921 S State StreetLockport, 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.

Property Information

Property type

Commercial Sale

Sub-type

Mixed Use

Year built

1936

Stories

2

Building area

6,264 Sq Ft

Lot size

8,120 Sq Ft

Lot dimensions

58' x 140'

Zoning

COMMR

Days on market

252

MLS^® Listing#

12536205

Property Features

Cooling

Central Air

Flooring

Carpet · Vinyl

Construction

Brick

Foundation

Brick/Mortar · Concrete Perimeter

Roof

Composition

Utilities

Natural Gas Available · Sewer Connected · Water Available

Parcel number

1104233170060000

Directions

From I-355, take IL-7 (159th St) west toward Lockport. Continue as IL-7 becomes 9th Street into downtown. At State Street (IL-171), turn left (south). Property is just south of 9th Street on State Street.