Versatile Flex and Industrial
For Sale
Contact for pricing
Pending
131 Fremont Street, West Chicago, IL 60185
6,770 SF flex building with tall ceilings, loading dock with hydraulic lift, and 15+ parking spaces.
Property Size6,770 SF
Days on Market51
Property Features for 131 Fremont Street
General Information
Standard status
Pending
Size
6,770 SF
Total Parking Spaces
15
Property subtype
Office, Industrial
Zoning
COMMR
Additional Details
Highway Access
Yes
Dock-High Doors
1
Building Details
Year Built
1945
Stories
2
Units
1
Listing Agency:
The Cindy Banks Team
(630) 533-5900
Listed By:
Cindy Banks · License #IL 475123450
Source:
Crexi
Added: Jun 30
Changed: Aug 17
Last Checked: Aug 14 at 7:30AM
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 The Cindy Banks Team
Investment Insights
Based on property information with market context.
This versatile 6,770-square-foot building is configured for flexible commercial use, featuring tall ceilings and a single loading dock with a hydraulic lift. On-site parking includes 15+ spaces, supporting customer and employee access. The property also includes recent improvements intended to reduce near-term capital needs, including a newly replaced roof, updated electrical service, an updated kitchen, and new awnings.
Located in downtown West Chicago, the building provides convenient access to the West Chicago Metra station with service to Chicago, as well as proximity to major transportation routes and the downtown business district.
The layout and site amenities may fit a range of owner-user and specialty business needs, including showroom, light manufacturing, distribution, creative studios, contractor headquarters, and other commercial operations, subject to municipal zoning and approvals. For buyers evaluating an adaptive use property, the combination of loading capability, parking, and recent exterior and systems updates provides a practical foundation for a variety of operational plans.
Located in downtown West Chicago, the building provides convenient access to the West Chicago Metra station with service to Chicago, as well as proximity to major transportation routes and the downtown business district.
The layout and site amenities may fit a range of owner-user and specialty business needs, including showroom, light manufacturing, distribution, creative studios, contractor headquarters, and other commercial operations, subject to municipal zoning and approvals. For buyers evaluating an adaptive use property, the combination of loading capability, parking, and recent exterior and systems updates provides a practical foundation for a variety of operational plans.
Key Highlights
- 6,770 SF commercial flex building built in 1945 with tall ceilings
- One loading dock with a hydraulic lift for loading and receiving
- 15+ on‑site parking spaces for customer and employee access
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
$29,143
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
4.32%
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%
$582,860
$582.9K
Cap Rate 7%
$416,329
$416.3K
Cap Rate 9%
$323,811
$323.8K
Market Conditions
NOI Build-Up for 6,770 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
$43.9K $6.48/SF
− Vacancy
−$2.2K −$0.33/SF
EGI
$41.6K $6.15/SF
− OpEx
−$12.5K −$1.84/SF
NOI
$29.1K $4.30/SF
Area
DuPage County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$582,860
Cap Rate 7%
$416,329
Cap Rate 9%
$323,811
Alternative Uses
Best Use
Flex RnD
$1.02M
$891.1K – $1.19M
NOI $71,288 @ 7.0% cap · market cap 10.56%
Second Best
Industrial
$416.3K
$364.3K – $485.7K
NOI $29,143 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,616 @ 7.0% cap · market cap 24.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60185, IL
34,775
Population
11,030
Households
3.2
Avg Household Size
37
Median Age
33%
College-Educated
84%
High-School Grad
30.9 sq mi
ZIP Area
1,125
Density / Sq Mi
$105,063
Median Household Income
$41,439
Median Earnings
$1,400
Median Rent
$313,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 6,770 SF flex building with tall ceilings, loading dock with hydraulic lift, and 15+ parking spaces.
Where is this flex space located?
The property is located at 131 Fremont Street West Chicago, IL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 6,770 SF commercial flex building built in 1945 with tall ceilings; One loading dock with a hydraulic lift for loading and receiving; 15+ on‑site parking spaces for customer and employee access
