9550 Illinois Rte, Algonquin, IL 60102

Property Details for 9550 Illinois Rte

Year built

1960

Property type

Mixed-use properties

Description

This exceptional mixed-use property in Algonquin, IL, presents a compelling investment opportunity. Located at 9550 S Illinois Rte 31, this 2,232 square foot building boasts a 7.81% cap rate and a strong net operating income (NOI) of $26,480. The property features a light industrial space combined with a well-maintained 3-bedroom, 2-bathroom residence, offering versatile usage potential. The residence includes a modernized kitchen and bathrooms, adding to its appeal. A detached 3-car heated garage with a half-bathroom provides ample storage and workspace. Additional storage is available in a 20-22 foot long trailer. The property sits on an 11,500 square foot lot with a fenced yard, ensuring privacy and security. Three parking spaces are available. Utilities include a water softener and the property shares a well and septic system with the adjacent property at 9560 S IL RTE 31. Built in 1960 with renovations completed in 2002, the property is zoned L-I, allowing for a variety of commercial uses, including B-1 Limited Retail, B-2 Breweries, Wineries, Distilleries, Tasting Rooms, Ceramics Studios, Building Materials, Tools & Hardware Stores, Municipal Buildings, Rug Cleaning Services, and Therapy & Massage Therapy businesses. The current lease is a modified single-tenancy net lease with a remaining term of 1.2 years (commencing July 20, 2024, and expiring January 20, 2026), currently at 100% occupancy. The asking price is $339,000, translating to $151.88 per square foot. This property offers significant potential for both income generation and future expansion. The high-traffic location on Illinois Route 31 ensures excellent visibility and accessibility.

Location Insight

City

Algonquin

County

McHenry

State

Illinois

Longitude

-88.2864

Latitude

42.1906