Flex Space with Drive-In
For Sale
Contact for pricing
140 State St, Calumet City, IL 60409
Combined office and warehouse improvements include loading access, suspended gas heat, and a 400 Amp electrical service.
Property Size8,160 SF
Price / SF$119.49
Days on Market264
Property Features for 140 State St
General Information
Standard status
Active
Size
8,160 SF
Property subtype
INDUSTRIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
6,000 SF
Office Build-Out
2,160 SF
Dock-High Doors
1
Drive-In Doors
1
Power
400 amps
Amenities
conference room
reception
Building Details
Buildings
1
Building Size
8,160 SF
Listing Agency:
Commercial In-Sites, LLC
(219) 795-1100
Listed By:
David A Lasser
(219) 795-1100
Source:
Moodyscre
Added: Dec 9, 2025
Changed: Aug 29
Last Checked: Aug 29 at 11:05PM
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 Commercial In-Sites, LLC
Investment Insights
Based on property information with market context.
This flex property combines 8,160 SF of improvements with a 2,160 SF office component and 6,000 SF of warehouse area. The office layout includes 3 offices, a conference room, open reception area, and bathroom. Warehouse features include 2 Reznor suspended gas heaters, a slot floor drain, 3 ceiling fans, transom windows, and a 10'x14' drive-in door. A dock with a 10'x14' overhead door, canopy leveler, and sump pump supports additional loading functionality. Electrical service is 400 Amp, 120/240.
The property is positioned on State Street in Calumet City, between Wentworth Avenue and Indiana State Line Road, approximately 1/4 mile west of the Indiana/Illinois state line. It is 1 mile west of US Highway 41, 1 1/2 miles south of I-94, 3 miles north of the Indiana Toll Road, and 8 miles north of U.S. Highway 30. 2022 INDOT traffic counts are 8,000 cars/day.
Additional land area may accommodate added parking or fenced-in storage. A forklift is also available for sale.
The property is positioned on State Street in Calumet City, between Wentworth Avenue and Indiana State Line Road, approximately 1/4 mile west of the Indiana/Illinois state line. It is 1 mile west of US Highway 41, 1 1/2 miles south of I-94, 3 miles north of the Indiana Toll Road, and 8 miles north of U.S. Highway 30. 2022 INDOT traffic counts are 8,000 cars/day.
Additional land area may accommodate added parking or fenced-in storage. A forklift is also available for sale.
Key Highlights
- 8,160 SF flex property with 2,160 SF office and 6,000 SF warehouse
- Office area includes 3 offices, conference room, open area/reception, and bathroom
- Warehouse has 2 Reznor suspended gas heaters, slot floor drain, and 3 ceiling fans
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
$85,925
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
8.81%
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%
$1,718,500
$1.7M
Cap Rate 7%
$1,227,500
$1.2M
Cap Rate 9%
$954,722
$954.7K
Market Conditions
NOI Build-Up for 8,160 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
$146.9K $18.00/SF
− Vacancy
−$14.7K −$1.80/SF
EGI
$132.2K $16.20/SF
− OpEx
−$46.3K −$5.67/SF
NOI
$85.9K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,718,500
Cap Rate 7%
$1,227,500
Cap Rate 9%
$954,722
Alternative Uses
Best Use
Office B
$1.61M
$1.41M – $1.88M
NOI $112,513 @ 7.0% cap · market cap 11.54%
Second Best
Flex RnD
$1.23M
$1.07M – $1.43M
NOI $85,925 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,209 @ 7.0% cap · market cap 20.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
899
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60409, IL
36,045
Population
16,868
Households
2.1
Avg Household Size
39
Median Age
20%
College-Educated
88%
High-School Grad
7.7 sq mi
ZIP Area
4,681
Density / Sq Mi
$53,991
Median Household Income
$37,389
Median Earnings
$1,138
Median Rent
$133,600
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 - Combined office and warehouse improvements include loading access, suspended gas heat, and a 400 Amp electrical service.
Where is this flex space located?
The property is located at 140 State St Calumet City, IL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 8,160 SF flex property with 2,160 SF office and 6,000 SF warehouse; Office area includes 3 offices, conference room, open area/reception, and bathroom; Warehouse has 2 Reznor suspended gas heaters, slot floor drain, and 3 ceiling fans
