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403 E 3rd St 13,000 SF Office Building Sterling, IL 61081 $2,242,350 CAD ($172.49 CAD/SF) 9% Cap Rate
Executive Summary
This offering presents a rare opportunity to acquire a 13,000 SF Class A masonry office building structured as a net lease investment in downtown Sterling, Illinois—approximately 100 miles west of Chicago and 45 miles east of the Quad Cities. The property has undergone recent capital improvements, including a new roof, ADA-compliant restrooms, and parking enhancements, ensuring long-term functionality and reduced near-term maintenance.
Ideally situated near City Hall, the U.S. Post Office, and the county courthouse, the building is anchored by a top national CPA and consulting firm and has maintained 100% occupancy since 1992, providing investors with stable, consistent cash flow supported by a high-credit tenant. This is an exceptional opportunity to own a prestigious, well-maintained office asset in one of Sterling’s most desirable downtown locations.
Ideally situated near City Hall, the U.S. Post Office, and the county courthouse, the building is anchored by a top national CPA and consulting firm and has maintained 100% occupancy since 1992, providing investors with stable, consistent cash flow supported by a high-credit tenant. This is an exceptional opportunity to own a prestigious, well-maintained office asset in one of Sterling’s most desirable downtown locations.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$238,504
|
$18.35
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$238,504
|
$18.35
|
| Taxes |
$30,300
|
$2.33
|
| Operating Expenses |
$7,453
|
$0.57
|
| Total Expenses |
$37,753
|
$2.90
|
| Net Operating Income |
$200,751
|
$15.44
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $238,504 |
| Annual Per SF | $18.35 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $238,504 |
| Annual Per SF | $18.35 |
| Taxes (CAD) | |
|---|---|
| Annual | $30,300 |
| Annual Per SF | $2.33 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $7,453 |
| Annual Per SF | $0.57 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $37,753 |
| Annual Per SF | $2.90 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $200,751 |
| Annual Per SF | $15.44 |
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
13,000 SF
Building Class
C
Year Built/Renovated
1992/2024
Price
$2,242,350 CAD
Price Per SF
$172.49 CAD
Cap Rate
9%
NOI
$201,811 CAD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
6,500 SF
Building FAR
0.49
Lot Size
0.61 AC
Zoning
DB - Downtown Business - DB classification designed to support a vibrant, pedestrian-friendly downtown area that accommodates a mix of commercial, civic, and residential uses
Amenities
- Security System
- Wheelchair Accessible
- Storage Space
- Monument Signage
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Wipfli LLC
- -
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Wipfli LLC | - | - | - | - |
1 1
Walk Score®
Very Walkable (74)
Property Taxes
| Parcel Number | 1121484009 | Total Assessment | $290,766 CAD |
| Land Assessment | $26,371 CAD | Annual Taxes | $30,300 CAD ($2.33 CAD/SF) |
| Improvements Assessment | $264,395 CAD | Tax Year | 2024 |
Property Taxes
Parcel Number
1121484009
Land Assessment
$26,371 CAD
Improvements Assessment
$264,395 CAD
Total Assessment
$290,766 CAD
Annual Taxes
$30,300 CAD ($2.33 CAD/SF)
Tax Year
2024
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403 E 3rd St
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