Industrial Building with Loading
For Sale
$1,350,000
115-119 Joey Drive, Elk Grove Village, IL 60007
Two-unit industrial building with convenient loading and established location.
Property Size12,800 SF
Price / SF$105.47
Days on Market265
Property Features for 115-119 Joey Drive
General Information
Standard status
Active
Size
12,800 SF
Property subtype
Industrial
Building Details
Building Size
12,800 SF
Listing Agency:
(847) 758-9200
Listed By:
Candace Scurto
Source:
Browncommercialgroup
Added: Nov 25, 2025
Changed: Aug 17
Last Checked: Aug 17 at 5:55AM
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 Candace Scurto
Investment Insights
Based on property information with market context.
This 12,800-square-foot industrial building features two units and convenient loading capabilities. The property benefits from heavy power and partial air conditioning, along with some newer mechanical systems. Located in an established industrial park, the property provides easy access to major transportation routes, including Route 72, Route 83, and I-90, offering convenient access to the O'Hare market area. One unit is currently occupied by a tenant with a lease extending through March 2026. This property presents an opportunity for both owner-occupiers and investors.
Key Highlights
- Tenant in place through March 2026 providing immediate income.
- 12,800 sf building with great loading.
- Established industrial park location with easy access to Rt. 72, Rt. 83, and I‑90.
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
Warehouse
$955.8K
$836.3K – $1.12M
NOI $66,907 @ 7.0% cap · market cap 4.96%
Second Best
Industrial
$787.1K
$688.8K – $918.3K
NOI $55,100 @ 7.0% cap · market cap 4.08%
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
Demographics for 60007, IL
33,670
Population
13,580
Households
2.5
Avg Household Size
45
Median Age
41%
College-Educated
92%
High-School Grad
18.1 sq mi
ZIP Area
1,860
Density / Sq Mi
$95,240
Median Household Income
$54,762
Median Earnings
$1,574
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Two-unit industrial building with convenient loading and established location.
Where is this warehouse located?
The property is located at 115-119 Joey Drive 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: Tenant in place through March 2026 providing immediate income.; 12,800 sf building with great loading.; Established industrial park location with easy access to Rt. 72, Rt. 83, and I‑90.
