Elk Grove Village Warehouse
For Sale
Contact for pricing
115-119 Joey Dr, Elk Grove Village, IL
12,800 SF building suitable for single or multi-tenant use.
Property Size12,800 SF
Lot Size0.57 Acres
Price / SF$105.47
Days on Market448
Property Features for 115-119 Joey Dr
General Information
Standard status
Active
Size
12,800 SF
Lot size
0.57 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Brown Commercial Group
(847) 775-0351
Listed By:
Candace Scurto
Source:
Moodyscre
Added: May 20, 2025
Changed: Jul 6
Last Checked: Aug 9 at 12:28PM
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 Brown Commercial Group
Investment Insights
Based on property information with market context.
This 12,800 square foot building is suitable for use as a single-user or a two-unit facility. The property features 14' 6" clear ceilings and 1,500 square feet of office space. It includes two 12' x 12' drive-in doors and two exterior docks. The electrical system provides 1,800 amps at 208 volts. Approximately 50% of the warehouse area is air-conditioned. Recent improvements to the building include a rooftop HVAC unit replaced in 2018, a hanging heater replaced in 2025, a rear parking lot and storm sewer redone in 2022, and a roof redone in 2018. There are 13 parking stalls available. The current tenant is scheduled to vacate the property at the end of 2025 and the building is located in Elk Grove Village, IL.
Key Highlights
- Versatile building: Can be used as a 2‑unit or single‑user facility.
- High power capacity: 1,800 Amp, 208 Volt Power.
- Functional loading: Features 2 Drive‑in Doors (12' x 12') and 2 Exterior Docks.
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
$66,907
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
4.96%
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%
$1,338,140
$1.3M
Cap Rate 7%
$955,814
$955.8K
Cap Rate 9%
$743,411
$743.4K
Market Conditions
NOI Build-Up for 12,800 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
$82.9K $6.48/SF
− Vacancy
−$4.2K −$0.33/SF
EGI
$78.7K $6.15/SF
− OpEx
−$11.8K −$0.92/SF
NOI
$66.9K $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%
$1,338,140
Cap Rate 7%
$955,814
Cap Rate 9%
$743,411
Alternative Uses
Best Use
Flex RnD
$1.93M
$1.68M – $2.25M
NOI $134,784 @ 7.0% cap · market cap 9.98%
Second Best
Warehouse
$955.8K
$836.3K – $1.12M
NOI $66,907 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,348 @ 7.0% cap · market cap 22.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - 12,800 SF building suitable for single or multi-tenant use.
Where is this warehouse located?
The property is located at 115-119 Joey Dr Elk Grove Village, IL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Versatile building: Can be used as a 2‑unit or single‑user facility.; High power capacity: 1,800 Amp, 208 Volt Power.; Functional loading: Features 2 Drive‑in Doors (12' x 12') and 2 Exterior Docks.
