Turnkey Office Condominium
For Sale
$399,900
1531 Grove Unit 206, Barrington, IL 60010
Second-floor office suite with private offices, conference room, kitchenette, reception area, and in-suite restroom.
Property Size2,145 SF
Price / SF$186.43
Days on Market158
Property Features for 1531 Grove Unit 206
General Information
Standard status
Active
Size
2,145 SF
Class
A
Property subtype
Office
Amenities
private offices
conference room
kitchenette
reception area
in-suite bathroom
marble flooring
expansive windows
Building Details
Building Size
2,145 SF
Year Built
2004
Year Renovated
2018
Listing Agency:
Sperry Van Ness
Listed By:
Olivia Czyzynski · License #475146577
(312) 676-1862
Source:
Svnchicago
Added: Apr 1
Changed: Aug 7
Last Checked: Sep 4 at 3:35AM
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 Sperry Van Ness
Investment Insights
Based on property information with market context.
1531 Grove Unit 206 is a turn-key 2,145 SF office condominium suite located on the second floor of the Executive Center Office Park. The space includes six private offices, a large conference room, a modern kitchenette, a welcoming reception area, and an in-suite restroom. The suite also features expansive exterior windows for natural light and high-end finishes including marble flooring. Renovated in 2018, the unit is equipped with a newer furnace and AC unit. In addition, the offering includes 275 SF of storage space.
The association provides professional management and handles building services, including the roof and parking lot.
The association provides professional management and handles building services, including the roof and parking lot.
Key Highlights
- 2,145 SF second‑floor office condominium in Executive Center Office Park (Barrington)
- Renovated in 2018 with high‑end finishes including marble flooring
- Layout includes six private offices, a large conference room, reception area, and modern kitchenette
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
$29,576
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
7.40%
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%
$591,520
$591.5K
Cap Rate 7%
$422,514
$422.5K
Cap Rate 9%
$328,622
$328.6K
Market Conditions
NOI Build-Up for 2,145 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
$52.5K $24.48/SF
− Vacancy
−$13.1K −$6.10/SF
EGI
$39.4K $18.38/SF
− OpEx
−$9.9K −$4.60/SF
NOI
$29.6K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$591,520
Cap Rate 7%
$422,514
Cap Rate 9%
$328,622
Alternative Uses
Best Use
Office B
$422.5K
$369.7K – $492.9K
NOI $29,576 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$740.6K
$648.0K – $864.0K
NOI $51,840 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
Explore this area
Business Placement
Demographics for 60010, IL
46,365
Population
17,621
Households
2.6
Avg Household Size
47
Median Age
70%
College-Educated
97%
High-School Grad
74.1 sq mi
ZIP Area
626
Density / Sq Mi
$175,050
Median Household Income
$86,255
Median Earnings
$2,459
Median Rent
$622,900
Median Home Value
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 units - Second-floor office suite with private offices, conference room, kitchenette, reception area, and in-suite restroom.
Where is this office units located?
The property is located at 1531 Grove Unit 206 Barrington, IL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,145 SF second‑floor office condominium in Executive Center Office Park (Barrington); Renovated in 2018 with high‑end finishes including marble flooring; Layout includes six private offices, a large conference room, reception area, and modern kitchenette
