Light Industrial Yard
For Sale
Contact for pricing
1324 Fort Jesse Road, Normal, IL 61761
7-acre light industrial property with a 4,800 SF metal building and outdoor acreage, including an operating cell tower easement.
Property Size4,800 SF
Lot Size7.00 Acres
Price / SF$145.63
Days on Market136
Property Features for 1324 Fort Jesse Road
General Information
Standard status
Active
Size
4,800 SF
Lot size
7.00 Acres
Property subtype
Industrial, Land
Zoning
M-1
Investment Type
Redevelopment
Building Details
Year Built
1993
Buildings
1
Stories
1
Units
1
Listing Agency:
Vieweg Real Estate
Listed By:
AJ Speasl · License #475.208164
Source:
Crexi
Added: Apr 23
Changed: Aug 28
Last Checked: Aug 31 at 11:41AM
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 Vieweg Real Estate
Investment Insights
Based on property information with market context.
The property is a 7-acre industrial site featuring a 4,800 SF metal building. The site is set back from the road, providing a more secluded setting, and includes a cell tower that operates under an existing easement.
The property is currently zoned M-1 (Light Industrial). The available acreage supports a variety of industrial configurations and may offer additional development flexibility depending on future zoning outcomes.
With both an existing metal building and substantial land area, the site can support immediate industrial use while also providing land for potential expansion, outdoor storage, or future repositioning.
The property is currently zoned M-1 (Light Industrial). The available acreage supports a variety of industrial configurations and may offer additional development flexibility depending on future zoning outcomes.
With both an existing metal building and substantial land area, the site can support immediate industrial use while also providing land for potential expansion, outdoor storage, or future repositioning.
Key Highlights
- 7‑acre light industrial property with a 4,800 SF metal building
- Currently zoned M‑1 (Light Industrial), supporting a wide range of industrial uses
- Set back from the road for a more private, secluded setting
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
$40,252
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
5.76%
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%
$805,040
$805.0K
Cap Rate 7%
$575,029
$575.0K
Cap Rate 9%
$447,244
$447.2K
Market Conditions
NOI Build-Up for 4,800 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
$50.1K $10.44/SF
− Vacancy
−$2.8K −$0.57/SF
EGI
$47.4K $9.87/SF
− OpEx
−$7.1K −$1.48/SF
NOI
$40.3K $8.39/SF
Area
McLean County, IL
Vacancy
5.50%
Lease Rate
$10.44 /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%
$805,040
Cap Rate 7%
$575,029
Cap Rate 9%
$447,244
Alternative Uses
Best Use
Warehouse
$575.0K
$503.2K – $670.9K
NOI $40,252 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$875.5K – $1.17M
NOI $70,042 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61761, IL
53,045
Population
22,037
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
98%
High-School Grad
42.6 sq mi
ZIP Area
1,245
Density / Sq Mi
$66,642
Median Household Income
$28,606
Median Earnings
$976
Median Rent
$200,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Uncle Bill's Self Storage — 421 N Kays Dr, Normal, IL 61761
Frequently Asked Questions
What type of property is this?
Warehouse - 7-acre light industrial property with a 4,800 SF metal building and outdoor acreage, including an operating cell tower easement.
Where is this warehouse located?
The property is located at 1324 Fort Jesse Road Normal, IL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 7‑acre light industrial property with a 4,800 SF metal building; Currently zoned M‑1 (Light Industrial), supporting a wide range of industrial uses; Set back from the road for a more private, secluded setting
