921 S State Street,Lockport, IL 60441
Lockport, IL 60441
Description
Rare opportunity to own a distinctive 6,264 SF mixed-use building in downtown Lockport's Historic District and Municipal Core. Built in 1936 as the Lockport Fire Department and later used as City Hall, the property has been modernized with updated electrical, HVAC, fire protection and passenger elevator. The existing layout lends itself well to an owner-user plus income-producing office suite strategy, with minimal reconfiguration required to create multiple rentable spaces. Proposed stabilized configuration includes a 1,235 SF street-level retail/office suite, additional main-floor office, five second-floor professional suites, and a 714 SF basement unit/storage area, supported by shared conference room, kitchen, restrooms, elevator and private rear parking. Projected stabilized rental income of $136,200 and NOI of $63,590 indicate an approximate 7.5 cap rate at the current asking price, subject to lease-up and buyer verification. Owner-user could occupy the main retail/office suite and lease the balance to balance occupancy costs, or a larger tenant could occupy the entire main level. C4 Downtown Commercial zoning supports a range of office, retail, service and other commercial uses. Strong State Street exposure with approximately 11,900 AADT.
Details
| MLS # | 12536205 |
|---|---|
| Listing Type | For Sale |
| Style | Mixed Use |
| Sub-Type | Resale |
| Status | Active |
| Year | 1936 |
| Days On Site | 252 |
| Listing Provided By | Keller Williams Preferred Rlty | Alexander Fenske |
Features
| SQ Feet | 6,264 |
|---|---|
| Story(s) | 2 |
| Units | 2 |
| Zoning | COMMR |
Interior
| Cooling | Central Air |
|---|---|
| Fireplaces Total | 0 |
Exterior
| Roof | Composition |
|---|---|
| Foundation Details | Brick/Mortar, Concrete Perimeter |
| Construction Materials | Brick |
Utilities
| Utilities | Electric to Site, Natural Gas Available, Sewer Connected, Water Available |
|---|---|
| Electric | Service - 201 to 600 Amps, Power - 480V, Three Phase |
Taxes
| Tax Year | 2024 |
|---|
Area Information
| State | IL |
|---|---|
| County | Will |
| City | Lockport |
| Zip Code | 60441 |
| Area | Homer | Lockport |
| Listing VS Median (in 60441) | |
Price: $843,000 low | high Med: $422,392 sqft: 6,264 low | high Med: 1,962 $ / sqft: $135 low | high Med: $217 On site: 252 low | high Med: 32.5 | |
Market Activity 60441
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Learn More About This Property
| State | IL |
|---|---|
| County | Will |
| City | Lockport |
| Zip Code | 60441 |
| Area | Homer | Lockport |
| Listing VS Median (in 60441) | |
Price: $843,000 low | high Med: $422,392 sqft: 6,264 low | high Med: 1,962 $ / sqft: $135 low | high Med: $217 On site: 252 low | high Med: 32.5 | |
