Established Deli and Convenience
For Sale
$700,000
818 State Street, Lemont, IL 60439
Operating food retail business with included equipment, inventory, and four private second-floor rooms.
Property Size3,200 SF
Days on Market182
Property Features for 818 State Street
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Business Opportunity
Zoning
RTAIL
Additional Details
Business Included
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$11,861
Building Details
Building Size
3,200 SF
Stories
2
Listing Agency:
REMAX Legends
(630) 216-8000
Listed By:
Neringa Koller · License #471006798
(630) 216-8000
Source:
Ozmentrealestate
Added: Feb 28
Changed: Aug 29
Last Checked: Aug 29 at 7:22AM
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 REMAX Legends
Investment Insights
Based on property information with market context.
This established deli and convenience store has operated for more than 20 years and includes the equipment, inventory, and personal property needed for continued operations. The business serves a long-standing customer base and is fully operational at the time of sale.
Located in Lemont, Illinois, the property sits on a heavily traveled commercial street with thousands of vehicles passing daily. The second floor adds four private rooms that may support professional office or other approved uses, subject to village approval. The configuration provides both an operating food-retail component and additional interior space for a future owner to evaluate.
Located in Lemont, Illinois, the property sits on a heavily traveled commercial street with thousands of vehicles passing daily. The second floor adds four private rooms that may support professional office or other approved uses, subject to village approval. The configuration provides both an operating food-retail component and additional interior space for a future owner to evaluate.
Key Highlights
- Deli and convenience store operating for more than 20 years
- Equipment, inventory, and personal property included
- Four private rooms on the second floor
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
$53,568
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%
$1,071,360
$1.1M
Cap Rate 7%
$765,257
$765.3K
Cap Rate 9%
$595,200
$595.2K
Market Conditions
NOI Build-Up for 3,200 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
$76.8K $24.00/SF
− Vacancy
−$5.4K −$1.68/SF
EGI
$71.4K $22.32/SF
− OpEx
−$17.9K −$5.58/SF
NOI
$53.6K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /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%
$1,071,360
Cap Rate 7%
$765,257
Cap Rate 9%
$595,200
Alternative Uses
Best Use
Specialty Retail
$765.3K
$669.6K – $892.8K
NOI $53,568 @ 7.0% cap · market cap 7.65%
Second Best
Retail
$634.5K
$555.2K – $740.3K
NOI $44,417 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$1.10M
$966.7K – $1.29M
NOI $77,337 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
26k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Home Improvements & Furnishings 19%
Dining 9%
Dollar Tree
Shops & Services
10,680 visits/mo
0.4 miles
Chase Bank
Shops & Services
7,578 visits/mo
0.5 miles
Lemont Ace Hardware
Home Improvements & Furnishings
4,834 visits/mo
0.4 miles
SUBWAY
Dining
2,355 visits/mo
0.4 miles
Carquest Auto Parts # 4784
Shops & Services
444 visits/mo
0.4 miles
Demographics for 60439, IL
24,327
Population
8,962
Households
2.7
Avg Household Size
45
Median Age
45%
College-Educated
95%
High-School Grad
29.7 sq mi
ZIP Area
819
Density / Sq Mi
$132,511
Median Household Income
$60,561
Median Earnings
$1,046
Median Rent
$466,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Operating food retail business with included equipment, inventory, and four private second-floor rooms.
Where is this grocery and convenience store located?
The property is located at 818 State Street Lemont, 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: Deli and convenience store operating for more than 20 years; Equipment, inventory, and personal property included; Four private rooms on the second floor
