Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    609 8Th Ave Mendota, IL 61342

    • Commercial real estate
    • 4,400 SF
    • 0.43 lot acres
    For Lease
    View listing
    Last Sale
    Oct 18, 2024
    $275,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3811035
    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.

    Current Use by Public Records

    • Midland States Bank ATM / Atm
    • Michael G. Bokus Attorney/Cpa / Law Firm
    • Midland States Bank / Bank / Loan Service
    • Timothy G Munson Law Office / Law Firm
    • Terra Securities Corporation / Financial Advisor

    Property Details for 609 8Th Ave

    Year built
    1982
    Lot size
    0.43 lot acres
    Property size
    4,400 SF
    Property type
    Commercial real estate
    APN
    01-33-310-028
    APU
    133310028

    Description

    This exceptional single-tenant executive office space, located at 609 8th Ave in Mendota, Illinois, presents a fantastic opportunity for businesses seeking a prominent location. The property boasts a total building size of 4,501 square feet, with a substantial 3,874 square feet currently available for lease. Situated in a convenient location within the vibrant city of Mendota (zip code 61342), this ground-level (one-story) building offers easy access and ample space for a variety of professional uses. The property is classified as both retail and office space, making it versatile and adaptable to different business needs. The single-tenant occupancy ensures privacy and control over the entire leased area. This is an ideal space for businesses seeking a well-maintained, readily available office environment in a thriving Illinois community. The property's strategic location provides excellent visibility and accessibility, making it an attractive option for companies looking to establish or expand their presence in the Mendota area. With its generous square footage and prime location, this property offers a unique opportunity for growth and success. Interested parties are encouraged to inquire for further details and scheduling a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mendota
    County
    Lasalle
    State
    Illinois
    Longitude
    -89.1195
    Latitude
    41.5473
    CBSA code
    36837
    CBSA name
    OTTAWA, IL MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,123
    $17,669
    $73,482
    $91,151
    -
    $53,007
    $220,446
    $273,453

    Comparable in this City

    • Value Estimation by Request

      107 Cedar Grv Rd

      COMMERCIAL (GENERAL)
      107 Cedar Grv Rd, Mendota, IL 61342-8917
      View Details
    • Value Estimation by Request
      0.20 Acres

      Illinois Ave

      COMMERCIAL (GENERAL) • 0.20 Acres
      Illinois Ave, Mendota, IL 61342
      View Details
    • Value Estimation by Request
      0.05 Acres

      820 Main St

      COMMERCIAL (GENERAL) • 0.05 Acres
      820 Main St, Mendota, IL 61342-1627
      View Details
    • Value Estimation by Request
      3,420 SF

      708 Illinois Ave

      COMMERCIAL (GENERAL) • 3,420 SF
      708 Illinois Ave, Mendota, IL 61342-1638
      View Details
    • Value Estimation by Request
      1,776 SF

      806 Jefferson St

      COMMERCIAL (GENERAL) • 1,776 SF
      806 Jefferson St, Mendota, IL 61342-1653
      View Details
    • Value Estimation by Request
      12,984 SF

      Mendota, IL 61342

      COMMERCIAL (GENERAL) • 12,984 SF
      Mendota, IL 61342
      View Details

    Similar Nearby for Sale

    • $5,600,000

      Mendota, IL Multifamily Investment

      56-Unit Apartment Complex, Excellent ROI
      205 Sandra Ave, Mendota, IL 61342
      View Details
    • $5,600,000

      Wentworth Commons: Mendota Multifamily

      Prime Mendota investment: 56 units, 3.32 acres.
      205 Sandra Ave, Mendota, IL 61342
      View Details
    • $103,900

      Mendota Multi-Family Investment Opportunity

      Two buildings, 4540 sq ft, strong rental income.
      706-708 Jefferson St, Mendota, IL 61342
      View Details
    • $159,000
      1,194 SF

      Mendota Commercial Space - Prime Location

      Spacious Commercial Building, Updated & Convenient
      306 7Th Ave, Mendota, IL 61342
      View Details
    • $3,552,000
      47.36 Acres

      Prime Mendota Industrial Land

      2M SF Industrial Land, Excellent Location.
      4264 525Th Rd, Mendota, IL 61342
      View Details
    • $490,000
      0.16 Acres

      Turnkey Pizzeria & Bar with Apartments

      Pizzeria, sports bar, and apartments in historic downtown Mendota.
      801 6Th St, Mendota, IL 61342
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      25,764 SF

      Mendota, Illinois Lease Opportunity

      Lease opportunity in Mendota, Illinois, near Chicago.
      220 N 4099Th Rd, Mendota, IL 61342
      View Details
    • Contact for pricing
      3,773 SF

      Mendota Office Space Available

      Office space available for lease in Mendota, Illinois.
      609 8Th Ave, Mendota, IL 61342
      View Details
    • Contact for pricing
      4,501 SF

      Mendota Executive Office Suite

      Prime Mendota Office Space Available
      609 8Th Ave, Mendota, IL 61342
      View Details
    • Contact for pricing
      25,764 SF

      Mendota Warehouse Space Available

      Warehouse space available for lease in Mendota, Illinois.
      220 N 4099Th Rd, Mendota, IL 61342
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    609 8Th Ave
    Mendota, IL 61342
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.