Flex Space Condominium
New
For Sale
$860,000
1249 & 1251 Cobblestone Way, Woodstock, IL 60098
Industrial condominium space with a flex-oriented classification and a 1987 construction date.
Property Size7,020 SF
Days on Market3
Property Features for 1249 & 1251 Cobblestone Way
General Information
Standard status
Active
Size
7,020 SF
Property subtype
Industrial
Building Details
Building Size
7,020 SF
Year Built
1987
Listing Agency:
Premier Commercial Realty
(815) 236-9816
Listed By:
Heather Schweitzer · License #471019756
(815) 236-9816
Source:
Premiercommercialrealty
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 16 at 3:14AM
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 Premier Commercial Realty
Investment Insights
Based on property information with market context.
This flex-space property consists of industrial condominium units at 1249 and 1251 Cobblestone Way. The improvements were constructed in 1987, providing an established commercial asset within the industrial property category.
Key Highlights
- Two industrial condominium addresses: 1249 and 1251 Cobblestone Way
- Constructed in 1987
- Classified as flex space
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
$41,913
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
4.87%
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%
$838,260
$838.3K
Cap Rate 7%
$598,757
$598.8K
Cap Rate 9%
$465,700
$465.7K
Market Conditions
NOI Build-Up for 7,020 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
$68.2K $9.72/SF
− Vacancy
−$3.8K −$0.53/SF
EGI
$64.5K $9.19/SF
− OpEx
−$22.6K −$3.21/SF
NOI
$41.9K $5.97/SF
Area
McHenry County, IL
Vacancy
5.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
35.00%
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%
$838,260
Cap Rate 7%
$598,757
Cap Rate 9%
$465,700
Alternative Uses
Best Use
Flex RnD
$598.8K
$523.9K – $698.6K
NOI $41,913 @ 7.0% cap · market cap 4.87%
Second Best
Industrial
$431.7K
$377.7K – $503.7K
NOI $30,219 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$2.42M
$2.12M – $2.83M
NOI $169,658 @ 7.0% cap · market cap 19.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60098, IL
33,153
Population
13,310
Households
2.5
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
104.8 sq mi
ZIP Area
316
Density / Sq Mi
$92,749
Median Household Income
$42,799
Median Earnings
$1,178
Median Rent
$257,900
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?
Flex space - Industrial condominium space with a flex-oriented classification and a 1987 construction date.
Where is this flex space located?
The property is located at 1249 & 1251 Cobblestone Way Woodstock, IL.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: Two industrial condominium addresses: 1249 and 1251 Cobblestone Way; Constructed in 1987; Classified as flex space
