Historic Mixed-Use
For Sale
$843,000
921 S State Street, Lockport, IL 60441
Commercial Sale, Lockport, IL
Property Size6,264 SF
Lot Size0.19 Acres
Price / SF$134.58
Days on Market248
Property Features for 921 S State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
From I-355, take IL-7 (159th St) west toward Lockport. Continue as IL-7 becomes 9th Street into downtown. At State Street (IL-171), turn left (south). Property is just south of 9th Street on State Street.
Subdivision
Homer / Lockport
Standard status
Active
APN
1104233170060000
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Utilities
Water Available
Cooling system
Central Air
Amenities
elevator
private rear parking
shared conference room
kitchen
restrooms
Building Details
Year built
1936
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Brick
Roof type
Composition
Listing Agency:
Keller Williams Preferred Rlty · Keller Williams Realty
(708) 798-1111
Listed By:
Alexander Fenske · License #475128785
(708) 808-0220
Added: Jan 8
Changed: Sep 1
Last Checked: Sep 13 at 7:06PM
MLS# 12536205
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,264-square-foot mixed-use building dates to 1936 and is constructed of brick, with carpet and vinyl flooring, central air, updated electrical service, fire protection, HVAC, and a passenger elevator. The property includes shared conference, kitchen, and restroom areas, along with private parking behind the building. A proposed layout provides a 1,235-square-foot street-level retail or office suite, additional main-floor office space, five professional suites upstairs, and a 714-square-foot basement unit or storage area.
The property is located at 921 S State Street in downtown Lockport's Historic District and Municipal Core, with State Street exposure and approximately 11,900 AADT. Water is available at the property. The configuration is designed to accommodate multiple commercial spaces, including an owner-occupied area with additional suites for lease, subject to buyer review and final planning.
The property is located at 921 S State Street in downtown Lockport's Historic District and Municipal Core, with State Street exposure and approximately 11,900 AADT. Water is available at the property. The configuration is designed to accommodate multiple commercial spaces, including an owner-occupied area with additional suites for lease, subject to buyer review and final planning.
Key Highlights
- 6,264 SF mixed‑use building constructed in 1936
- Located in downtown Lockport's Historic District and Municipal Core
- Updated electrical, HVAC, fire protection, and passenger elevator
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
$75,251
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
8.93%
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%
$1,505,020
$1.5M
Cap Rate 7%
$1,075,014
$1.1M
Cap Rate 9%
$836,122
$836.1K
Market Conditions
NOI Build-Up for 6,264 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
$141.3K $22.56/SF
− Vacancy
−$41.0K −$6.54/SF
EGI
$100.3K $16.02/SF
− OpEx
−$25.1K −$4.00/SF
NOI
$75.3K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /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%
$1,505,020
Cap Rate 7%
$1,075,014
Cap Rate 9%
$836,122
Alternative Uses
Best Use
Mixed Use
$1.36M
$1.19M – $1.59M
NOI $95,135 @ 7.0% cap · market cap 11.29%
Second Best
Office B
$1.08M
$940.6K – $1.25M
NOI $75,251 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,447 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11,900 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
636
Businesses Nearby
Explore this area
Business Placement
Demographics for 60441, IL
37,093
Population
13,249
Households
2.8
Avg Household Size
38
Median Age
36%
College-Educated
92%
High-School Grad
28.1 sq mi
ZIP Area
1,320
Density / Sq Mi
$104,271
Median Household Income
$54,665
Median Earnings
$1,488
Median Rent
$287,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Modernized commercial property with an elevator, shared amenities, and private rear parking.
Where is this mixed-use property located?
The property is located at 921 S State Street Lockport, IL.
What is the asking price?
The asking price for this property is $843,000.
What are key features of this property?
This property features: 6,264 SF mixed‑use building constructed in 1936; Located in downtown Lockport's Historic District and Municipal Core; Updated electrical, HVAC, fire protection, and passenger elevator
