Park Ridge Office Redevelopment
For Sale
Contact for pricing
1400 Renaissance Dr, Park Ridge, IL
60,780 SF office building on 3.49 acres for sale.
Property Size60,780 SF
Lot Size3.51 Acres
Price / SF$49.36
Days on Market1091
Property Features for 1400 Renaissance Dr
General Information
Standard status
Active
Size
60,780 SF
Lot size
3.51 Acres
Property subtype
OFFICE
Listing Agency:
Lee & Associates | Chicago
(630) 728-1179
Listed By:
Tony Russo
(630) 728-1179
Source:
Moodyscre
Added: Aug 15, 2023
Changed: Aug 8
Last Checked: Aug 8 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 Lee & Associates | Chicago
Investment Insights
Based on property information with market context.
This 60,780 square-foot office building, constructed in 1970 and classified as Class B, presents a redevelopment opportunity. The property is situated on 3.49 acres and includes 17 indoor parking spaces and 75 outdoor parking spaces. It offers excellent exposure on Northwest Highway and is located near Advocate Lutheran General Hospital, Benjamin Franklin Elementary School, and Maine East High School. The property is a 7-minute drive to Golf Mill Shopping Center and a 4-minute drive to I-294. The intended use of the property is office.
Key Highlights
- Redevelopment Opportunity
- Excellent Exposure on Northwest Hwy
- Large Building Size: 60,780 SF
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
$261,637
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
8.72%
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%
$5,232,740
$5.2M
Cap Rate 7%
$3,737,671
$3.7M
Cap Rate 9%
$2,907,078
$2.9M
Market Conditions
NOI Build-Up for 60,780 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
$393.9K $6.48/SF
− Vacancy
−$20.1K −$0.33/SF
EGI
$373.8K $6.15/SF
− OpEx
−$112.1K −$1.84/SF
NOI
$261.6K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$5,232,740
Cap Rate 7%
$3,737,671
Cap Rate 9%
$2,907,078
Alternative Uses
Best Use
Retail
$12.05M
$10.55M – $14.06M
NOI $843,636 @ 7.0% cap · market cap 28.12%
Second Best
Office B
$11.97M
$10.48M – $13.97M
NOI $838,057 @ 7.0% cap · market cap 27.94%
Theoretical Best
Office A
$20.98M
$18.36M – $24.48M
NOI $1,468,919 @ 7.0% cap · market cap 48.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,313
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 60,780 SF office building on 3.49 acres for sale.
Where is this office building located?
The property is located at 1400 Renaissance Dr Park Ridge, IL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Redevelopment Opportunity; Excellent Exposure on Northwest Hwy; Large Building Size: **60,780 SF**
