Industrial Flex Space with Outdoor
New
For Sale
$1,650,000
10 Central Industrial Drive, Granite City, IL 62040
Commercial Sale, Granite City, IL
Property Size21,600 SF
Lot Size3.69 Acres
Price / SF$76.39
Days on Market4
Property Features for 10 Central Industrial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot, Open, Driveway
Subdivision
Northgate Industrial Park
Directions
From Route 3 (Lewis & Clark Blvd.) turn into the Northgate Industrial Park on Northgate Industrial Drive, continue driving around the U-shaped park to the other side to reach 10 Central Industrial Drive at Northgate Center.
Standard status
Active
APN
22-2-20-06-00-000-025.001
Lot size
3.69 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Northgate Industrial Park E PT Lot 13
Tax Annual Amount
49757
Legal Description
Northgate Industrial Park E PT Lot 13
Utilities
Utilities
Water Available
Heating system
Natural Gas, Varies by Unit (Heating), Electric (Heating), Forced Air
Cooling system
Electric, Central Air, Gas (Cooling)
Water source
Public
Building Details
Year built
1987
Floors in Building
1
Building materials
Concrete, Block
Listing Agency:
Keller Williams Marquee · Keller Williams Realty
(618) 307-5616
Listed By:
Brandi Morrison
(618) 977-5490
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 6:06PM
MLS# 26058477
Copyright © 2026 Mid America Regional Information Systems, Inc. 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 flex-space property includes a 21,600 SF office and warehouse building constructed in 1987, along with a partially fenced site. The concrete-and-block improvements include varied heating by unit, natural gas, electric heating, forced air, gas cooling, central air, and electric cooling. A portion of the building is available for lease, comprising 8,150 square feet of warehouse and office space with a separate 1.5-acre gated outdoor area.
The property is located in Northgate Industrial Park at 10 Central Industrial Drive in Granite City, Illinois. Existing occupants include Sachs Electric Company, United Steelworkers, and St. Louis Thermal Spray & Grinding. The industrial park also includes Gateway Packaging, Ehrhardt Tool and Machine, Mazzella, ProAmpac, Chestnut Healthcare, and Heidtman Steel. The site is described as less than 10 minutes from St. Louis, I-255, and I-270.
The property is located in Northgate Industrial Park at 10 Central Industrial Drive in Granite City, Illinois. Existing occupants include Sachs Electric Company, United Steelworkers, and St. Louis Thermal Spray & Grinding. The industrial park also includes Gateway Packaging, Ehrhardt Tool and Machine, Mazzella, ProAmpac, Chestnut Healthcare, and Heidtman Steel. The site is described as less than 10 minutes from St. Louis, I-255, and I-270.
Key Highlights
- 21,600 SF office and warehouse building constructed in 1987
- 8,150 sq. ft. office/warehouse portion available for lease
- Separate 1.5‑acre outdoor area with gated access
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
$108,369
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
6.57%
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%
$2,167,380
$2.2M
Cap Rate 7%
$1,548,129
$1.5M
Cap Rate 9%
$1,204,100
$1.2M
Market Conditions
NOI Build-Up for 21,600 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
$130.9K $6.06/SF
− Vacancy
−$3.4K −$0.16/SF
EGI
$127.5K $5.90/SF
− OpEx
−$19.1K −$0.89/SF
NOI
$108.4K $5.02/SF
Area
Madison County, IL
Vacancy
2.60%
Lease Rate
$6.06 /SF/Yr
Expense Ratio
15.00%
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%
$2,167,380
Cap Rate 7%
$1,548,129
Cap Rate 9%
$1,204,100
Alternative Uses
Best Use
Warehouse
$1.55M
$1.35M – $1.81M
NOI $108,369 @ 7.0% cap · market cap 6.57%
Second Best
Industrial
$1.27M
$1.12M – $1.49M
NOI $89,245 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$5.89M
$5.15M – $6.87M
NOI $412,128 @ 7.0% cap · market cap 24.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62040, IL
40,872
Population
18,842
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
89%
High-School Grad
39.9 sq mi
ZIP Area
1,024
Density / Sq Mi
$60,558
Median Household Income
$40,963
Median Earnings
$852
Median Rent
$106,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete-block office and warehouse property with gated outdoor storage and immediate leasing availability for a portion of the building.
Where is this flex space located?
The property is located at 10 Central Industrial Drive Granite City, IL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 21,600 SF office and warehouse building constructed in 1987; 8,150 sq. ft. office/warehouse portion available for lease; Separate 1.5‑acre outdoor area with gated access
