Industrial Outdoor Storage
For Sale
$1,400,000
943 & 976 Raytek Road Boone, Belvidere, IL 61008
Industrial property on 8.43 acres with an office building, warehouse, and outdoor storage/recycling use, zoned I-2.
Property Size7,500 SF
Lot Size8.43 Acres
Price / SF$186.67
Days on Market30
Property Features for 943 & 976 Raytek Road Boone
General Information
Standard status
Active
Size
7,500 SF
Lot size
8.43 Acres
Property subtype
Land
Zoning
I-2
Additional Details
Outdoor Storage
Yes
Listing Agency:
(773) 957-1442
Listed By:
Elise Couston, SIOR
Source:
Nmrk
Added: Jul 22
Changed: Aug 14
Last Checked: Aug 20 at 4:46AM
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 Elise Couston, SIOR
Investment Insights
Based on property information with market context.
This industrial property consists of approximately 8.43 acres and includes an office building sized at 2,500 SF and a warehouse sized at 5,000 SF. The current use is listed as an outdoor storage and recycling center, supporting a work-yard style setup on site.
The property is zoned I-2 Industrial. It is located at 943 & 976 Raytek Road in Boone County, IL 61008.
The property is zoned I-2 Industrial. It is located at 943 & 976 Raytek Road in Boone County, IL 61008.
Key Highlights
- 8.43‑acre industrial property with office, warehouse, and outdoor storage/recycling area
- Office building totaling 2,500 SF
- Warehouse totaling 5,000 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
$92,986
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
6.64%
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%
$1,859,720
$1.9M
Cap Rate 7%
$1,328,371
$1.3M
Cap Rate 9%
$1,033,178
$1.0M
Market Conditions
NOI Build-Up for 7,500 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
$117.0K $15.60/SF
− Vacancy
−$7.6K −$1.01/SF
EGI
$109.4K $14.59/SF
− OpEx
−$16.4K −$2.19/SF
NOI
$93.0K $12.40/SF
Area
Boone County, IL
Vacancy
6.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,859,720
Cap Rate 7%
$1,328,371
Cap Rate 9%
$1,033,178
Alternative Uses
Best Use
Warehouse
$1.33M
$1.16M – $1.55M
NOI $92,986 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.75M – $2.33M
NOI $139,644 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61008, IL
33,747
Population
13,406
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
83%
High-School Grad
84.3 sq mi
ZIP Area
400
Density / Sq Mi
$75,833
Median Household Income
$38,509
Median Earnings
$953
Median Rent
$185,200
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
- Garden Prairie Grain — 8791 IL-76, Belvidere, IL 61008
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial property on 8.43 acres with an office building, warehouse, and outdoor storage/recycling use, zoned I-2.
Where is this warehouse located?
The property is located at 943 & 976 Raytek Road Boone Belvidere, 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: 8.43‑acre industrial property with office, warehouse, and outdoor storage/recycling area; Office building totaling 2,500 SF; Warehouse totaling 5,000 SF
