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    Renovated Multi-Tenant Retail/Restaurant Building Title is generated by Realmo AI

    1338 Main St, Crete, IL 60417

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    Two-story retail and restaurant building with patio in Crete, Illinois.

    Type:Retail, Restaurant
    Property size:
    18,651 SF
    Added:
    Dec 14, 2023
    Days on Market:
    901
    Last Refresh:
    May 13 at 8:05 pm

    Property Features for 1338 Main St

    General Information

    Standard status
    Active
    Size
    18,651 SF
    Property subtype
    Retail, Restaurant

    Building Details

    Year Built
    1911

    Spaces For Lease

    at 1338 Main St Contact us

    1336-B $3,800/Mo

    Size
    3,665 SF
    Type
    Restaurant
    +/- 3,665 SF 2nd Floor Restaurant and Bar Surface Parking for 20 | Public Parking...
    show more
    Contact us

    1338 $7,500/Mo

    Size
    9,961 SF
    Type
    Retail
    ±9,916 SF 1st Floor Bar with Patio ±1,000 SF Lower Level Office and Storage Surface...
    show more
    Contact us

    We can help!

    Listing Contact
    Karen Kulczycki-CCIM, SIOR

    Listing agent Karen Kulczycki-CCIM, SIOR License #IL #471-020279

    Listing office SVN | Chicago Commercial

    Listing date Dec 14, 2023

    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 SVN | Chicago Commercial

    HighLights

    • ±18,651 SF Two‑Story Multi‑Tenant Retail and Restaurant Building
    • Historical W M Seggebruch building with elevator
    • Renovated with new roof and second floor redesign in 2021, and new water heaters in 2023
    • Full liquor license available for bar operator with new entertainment area
    • Located in Crete, Illinois, within TIF District #2 offering incentives
    • Includes patio, lower level office and storage space

    Overview

    This is an 18,651 square foot two-story, elevatored, multi-tenant retail and restaurant building with a patio, located at 1338 Main Street in Crete, Illinois. The historical W M Seggebruch building has been renovated. The former Evil Horse Bar occupies the first floor, with private entry to the former Loft Restaurant and Polaris Martial Arts, which occupies the second floor. There is additional lower-level office and storage space. A new roof and second-floor redesign, including flooring and paint, were completed in 2021, and new water heaters were installed for tenants in 2023. A full liquor license for a bar operator is available with a new entertainment area. Incentives are available within TIF District #2. Crete is a village in Will County, Illinois, approximately 35 miles south of Chicago and near the Indiana state line.
    Property Profile Location Intelligence

    Current Use by Public Records

    Evil Horse Brewing ... Production Facility

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Crete
    County
    Will
    State
    Illinois
    Longitude
    -87.6315394
    Latitude
    41.4448545

    FAQs

    What type of property is this?
    Retail space - Two-story retail and restaurant building with patio in Crete, Illinois.
    Where is this retail space located?
    The property is located at 1338 Main St Crete, IL.
    What is the lease rate?
    The lease rate is $45,600.
    What are key features of this property?
    This property features: ±18,651 SF Two‑Story Multi‑Tenant Retail and Restaurant Building; Historical W M Seggebruch building with elevator; Renovated with new roof and second floor redesign in 2021, and new water heaters in 2023
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Karen Kulczycki-CCIM, SIOR
    Real Estate License ID: IL #471-020279
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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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