Industrial Flex Building with
For Sale
$1,995,000
419 North Kays Drive, Normal, IL 61761
Industrial flex building with a large open main floor, upper level, and multiple oversized private rooms.
Property Size19,200 SF
Days on Market79
Property Features for 419 North Kays Drive
General Information
Standard status
Active
Size
19,200 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Building Details
Building Size
19,200 SF
Listing Agency:
SVN | Core 3
Listed By:
Tom Dibble · License #475160875
(309) 242-8502
Source:
Svn
Added: Jul 19
Changed: Sep 10
Last Checked: Oct 4 at 6:46AM
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 SVN | Core 3
Investment Insights
Based on property information with market context.
This versatile industrial commercial building is currently operating as The Workout Company and is offered for sale. The layout includes a large open-concept main floor that can support gym, training, warehouse, flex, or recreational uses, along with an upper level and multiple oversized private rooms. The space also features a welcoming front entry with a built-in beverage/protein bar area.
The open floor plan can be maintained or partitioned to support a custom configuration. The property is set up for flexible day-to-day operations, with additional rooming that may allow for separate uses.
Existing gym equipment and the business are negotiable and may be included with the sale, depending on terms.
The open floor plan can be maintained or partitioned to support a custom configuration. The property is set up for flexible day-to-day operations, with additional rooming that may allow for separate uses.
Existing gym equipment and the business are negotiable and may be included with the sale, depending on terms.
Key Highlights
- 1994‑built industrial flex/commercial building currently operating as The Workout Company
- Large open‑concept main floor suited for gym, training, warehouse, flex, or recreational use
- Upper level plus multiple oversized private rooms for add‑on space and potential subleasing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$161,010
Cap Rate
8.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,220,200
$3.2M
Cap Rate 7%
$2,300,143
$2.3M
Cap Rate 9%
$1,789,000
$1.8M
Market Conditions
NOI Build-Up for 19,200 SF
Gross rent
$200.4K $10.44/SF
− Vacancy
−$11.0K −$0.57/SF
EGI
$189.4K $9.87/SF
− OpEx
−$28.4K −$1.48/SF
NOI
$161.0K $8.39/SF
Area
McLean County, IL
Vacancy
5.50%
Lease Rate
$10.44 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,220,200
Cap Rate 7%
$2,300,143
Cap Rate 9%
$1,789,000
Alternative Uses
Best Use
Warehouse
$2.30M
$2.01M – $2.68M
NOI $161,010 @ 7.0% cap · market cap 8.07%
Second Best
Industrial
$1.89M
$1.66M – $2.21M
NOI $132,596 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,166 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61761, IL
53,045
Population
22,037
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
98%
High-School Grad
42.6 sq mi
ZIP Area
1,245
Density / Sq Mi
$66,642
Median Household Income
$28,606
Median Earnings
$976
Median Rent
$200,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex building with a large open main floor, upper level, and multiple oversized private rooms.
Where is this flex space located?
The property is located at 419 North Kays Drive Normal, IL.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 1994‑built industrial flex/commercial building currently operating as The Workout Company; Large open‑concept main floor suited for gym, training, warehouse, flex, or recreational use; Upper level plus multiple oversized private rooms for add‑on space and potential subleasing
