Flex Space with Fenced
For Sale
$719,000
305 Forest Drive, Highland, IL 62249
Combined office and warehouse space with heated floors, backup power, and a fenced outdoor area.
Property Size2,300 SF
Price / SF$312.61
Days on Market776
Property Features for 305 Forest Drive
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$4,353
Amenities
Central Air, Electric
Driveway, Concrete Driveway.
Building Details
Year Built
2009
Listing Agency:
Exp Realty
(888) 574-9405
Listed By:
Darin Revermann
Source:
Xome
Added: Jul 16, 2024
Changed: Aug 30
Last Checked: Aug 30 at 6:53AM
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 Exp Realty
Investment Insights
Based on property information with market context.
This flex property combines office and warehouse functions within a 2009-built facility. The office area includes a private office, reception space, conference room, showroom, mechanical room, ADA-compliant restroom, and rear access. The warehouse includes a 15x12 OHD, 16-foot ceilings, heated floors, and a separate rear door. Central air and electric service support the interior, while a backup generator provides additional operational resilience.
The property occupies a 2.12-acre corner lot at 305 Forest Drive in Highland, Illinois, within the Industrial C-3 Highway Business District. Site improvements include a large fenced area behind the building, concrete driveway access, and a 40x30 carport. The configuration supports an existing business, storage functions, and other uses consistent with the stated industrial zoning.
The property occupies a 2.12-acre corner lot at 305 Forest Drive in Highland, Illinois, within the Industrial C-3 Highway Business District. Site improvements include a large fenced area behind the building, concrete driveway access, and a 40x30 carport. The configuration supports an existing business, storage functions, and other uses consistent with the stated industrial zoning.
Key Highlights
- 2.12‑acre corner lot in Highland, IL
- Industrial C‑3 Highway Business District zoning
- Office area with reception, conference room, showroom, private office, and ADA‑compliant restroom
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
$36,432
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
5.07%
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%
$728,640
$728.6K
Cap Rate 7%
$520,457
$520.5K
Cap Rate 9%
$404,800
$404.8K
Market Conditions
NOI Build-Up for 2,300 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
$55.2K $24.00/SF
− Vacancy
−$6.6K −$2.88/SF
EGI
$48.6K $21.12/SF
− OpEx
−$12.1K −$5.28/SF
NOI
$36.4K $15.84/SF
Area
Madison County, IL
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$728,640
Cap Rate 7%
$520,457
Cap Rate 9%
$404,800
Alternative Uses
Best Use
Office B
$520.5K
$455.4K – $607.2K
NOI $36,432 @ 7.0% cap · market cap 5.07%
Second Best
Warehouse
$164.8K
$144.2K – $192.3K
NOI $11,539 @ 7.0% cap · market cap 1.60%
Theoretical Best
Office A
$626.9K
$548.6K – $731.4K
NOI $43,884 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
625
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62249, IL
16,052
Population
7,317
Households
2.2
Avg Household Size
42
Median Age
36%
College-Educated
96%
High-School Grad
88.7 sq mi
ZIP Area
181
Density / Sq Mi
$88,986
Median Household Income
$53,122
Median Earnings
$779
Median Rent
$220,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cygan & Delaney Catering Inc — 808 Broadway A, Highland, IL 62249
Frequently Asked Questions
What type of property is this?
Flex space - Combined office and warehouse space with heated floors, backup power, and a fenced outdoor area.
Where is this flex space located?
The property is located at 305 Forest Drive Highland, IL.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: 2.12‑acre corner lot in Highland, IL; Industrial C‑3 Highway Business District zoning; Office area with reception, conference room, showroom, private office, and ADA‑compliant restroom
