Freestanding Multi-Tenant Industrial
For Sale
Contact for pricing
Pending
769 N Heartland Dr, Sugar Grove, IL 60554
Fully leased asset with access to Route 47 and proximity to a full I-88 interchange.
Property Size30,000 SF
Days on Market648
Property Features for 769 N Heartland Dr
General Information
Standard status
Pending
Size
30,000 SF
Property subtype
INDUSTRIAL
Listing Agency:
Morken & Associates
(630) 567-7800
Listed By:
Steve Morken
Source:
Moodyscre
Added: Nov 22, 2024
Changed: Aug 30
Last Checked: Aug 31 at 5:18PM
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 Morken & Associates
Investment Insights
Based on property information with market context.
This freestanding industrial property contains 30,000 square feet in a multi-tenant configuration and is fully leased. The building includes ample parking and is positioned for direct access to Route 47.
Located at 769 N Heartland Dr in Sugar Grove, the property sits 1 mile south of the full I-88 interchange, providing a defined connection to the regional highway network.
Located at 769 N Heartland Dr in Sugar Grove, the property sits 1 mile south of the full I-88 interchange, providing a defined connection to the regional highway network.
Key Highlights
- 30,000 square feet of industrial space
- Freestanding multi‑tenant building
- Fully leased
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
$129,140
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
3.69%
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%
$2,582,800
$2.6M
Cap Rate 7%
$1,844,857
$1.8M
Cap Rate 9%
$1,434,889
$1.4M
Market Conditions
NOI Build-Up for 30,000 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
$194.4K $6.48/SF
− Vacancy
−$9.9K −$0.33/SF
EGI
$184.5K $6.15/SF
− OpEx
−$55.3K −$1.84/SF
NOI
$129.1K $4.30/SF
Area
Kane 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%
$2,582,800
Cap Rate 7%
$1,844,857
Cap Rate 9%
$1,434,889
Alternative Uses
Best Use
Industrial
$1.84M
$1.61M – $2.15M
NOI $129,140 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.36M
$9.06M – $12.08M
NOI $725,034 @ 7.0% cap · market cap 20.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 60554, IL
12,049
Population
4,797
Households
2.5
Avg Household Size
45
Median Age
46%
College-Educated
96%
High-School Grad
35.5 sq mi
ZIP Area
339
Density / Sq Mi
$115,865
Median Household Income
$65,805
Median Earnings
$1,140
Median Rent
$366,200
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?
Industrial property - Fully leased asset with access to Route 47 and proximity to a full I-88 interchange.
Where is this industrial property located?
The property is located at 769 N Heartland Dr Sugar Grove, IL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 30,000 square feet of industrial space; Freestanding multi‑tenant building; Fully leased
