Warehouse
New
For Sale
$1,789,000
10421 Franklin Avenue, Franklin Park, IL 60131
The property is zoned COMMR and includes ceiling fans.
Property Size21,400 SF
Days on Market5
Property Features for 10421 Franklin Avenue
General Information
Standard status
Active
Size
21,400 SF
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$80,994
Amenities
Ceiling Fan(s)
Building Details
Building Size
21,400 SF
Year Built
1965
Stories
1
Listing Agency:
Coldwell Banker Leader Realty
Listed By:
Mark Ahmad · License #471007186
(773) 983-1553
Source:
Evrealestate
Added: Oct 1
Changed: Oct 5
Last Checked: Oct 4 at 8:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Leader Realty
Investment Insights
Based on property information with market context.
This warehouse property was built in 1965 and includes ceiling fans. Its zoning designation is COMMR. The property is located at 10421 Franklin Avenue in Franklin Park, Illinois.
Key Highlights
- Warehouse property built in 1965
- Zoned COMMR
- Interior ceiling fans
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
$111,860
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
6.25%
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%
$2,237,200
$2.2M
Cap Rate 7%
$1,598,000
$1.6M
Cap Rate 9%
$1,242,889
$1.2M
Market Conditions
NOI Build-Up for 21,400 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
$138.7K $6.48/SF
− Vacancy
−$7.1K −$0.33/SF
EGI
$131.6K $6.15/SF
− OpEx
−$19.7K −$0.92/SF
NOI
$111.9K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$2,237,200
Cap Rate 7%
$1,598,000
Cap Rate 9%
$1,242,889
Alternative Uses
Best Use
Warehouse
$1.60M
$1.40M – $1.86M
NOI $111,860 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.39M
$6.46M – $8.62M
NOI $517,191 @ 7.0% cap · market cap 28.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
557
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60131, IL
18,205
Population
6,120
Households
3
Avg Household Size
39
Median Age
19%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
3,371
Density / Sq Mi
$76,404
Median Household Income
$39,117
Median Earnings
$1,092
Median Rent
$261,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Warehouse - The property is zoned COMMR and includes ceiling fans.
Where is this warehouse located?
The property is located at 10421 Franklin Avenue Franklin Park, IL.
What is the asking price?
The asking price for this property is $1,789,000.
What are key features of this property?
This property features: Warehouse property built in 1965; Zoned COMMR; Interior ceiling fans
