.4K
NOI $56,722 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60102, IL
31,959
Population
12,076
Households
2.6
Avg Household Size
42
Median Age
43%
College-Educated
95%
High-School Grad
15.8 sq mi
ZIP Area
2,023
Density / Sq Mi
$128,070
Median Household Income
$59,484
Median Earnings
$1,826
Median Rent
$320,600
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Hospitality-oriented layout with indoor and outdoor seating, storefront windows, and parking.
Where is this conventional restaurant located?
The property is located at 8 S Main Street Algonquin, IL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Restaurant property with seating for 50 indoors and 70+ outdoors; Covered street‑level dining, second‑floor balcony, additional seating area, and outdoor bar; Tall storefront windows with direct visibility from Route 62
