Office/Warehouse Condo Unit For
For Sale
Contact for pricing
Pending
1251 Humbracht Circle Suite B, Bartlett, IL 60103
10,610 SF office/warehouse condo with truck dock and drive-in.
Property Size10,610 SF
Days on Market674
Property Features for 1251 Humbracht Circle Suite B
General Information
Standard status
Pending
Size
10,610 SF
Class
A
Property subtype
Industrial
Building Details
Stories
1
Units
1
Listing Agency:
Chicagoland Commercial Real Estate
(847) 338-2022
Listed By:
Randy Olczyk · License #IL 471018001
Source:
Crexi
Added: Oct 17, 2024
Changed: Aug 14
Last Checked: Aug 14 at 7:21AM
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 Chicagoland Commercial Real Estate
Investment Insights
Based on property information with market context.
For sale is a 10,610 square foot office/warehouse condo unit featuring approximately 35% office buildout and the balance warehouse space. The warehouse area includes skylights and an approximate 2,000 square foot bonus mezzanine area for storage. It has one truck dock with leveler and one 10-foot by 12-foot drive-in door. The unit offers a 20-foot clear ceiling height and heavy power: 120/240/480 volt 3-Phase. The high-quality office buildout features upgraded finishes throughout, including perimeter offices, an open area, a kitchen and lunchroom, a reception area, and a conference room. The property has a high-end pre-cast exterior construction. The location provides easy access to I-90, Rt 290, Rt 20, and Rt 59, and is close to restaurants, shopping, hotels, transportation, and labor. This property presents an ideal user/investor opportunity and is priced below replacement cost.
Key Highlights
- Reduced Price: New asking price of $1,400,000 ($131.95 PSF), priced below replacement cost.
- Functional Warehouse Space: Includes a truck dock with leveler, a drive‑in door (10’x12’), and 20’ clear ceiling height.
- High‑Quality Office Buildout: Approximately 35% office buildout with upgraded finishes.
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
$111,723
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
7.98%
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%
$2,234,460
$2.2M
Cap Rate 7%
$1,596,043
$1.6M
Cap Rate 9%
$1,241,367
$1.2M
Market Conditions
NOI Build-Up for 10,610 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
$191.0K $18.00/SF
− Vacancy
−$19.1K −$1.80/SF
EGI
$171.9K $16.20/SF
− OpEx
−$60.2K −$5.67/SF
NOI
$111.7K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /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%
$2,234,460
Cap Rate 7%
$1,596,043
Cap Rate 9%
$1,241,367
Alternative Uses
Best Use
Flex RnD
$1.60M
$1.40M – $1.86M
NOI $111,723 @ 7.0% cap · market cap 7.98%
Second Best
Industrial
$652.5K
$570.9K – $761.2K
NOI $45,672 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$3.66M
$3.21M – $4.27M
NOI $256,420 @ 7.0% cap · market cap 18.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60103, IL
41,740
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
48%
College-Educated
95%
High-School Grad
18.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$131,552
Median Household Income
$64,113
Median Earnings
$1,851
Median Rent
$353,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- North of the Border Mexican Restaurant — 961 Illinois Rte 59, Bartlett, IL 60103
Frequently Asked Questions
What type of property is this?
Flex space - 10,610 SF office/warehouse condo with truck dock and drive-in.
Where is this flex space located?
The property is located at 1251 Humbracht Circle Suite B Bartlett, IL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Reduced Price: New asking price of $1,400,000 ($131.95 PSF), priced below replacement cost.; Functional Warehouse Space: Includes a truck dock with leveler, a drive‑in door (10’x12’), and **20’ clear ceiling height.**; High‑Quality Office Buildout: Approximately 35% office buildout with upgraded finishes.
