Flex Space with Loading
New
For Sale
$675,000
131 Fremont Street, West Chicago, IL 60185
Updated flex building with a loading dock, tall ceilings, and on-site parking.
Property Size6,770 SF
Days on Market6
Property Features for 131 Fremont Street
General Information
Standard status
Active
Size
6,770 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$14,056
Building Details
Building Size
6,770 SF
Year Built
1945
Stories
2
Units
1
Listing Agency:
RE/MAX Cornerstone
(630) 686-7900
Listed By:
Cindy Banks · License #475123450
(630) 686-7900
Source:
Exit2newbeginningz
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 11:48AM
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 RE/MAX Cornerstone
Investment Insights
Based on property information with market context.
Located at 131 Fremont Street in downtown West Chicago, this 6,770-square-foot flex property combines adaptable commercial space with functional loading and parking improvements. The building includes tall ceilings, one loading dock equipped with a hydraulic lift, and 15+ on-site parking spaces. Recent capital work includes a replaced roof, updated electrical service, a renovated kitchen, and new awnings. The property is zoned COMMR.
The site is near the West Chicago Metra station, major transportation routes, and the downtown business district. Built in 1945, the building offers a practical layout for commercial operations requiring a combination of interior workspace, loading capability, and customer or employee parking.
The site is near the West Chicago Metra station, major transportation routes, and the downtown business district. Built in 1945, the building offers a practical layout for commercial operations requiring a combination of interior workspace, loading capability, and customer or employee parking.
Key Highlights
- 6,770‑square‑foot flex building
- One loading dock with hydraulic lift
- 15+ on‑site parking spaces
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
Location Intelligence
Trade Area within ½ mile
544
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Updated flex building with a loading dock, tall ceilings, and on-site parking.
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‑square‑foot flex building; One loading dock with hydraulic lift; 15+ on‑site parking spaces
