Flex Space
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14044 W PETRONELLA DR, Libertyville, IL 60048
Multi-property commercial offering with light industrial zoning and proximity to I-94.
Property Size45,836 SF
Price / SF$49.09
Days on Market126
Property Features for 14044 W PETRONELLA DR
General Information
Standard status
Active
Size
45,836 SF
Property subtype
Retail, Office, Industrial
Zoning
LI - Light Industrial
Occupancy
56%
Investment Type
Value Add
Net Operating Income
$130,245
Additional Details
Highway Access
Yes
Building Details
Year Built
1992
Year Renovated
2014
Buildings
6
Units
17
Tenancy
Multi
Listing Agency:
Compass
(847) 638-2659
Listed By:
Tom Wagner · License #IL 475176488
Source:
Crexi
Added: Apr 29
Changed: Aug 30
Last Checked: Aug 31 at 10:12PM
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 Compass
Investment Insights
Based on property information with market context.
This 17-property flex and office portfolio totals 45,836 square feet across commercial assets built in 1992. The properties are zoned LI - Light Industrial and have 56% occupancy. Existing tenants have occupied their spaces for longer than 5.5 years on average.
The portfolio sits within a dense commercial corridor in Libertyville, surrounded by office, retail, and manufacturing properties. Access to I-94 is approximately 1 mile from the entrance and exit, connecting the area with Chicago and the North Shore.
The portfolio sits within a dense commercial corridor in Libertyville, surrounded by office, retail, and manufacturing properties. Access to I-94 is approximately 1 mile from the entrance and exit, connecting the area with Chicago and the North Shore.
Key Highlights
- 17‑property flex and office portfolio
- 45,836 square feet of commercial space
- LI - Light Industrial zoning
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
$197,309
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
8.77%
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%
$3,946,180
$3.9M
Cap Rate 7%
$2,818,700
$2.8M
Cap Rate 9%
$2,192,322
$2.2M
Market Conditions
NOI Build-Up for 45,836 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
$297.0K $6.48/SF
− Vacancy
−$15.1K −$0.33/SF
EGI
$281.9K $6.15/SF
− OpEx
−$84.6K −$1.84/SF
NOI
$197.3K $4.30/SF
Area
Lake 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%
$3,946,180
Cap Rate 7%
$2,818,700
Cap Rate 9%
$2,192,322
Alternative Uses
Best Use
Office B
$9.03M
$7.90M – $10.53M
NOI $632,003 @ 7.0% cap · market cap 28.09%
Second Best
Flex RnD
$3.83M
$3.35M – $4.46M
NOI $267,754 @ 7.0% cap · market cap 11.90%
Theoretical Best
Office A
$15.83M
$13.85M – $18.46M
NOI $1,107,756 @ 7.0% cap · market cap 49.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
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 - Multi-property commercial offering with light industrial zoning and proximity to I-94.
Where is this flex space located?
The property is located at 14044 W PETRONELLA DR Libertyville, IL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 17‑property flex and office portfolio; 45,836 square feet of commercial space; LI - Light Industrial zoning
