Current Use by Public Records
- Retail properties & Spaces
Property Details for 322-324 State St
- Year built
- 1920
- Lot size
- 0.13 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Office Spaces
Description
This 17,160 square foot, three-story mixed-use building located at 322-324 W State St, Geneva, IL 60134, presents a compelling value-add investment opportunity. The property, built in 1920 and renovated in 2023, boasts a net rentable area of 11,830 square feet and is currently 94% occupied, generating a NOI of $94,818 and a 7.59% cap rate. The asking price is $1,250,000 ($72.84/sq ft). The building features a unique street-level "arcade" style layout with multiple entrances, accommodating a mix of retail and office tenants, including a dance studio and salon. The second floor houses a single-tenant office suite leased to a national civil engineering firm with two years remaining on their lease. The lower level comprises thirteen small office suites. The property benefits from its prime location in downtown Geneva, a short distance from the Fox River and Third Street's retail hub, with convenient access to on-street parking and a nearby public lot. The 0.134-acre lot is zoned D-CM Downtown - Commercial Mixed Use. 2023 property taxes were $30,146. This property offers significant potential for increased NOI through gradual rent increases to market rates, optimizing common area usage, and filling existing vacancies. The high traffic count on State Street (IL Rt 38) of 23,800 vehicles per day further enhances the property's investment appeal. This is a rare opportunity to acquire a well-located, historic building in a thriving downtown area.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Geneva
- County
- Kane
- State
- Illinois
- Longitude
- -88.3055
- Latitude
- 41.8884
