Flex Industrial Building with
For Sale
Contact for pricing
998 Corporate Blvd, Aurora, IL 60502
Repurpose-ready industrial building with outside storage for trucks and equipment and expansion land for additional growth.
Property Size49,332 SF
Price / SF$160.14
Days on Market1130
Property Features for 998 Corporate Blvd
General Information
Standard status
Active
Size
49,332 SF
Property subtype
SPECIALTY
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Listing Agency:
O'Donnell Commercial Real Estate, Inc.
(630) 444-0444
Listed By:
Kevin O'Donnell
(630) 400-7327
Source:
Moodyscre
Added: Aug 7, 2023
Changed: Sep 7
Last Checked: Sep 8 at 6:20AM
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 O'Donnell Commercial Real Estate, Inc.
Investment Insights
Based on property information with market context.
This flex industrial property offers repurpose flexibility for industrial, manufacturing, distribution, and office uses, with outside storage available for trucks and equipment. The building is currently fully built out for a rehabilitation residence and school, and it has served as a special need rehabilitation school/residence.
Set in an industrial park near a four-way interchange of I-88 and Farnsworth, the location provides convenient access for industrial operations. The property is also positioned near the newly approved Aurora casino/resort/convention center and close to Aurora Chicago Premium Outlets.
In addition to the existing improvements, the site includes existing land for expansion, supporting future growth for users who need additional space.
Set in an industrial park near a four-way interchange of I-88 and Farnsworth, the location provides convenient access for industrial operations. The property is also positioned near the newly approved Aurora casino/resort/convention center and close to Aurora Chicago Premium Outlets.
In addition to the existing improvements, the site includes existing land for expansion, supporting future growth for users who need additional space.
Key Highlights
- Repurpose‑ready building for industrial, manufacturing, distribution, and office uses
- Outside storage available for trucks and equipment
- Existing land included for expansion
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
$723,683
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
9.16%
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%
$14,473,660
$14.5M
Cap Rate 7%
$10,338,329
$10.3M
Cap Rate 9%
$8,040,922
$8.0M
Market Conditions
NOI Build-Up for 49,332 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
$905.7K $18.36/SF
− Vacancy
−$54.3K −$1.10/SF
EGI
$851.4K $17.26/SF
− OpEx
−$127.7K −$2.59/SF
NOI
$723.7K $14.67/SF
Area
Aurora, IL
Vacancy
6.00%
Lease Rate
$18.36 /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%
$14,473,660
Cap Rate 7%
$10,338,329
Cap Rate 9%
$8,040,922
Alternative Uses
Best Use
Warehouse
$10.34M
$9.05M – $12.06M
NOI $723,683 @ 7.0% cap · market cap 9.16%
Second Best
Flex RnD
$8.95M
$7.83M – $10.44M
NOI $626,245 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$14.12M
$12.36M – $16.48M
NOI $988,613 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60502, IL
22,592
Population
8,695
Households
2.6
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
11.2 sq mi
ZIP Area
2,017
Density / Sq Mi
$150,421
Median Household Income
$70,882
Median Earnings
$1,953
Median Rent
$389,100
Median Home Value
Check the figures for this property
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 - Repurpose-ready industrial building with outside storage for trucks and equipment and expansion land for additional growth.
Where is this flex space located?
The property is located at 998 Corporate Blvd Aurora, IL.
What is the asking price?
The asking price for this property is $7,900,000.
What are key features of this property?
This property features: Repurpose‑ready building for industrial, manufacturing, distribution, and office uses; Outside storage available for trucks and equipment; Existing land included for expansion
