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403 E 3rd St 13,000 SF Office Building Sterling, IL 61081 $2,268,470 CAD ($174.50 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 |
$241,283
|
$18.56
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$241,283
|
$18.56
|
| Taxes |
$30,653
|
$2.36
|
| Operating Expenses |
$7,540
|
$0.58
|
| Total Expenses |
$38,193
|
$2.94
|
| Net Operating Income |
$203,090
|
$15.62
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $241,283 |
| Annual Per SF | $18.56 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $241,283 |
| Annual Per SF | $18.56 |
| Taxes (CAD) | |
|---|---|
| Annual | $30,653 |
| Annual Per SF | $2.36 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $7,540 |
| Annual Per SF | $0.58 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $38,193 |
| Annual Per SF | $2.94 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $203,090 |
| Annual Per SF | $15.62 |
Property Facts Under Contract
Sale Type
Investment
Property Type
Office
Building Size
13,000 SF
Building Class
C
Year Built/Renovated
1992/2024
Price
$2,268,470 CAD
Price Per SF
$174.50 CAD
Cap Rate
9%
NOI
$204,162 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
Fairly walkable
40/100
Moderately drivable
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 1121484009 | Total Assessment | $291,442 CAD |
| Land Assessment | $26,432 CAD | Annual Taxes | $30,653 CAD ($2.36 CAD/SF) |
| Improvements Assessment | $265,010 CAD | Tax Year | 2024 |
Property Taxes
Parcel Number
1121484009
Land Assessment
$26,432 CAD
Improvements Assessment
$265,010 CAD
Total Assessment
$291,442 CAD
Annual Taxes
$30,653 CAD ($2.36 CAD/SF)
Tax Year
2024
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403 E 3rd St
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