Retail Building with
For Sale
Contact for pricing
737 N Galena Ave, Dixon, IL 61021
2,635 SF retail building with drive-thru on 0.83 acres.
Property Size2,635 SF
Lot Size0.83 Acres
Price / SF$284.63
Days on Market1006
Property Features for 737 N Galena Ave
General Information
Standard status
Active
Size
2,635 SF
Total Parking Spaces
22
Lot size
0.83 Acres
Property subtype
Retail
Zoning
B-2
Investment Type
Owner/User
Building Details
Year Built
1995
Listing Agency:
SRS Real Estate Partners Newport Beach
(248) 688-0630
Listed By:
Michael Carter · License #MI 6501369793
Source:
Crexi
Added: Nov 10, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:26AM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This 2,635 SF retail building, constructed in 1995, is situated on a 0.83-acre lot and features a drive-thru. The property is located in a desirable retail area with convenient access to residential neighborhoods, national and regional retailers, and freeways. Zoned B-2 General Business District, the site offers a wide range of commercial uses and presents a lease-up or redevelopment opportunity. The property benefits from its strategic location along North Galena Avenue (U.S. Highway 52), which experiences an average daily traffic volume of 19,500 vehicles. Its proximity to downtown Dixon is also advantageous. The surrounding trade area includes national tenants such as Walgreens, O’Reilly Auto Parts, Ace Hardware, AutoZone Auto Parts, Napa Auto Parts, McDonald’s, and Wendy’s, which attract a consistent flow of local consumers to the area.
Key Highlights
- Highly desirable retail location with direct access to residential communities, national/regional tenants, and freeways.
- Located on North Galena Ave. (U.S. Highway 52) with high traffic volume (19,500 VPD).
- Zoned B‑2 – General Business District, allowing for a wide range of commercial uses.
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
$32,338
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
4.31%
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%
$646,760
$646.8K
Cap Rate 7%
$461,971
$462.0K
Cap Rate 9%
$359,311
$359.3K
Market Conditions
NOI Build-Up for 2,635 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
$47.4K $18.00/SF
− Vacancy
−$1.2K −$0.47/SF
EGI
$46.2K $17.53/SF
− OpEx
−$13.9K −$5.26/SF
NOI
$32.3K $12.27/SF
Area
Lee County, IL
Vacancy
2.60%
Lease Rate
$18.00 /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%
$646,760
Cap Rate 7%
$461,971
Cap Rate 9%
$359,311
Alternative Uses
Best Use
Retail
$462.0K
$404.2K – $539.0K
NOI $32,338 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$718.2K
$628.5K – $837.9K
NOI $50,276 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,015
Businesses Nearby
80k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 39%
Home Improvements & Furnishings 1%
McDonald's
Dining
29,689 visits/mo
0.1 miles
Circle K
Shops & Services
12,237 visits/mo
0.1 miles
Wendy's
Dining
9,188 visits/mo
0.1 miles
Marathon
Shops & Services
7,163 visits/mo
0.4 miles
Dunkin' Donuts
Dining
6,211 visits/mo
0.2 miles
Demographics for 61021, IL
22,984
Population
10,110
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
89%
High-School Grad
150.1 sq mi
ZIP Area
153
Density / Sq Mi
$65,719
Median Household Income
$40,805
Median Earnings
$823
Median Rent
$144,800
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?
Retail space - 2,635 SF retail building with drive-thru on 0.83 acres.
Where is this retail space located?
The property is located at 737 N Galena Ave Dixon, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Highly desirable retail location with direct access to residential communities, national/regional tenants, and freeways.; Located on North Galena Ave. (U.S. Highway 52) with **high traffic volume (19,500 VPD)**.; Zoned B‑2 – General Business District, allowing for a wide range of commercial uses.
