Built-Out Office Condominium
For Sale
$399,900
1531 S Grove Avenue, Barrington, IL 60010
Turnkey second-floor office condo with reception, six private offices, conference room, kitchenette, and in-suite restroom.
Property Size2,145 SF
Price / SF$186.43
Days on Market142
Property Features for 1531 S Grove Avenue
General Information
Standard status
Active
Size
2,145 SF
Elevators
Yes
Property subtype
Commercial
Occupancy
100%
Additional Details
Floor
2
Amenities
private storage room
signage
Building Details
Building Size
23,341 SF
Year Built
2004
Year Renovated
2018
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
Sperry Van Ness
(312) 676-1866
Listed By:
Olivia Czyzynski · License #475146577
(312) 676-1866
Source:
Perillorealestategroup
Added: Mar 11
Changed: Jul 29
Last Checked: Jul 29 at 12:06PM
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 Sperry Van Ness
Investment Insights
Based on property information with market context.
1531 Grove is a built-out second-floor office condominium within the Executive Center Office Park. The 2,145 SF suite features six private offices, a large conference room, a modern kitchenette, a welcoming reception area, and an in-suite restroom. Expanded exterior windows throughout provide natural lighting, and the space includes a newer furnace and AC unit. The condo also comes with an included 275 SF private storage room with built-in shelving in the building’s basement.
Access is provided via elevator or a wide central staircase, and the building offers a large parking lot. Signage is available on the prominent street directory, and the property is professionally managed through an association that handles the building, roof, and parking lot.
A current tenant is in place through August 2026, and a new owner can collect rental income.
Access is provided via elevator or a wide central staircase, and the building offers a large parking lot. Signage is available on the prominent street directory, and the property is professionally managed through an association that handles the building, roof, and parking lot.
A current tenant is in place through August 2026, and a new owner can collect rental income.
Key Highlights
- 2,145 SF second‑floor office condo in Executive Center Office Park in Barrington; built in 2004
- Renovated in 2018 with six private offices plus a large conference room and welcoming reception area
- Includes a modern kitchenette and an in‑suite restroom
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.5k | $24.48 |
| − Vacancy | −$13.1k | −$6.10 |
| EGI | $39.4k | $18.38 |
| − OpEx | −$9.9k | −$4.60 |
| NOI | $29.6k | $13.79 |
2,145 SF · lease $24.48/SF/yr · vacancy 24.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$422.5K
$369.7K – $492.9K
NOI $29,576 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$740.6K
$648.0K – $864.0K
NOI $51,840 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 60010, IL
46,365
Population
17,621
Households
2.6
Avg Household Size
47
Median Age
70%
College-Educated
97%
High-School Grad
74.1 sq mi
ZIP Area
626
Density / Sq Mi
$175,050
Median Household Income
$86,255
Median Earnings
$2,459
Median Rent
$622,900
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?
Office units - Turnkey second-floor office condo with reception, six private offices, conference room, kitchenette, and in-suite restroom.
Where is this office units located?
The property is located at 1531 S Grove Avenue Barrington, IL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,145 SF second‑floor office condo in Executive Center Office Park in Barrington; built in 2004; Renovated in 2018 with six private offices plus a large conference room and welcoming reception area; Includes a modern kitchenette and an in‑suite restroom
