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    Two-Level Retail and Office Building Title is generated by Realmo AI

    800 Spring Street, Galena, IL 61036

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    Two-level, multi-tenant building with retail showroom and office suites on a highly visible highway corridor.

    Type:Retail
    Property size:
    11,400 SF
    Lot size:
    3.98 Acres
    Price / SF:
    $149/SF
    Added:
    May 27, 2026
    Days on Market:
    11
    Last Refresh:
    Jun 6 at 4:28 am

    Property Features for 800 Spring Street

    General Information

    Standard status
    Active
    Size
    11,400 SF
    Lot size
    3.98 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1990

    We can help!

    Listing Contact
    Damon Heim
    Damon Heim

    Listing agent Damon Heim License #471000758

    Listing office Coldwell Banker Network Realty

    Listing date May 27, 2026

    Source Crexi

    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 Coldwell Banker Network Realty

    HighLights

    • 2‑level, multi‑tenant professional building on 3.98 acres in Galena
    • Over 11,000 SF (approx.) with 10‑foot ceilings in the main‑floor showroom and retail areas
    • Main level includes large retail/showroom space, private offices, reception, conference space, storage, and multiple restroom facilities
    • Upper level offers office suites/workspaces with additional occupied business spaces plus available office area
    • Currently configured with a large retail showroom, multiple office suites, and five additional businesses on the main level
    • Prominent frontage and multiple entrances with a recently improved parking lot, including wraparound rear parking for upper‑level tenants

    Overview

    This two-level professional building totals approximately 11,400 square feet and is designed for a multi-tenant setup. The main level features a large retail showroom with spacious open areas and prominent display windows, supported by private offices, reception and conference space, storage, and multiple restroom facilities. The upper level includes additional office suites and workspaces, along with storage rooms and flexible configurations, and the property is currently described as having occupied business space on the upper floor plus additional available area.

    The property sits on 3.98 acres and is positioned for visibility along busy HWY 20/Spring Street. The exterior includes prominent frontage, abundant windows, multiple entrances, and a recently improved parking lot. The rear includes wraparound parking intended to provide convenient access to upper-level tenants and clients.

    For tenants and owner-occupants, the combination of retail showroom space, multiple office suites, and conference and reception areas supports a range of professional, retail, or service-oriented uses. Its described multi-tenant layout also provides flexibility for operators looking to manage existing occupancy and add leased office or showroom space over time.
    Location Intelligence

    Current Use by Public Records

    Joel Heer, DC Alternative Medicine Practice Heer Chiropractic Alternative Medicine Practice Willis Media Lab Marketing & Advertising Knautz Flooring Carpet & Flooring Store Gail L. Gabbert, ... Psychotherapist

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Galena
    County
    Jo Daviess
    State
    Illinois
    Longitude
    -90.437656
    Latitude
    42.415816

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    FAQs

    What type of property is this?
    Retail space - Two-level, multi-tenant building with retail showroom and office suites on a highly visible highway corridor.
    Where is this retail space located?
    The property is located at 800 Spring Street Galena, IL.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: 2‑level, multi‑tenant professional building on 3.98 acres in Galena; Over 11,000 SF (approx.) with 10‑foot ceilings in the main‑floor showroom and retail areas; Main level includes large retail/showroom space, private offices, reception, conference space, storage, and multiple restroom facilities
    (815) 266-2427 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Damon Heim
    Damon Heim
    Real Estate License ID: 471000758
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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