Multi-Tenant Flex
For Sale
$2,400,000
610 - 628 N Broadway, Aurora, IL 60505
Commercial Sale, Aurora, IL
Property Size17,000 SF
Lot Size1.91 Acres
Price / SF$141.18
Days on Market164
Property Features for 610 - 628 N Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
I-88 to IL-31 (Lake Street), then head east on Illinois Avenue. After that, go south on Broadway (IL-25) to the property on the right. Please park behind the large building and walk to the front.
Subdivision
Aurora / Eola
Standard status
Active
APN
1515451029
Lot size
1.91 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
23597
Building Details
Year built
1931
Floors in Building
1
Number of units
11
Listing Agency:
Century 21 Circle · Century 21 Real Estate
(630) 369-2000
Listed By:
Karen Kramford · License #477013569
(630) 747-3205
Added: Mar 26
Changed: Aug 19
Last Checked: Sep 5 at 7:06PM
MLS# 12538329
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-parcel flex property spans approximately 83,400 square feet across 1.9146 acres and includes three separate buildings. The largest building contains 15,400 square feet and accommodates five tenants, while the additional 1,300-square-foot and 300-square-foot buildings each serve one tenant. Off-street parking is also provided, and the improvements date to 1931.
The property is located at 610–628 N Broadway in Aurora, within the Illinois Technology and Research Corridor. It is positioned a short distance from the train station and central business district, with nearby retail and dining options. Area recreation includes access to the Fox River’s biking and walking routes, local golf courses, and regional shopping destinations including Outlet Mall and Fox Valley Mall.
The property is located at 610–628 N Broadway in Aurora, within the Illinois Technology and Research Corridor. It is positioned a short distance from the train station and central business district, with nearby retail and dining options. Area recreation includes access to the Fox River’s biking and walking routes, local golf courses, and regional shopping destinations including Outlet Mall and Fox Valley Mall.
Key Highlights
- Three‑parcel property totaling approximately 83,400 square feet on 1.9146 acres
- M‑1 zoning
- 15,400‑square‑foot building with five tenants
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$215,807
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,316,140
$4.3M
Cap Rate 7%
$3,082,957
$3.1M
Cap Rate 9%
$2,397,856
$2.4M
Market Conditions
NOI Build-Up for 17,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$357.0K $21.00/SF
− Vacancy
−$25.0K −$1.47/SF
EGI
$332.0K $19.53/SF
− OpEx
−$116.2K −$6.84/SF
NOI
$215.8K $12.69/SF
Area
Aurora, IL
Vacancy
7.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,316,140
Cap Rate 7%
$3,082,957
Cap Rate 9%
$2,397,856
Alternative Uses
Best Use
Flex RnD
$3.08M
$2.70M – $3.60M
NOI $215,807 @ 7.0% cap · market cap 8.99%
Second Best
Industrial
$2.93M
$2.57M – $3.42M
NOI $205,375 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$4.87M
$4.26M – $5.68M
NOI $340,680 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60505, IL
57,906
Population
18,681
Households
3.1
Avg Household Size
32
Median Age
13%
College-Educated
64%
High-School Grad
10.1 sq mi
ZIP Area
5,733
Density / Sq Mi
$70,306
Median Household Income
$33,912
Median Earnings
$1,230
Median Rent
$192,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Reuland Food Services — 115 Oak Ave, Aurora, IL 60506
- Mobile Coco’s Tacos LLC — 616 Wood St, Aurora, IL 60505
Frequently Asked Questions
What type of property is this?
Flex space - M-1-zoned property with multiple occupied buildings and off-street parking near downtown amenities and transit.
Where is this flex space located?
The property is located at 610 - 628 N Broadway Aurora, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Three‑parcel property totaling approximately 83,400 square feet on 1.9146 acres; M‑1 zoning; 15,400‑square‑foot building with five tenants
