Flex Building with Loading
For Sale
Under Contract
$675,000
131 Fremont Street, West Chicago, IL 60185
COMMERCIAL - West Chicago, IL
Property Size6,770 SF
Lot Size0.35 Acres
Price / SF$99.70
Days on Market51
Property Features for 131 Fremont Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
South on Neltnor Blvd, West on Washington St, North on Fremont St.
Subdivision
West Chicago
Standard status
Active Under Contract
APN
0404415001
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14056
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
1945
Floors in Building
2
Number of units
1
Building materials
Brick
Listing Agency:
RE/MAX Cornerstone · RE/MAX International
(630) 686-7900
Listed By:
Cindy Banks · License #475123450
(630) 762-2100
Added: Jun 30
Changed: Aug 4
Last Checked: Aug 19 at 5:06AM
MLS# 12682450
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex/industrial building is offered for sale and features tall ceilings designed to support a range of commercial uses. The property includes one loading dock with a hydraulic lift and 15+ on-site parking spaces, supporting day-to-day operations and customer or employee parking needs.
Recent improvements include a newly replaced roof, updated electrical service, an updated kitchen, and new awnings. The building is set up for adaptable use, with fit that may include showroom, light manufacturing, distribution, creative studios, contractor headquarters, or specialty commercial operations, subject to municipal zoning and approvals.
Located in West Chicago, the property is described as having convenient accessibility to the West Chicago Metra station, major transportation routes, and the downtown business district.
Recent improvements include a newly replaced roof, updated electrical service, an updated kitchen, and new awnings. The building is set up for adaptable use, with fit that may include showroom, light manufacturing, distribution, creative studios, contractor headquarters, or specialty commercial operations, subject to municipal zoning and approvals.
Located in West Chicago, the property is described as having convenient accessibility to the West Chicago Metra station, major transportation routes, and the downtown business district.
Key Highlights
- 6,770 SF downtown West Chicago commercial building built in 1945 with brick exterior and central air
- Includes 1 loading dock with a hydraulic lift and 15+ on‑site parking spaces for customer and operational access
- Recent updates: newly replaced roof, updated electrical service, updated kitchen, and new awnings
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
Office B
$1.33M
$1.17M – $1.56M
NOI $93,347 @ 7.0% cap · market cap 13.83%
Second Best
Flex RnD
$1.02M
$891.1K – $1.19M
NOI $71,288 @ 7.0% cap · market cap 10.56%
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
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex/industrial building with tall ceilings, one hydraulic-lift loading dock, and 15+ on-site 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 downtown West Chicago commercial building built in 1945 with brick exterior and central air; Includes 1 loading dock with a hydraulic lift and 15+ on‑site parking spaces for customer and operational access; Recent updates: newly replaced roof, updated electrical service, updated kitchen, and new awnings
