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400 N Main St 7,968 SF Office Building Princeton, IL 61356 $440,000 ($55.22/SF) 9.27% Cap Rate
Investment Highlights
- Large concrete parking lot accommodating approximately 14 vehicles plus two accessible spaces.
- Flexible layout suitable for investors seeking value-add repositioning opportunities.
- Positioned along Main Street with convenient access to US Route 6 and Interstate 80.
- Potential for additional rental income through lease-up of vacant commercial suites and future lower-level buildout.
Executive Summary
This well-maintained 12-unit mixed-use property presents a compelling opportunity for investors seeking immediate cash flow with additional upside potential. The asset is comprised of three residential units (two spacious two-bedroom apartments and one efficiently designed studio), alongside nine commercial spaces fronts that provide diversified income streams. Over the past several years, the building has undergone significant renovations, resulting in a turnkey investment requiring no immediate capital improvements. All units are in strong condition, allowing a new owner to step in and begin generating revenue from day one. In addition to its current income, the property features a partially finished lower level, offering clear value-add potential. Investors may explore opportunities to further develop this space into additional residential or commercial units, subject to local zoning and approvals, thereby increasing overall returns. With a balanced unit mix, recent upgrades, and future expansion potential, this property is ideally positioned for both stable cash flow and long-term appreciation.
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- Offering Memorandum
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
7,968 SF
Building Class
C
Year Built
1947
Price
$440,000
Price Per SF
$55.22
Cap Rate
9.27%
NOI
$40,800
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
2,656 SF
Building FAR
0.51
Lot Size
0.36 AC
Zoning
B-3 Commercial
Parking
14 Spaces (1.76 Spaces per 1,000 SF Leased)
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Absolute Solutions
- Public Administration
- -
- -
- -
- Ascano Medical Clinic
- Health Care and Social Assistance
- -
- -
- -
- Home Bound Healthcare Inc
- Health Care and Social Assistance
- -
- -
- -
- Huffstodt Insurance
- Finance and Insurance
- -
- -
- -
- Piper Insurance Services
- Finance and Insurance
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Absolute Solutions | Public Administration | - | - | - | ||
| Ascano Medical Clinic | Health Care and Social Assistance | - | - | - | ||
| Home Bound Healthcare Inc | Health Care and Social Assistance | - | - | - | ||
| Huffstodt Insurance | Finance and Insurance | - | - | - | ||
| Piper Insurance Services | Finance and Insurance | - | - | - |
Fairly walkable
40/100
Exceptionally drivable
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $15,726 | |
| Land Assessment | $18,813 | Total Assessment | $34,539 |
Property Taxes
Parcel Numbers
Land Assessment
$18,813
Improvements Assessment
$15,726
Total Assessment
$34,539
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