Renovated Flex Space with
For Sale
$1,799,000
1628-30 Rand Rd, Des Plaines, IL 60016
Two-part commercial building with showroom exposure, warehouse functionality, and recent building improvements.
Property Size15,336 SF
Lot Size1.00 Acre
Price / SF$117.31
Days on Market44
Property Features for 1628-30 Rand Rd
General Information
Standard status
Active
Size
15,336 SF
Lot size
1.00 Acre
Zoning
C-3
Site & Location
Corner Location
Yes
Traffic Count
32,000 vehicles/day
Highway Access
Yes
Additional Details
Clear Height
14 ft
Building Details
Year Built
1950
Year Renovated
2024
Buildings
1
Building Size
15,336 SF
Tenancy
Multi
Listing Agency:
NowEquity Real Estate
(708) 598-1144
Listed By:
Urszula Topolewicz · License #471002290
Source:
Bktchicago
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 25 at 4:08AM
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 NowEquity Real Estate
Investment Insights
Based on property information with market context.
This flex property combines industrial warehouse space with a showroom oriented toward the main street. The building contains 15,336 square feet on a 1-acre lot and is arranged for two separate business operations or a single combined user. Existing improvements include newer commercial windows and doors, a 14-foot ceiling, three overhead doors, skylights, epoxy flooring, a new roof, and a new HVAC unit. Renovation work was completed in 2024.
The property has 300 feet of frontage at a high-profile corner with an average daily traffic count of 32,000. It is located at the intersection of Des Plaines, Rand, and River Road, with access to I-294 and proximity to O’Hare. The building carries C-3 zoning and has two addresses under one pin. Current occupants include a trade contractor and a used car dealership, with three months’ notice required for them to move out.
The property has 300 feet of frontage at a high-profile corner with an average daily traffic count of 32,000. It is located at the intersection of Des Plaines, Rand, and River Road, with access to I-294 and proximity to O’Hare. The building carries C-3 zoning and has two addresses under one pin. Current occupants include a trade contractor and a used car dealership, with three months’ notice required for them to move out.
Key Highlights
- 15,336‑square‑foot industrial warehouse with showroom
- 1‑acre lot with 300 feet of frontage
- C‑3 zoning and two addresses under one pin
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
$161,488
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
8.98%
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%
$3,229,760
$3.2M
Cap Rate 7%
$2,306,971
$2.3M
Cap Rate 9%
$1,794,311
$1.8M
Market Conditions
NOI Build-Up for 15,336 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
$276.0K $18.00/SF
− Vacancy
−$27.6K −$1.80/SF
EGI
$248.4K $16.20/SF
− OpEx
−$87.0K −$5.67/SF
NOI
$161.5K $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%
$3,229,760
Cap Rate 7%
$2,306,971
Cap Rate 9%
$1,794,311
Alternative Uses
Best Use
Retail
$3.04M
$2.66M – $3.55M
NOI $212,866 @ 7.0% cap · market cap 11.83%
Second Best
Flex RnD
$2.31M
$2.02M – $2.69M
NOI $161,488 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$5.29M
$4.63M – $6.18M
NOI $370,638 @ 7.0% cap · market cap 20.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
32,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,557
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60016, IL
61,888
Population
25,613
Households
2.4
Avg Household Size
42
Median Age
43%
College-Educated
89%
High-School Grad
12.1 sq mi
ZIP Area
5,115
Density / Sq Mi
$84,044
Median Household Income
$50,180
Median Earnings
$1,406
Median Rent
$300,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Ceres Food Services — 300 E River Rd, Des Plaines, IL 60016
Frequently Asked Questions
What type of property is this?
Flex space - Two-part commercial building with showroom exposure, warehouse functionality, and recent building improvements.
Where is this flex space located?
The property is located at 1628-30 Rand Rd Des Plaines, IL.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 15,336‑square‑foot industrial warehouse with showroom; 1‑acre lot with 300 feet of frontage; C‑3 zoning and two addresses under one pin
