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    1016 S State St Lockport, IL 60441
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    1016 S State St Lockport, IL 60441

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    • Quadplexes
    For Sale
    $1,749,900
    View Listing →
    Downtown Lockport Investment Opportunity For Sale
    $1,749,900

    Downtown Lockport Investment Opportunity

    New construction mixed-use property in prime downtown location.

    1016 S State St, Lockport, IL 60441
    View Listing
    Property ID
    US28-5238021
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Quadplexes

    Property Details for 1016 S State St

    Property type
    Quadplexes
    Property subtype
    Storefront properties

    Description

    Exceptional Investment Opportunity Prime Downtown Lockport Property Seize a rare chance to own a remarkable asset in the heart of Downtown Lockport. This impressive three-story brick building, located at 1016 State St., was constructed in 2023 and offers a unique blend of luxury and versatility in an unbeatable location. The property features four modern, high-end residential rentals alongside a flexible storefront/office space, making it an ideal investment opportunity. Fully leased, the building ensures immediate returns and is perfect for investors seeking a turnkey solution with a strong tenant base in both the residential and commercial sectors. Key Features: Four Sophisticated units: Thoughtfully designed with contemporary finishes, offering residents a luxurious living experience. Storefront/Office Space: An obvious commercial space that provides excellent exposure, perfect for retail or office use. Just steps away from the train station and close to major highways and Lewis University, ensuring easy accessibility for tenants and clients. This is your opportunity to invest in a high-yield, prime-location property that promises immediate cash flow and long-term value. Don't let this opportunity slip away-secure a top-tier asset in one of Lockport's most vibrant areas.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.0579732
    Latitude
    41.5878545

    Comparable in this City

    • $2,000,000
      13,541 SF

      Downtown Lockport Mixed-Use Investment

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      1100 S State St, Lockport, IL 60441
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      Clean Two-Unit Building, Lockport

      Rebuilt two-unit property with separate utilities in Lockport, Illinois.
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      Lockport Two-Unit Income Property

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    • New
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      Lockport Multifamily Investment Opportunity

      Five-unit residential property near train, downtown, and highways.
      1709 S State St, Lockport, IL 60441
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    • New
      $299,900

      Lockport Two-Unit Income Property

      Well-maintained two-unit property near downtown Lockport.
      218 Hughes Ave, Lockport, IL 60441
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    Similar Nearby for Sale

    • $2,000,000
      13,541 SF

      Downtown Lockport Mixed-Use Investment

      Historic mixed-use property with retail and residential income.
      1100 S State St, Lockport, IL 60441
      View Details
    • $550,000

      Clean Two-Unit Building, Lockport

      Rebuilt two-unit property with separate utilities in Lockport, Illinois.
      1236 S Washington St, Lockport, IL 60441
      View Details
    • $329,000

      Lockport Two-Unit Income Property

      Two-unit property near downtown Lockport with strong rental appeal.
      1505 East St, Lockport, IL 60441
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    • $349,000

      Lockport Two-Unit Income Property

      Well-maintained two-unit building near downtown Lockport with strong rental history.
      1509-1511 East St, Lockport, IL 60441
      View Details
    • New
      $599,000

      Lockport Multifamily Investment Opportunity

      Five-unit residential property near train, downtown, and highways.
      1709 S State St, Lockport, IL 60441
      View Details
    • New
      $299,900

      Lockport Two-Unit Income Property

      Well-maintained two-unit property near downtown Lockport.
      218 Hughes Ave, Lockport, IL 60441
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
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      Lockport Retail Space - I-355 Access

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      Retail Space in Lockport Market

      Small retail space with excellent visibility and co-tenancy.
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      Retail Build-to-Suit Opportunity

      Retail space for rent in Lockport, Illinois.
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      1,500 SF

      Retail Space in Planned Development

      Retail property available for lease in Lockport, Illinois.
      902-904 S State St, Lockport, IL 60441
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      Retail Space in Multi-Tenant Building

      Small retail space available for rent in Lockport, Illinois.
      West 159 St, Lockport, IL 60441
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    • Contact for pricing
      4,800 SF

      Lockport Retail or Office Space

      Office or retail space with ample parking and high visibility.
      610-942 N State St, Lockport, IL 60441
      View Details
    View Listing
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    Lockport, IL 60441
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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.

    More about this property
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