Flex Space with Heated
For Sale
$795,000
1801 Griswold Avenue, Sterling, IL 61081
Fenced commercial property combines office, workroom, and heated storage-manufacturing areas within a substantial industrial building.
Property Size10,780 SF
Days on Market276
Property Features for 1801 Griswold Avenue
General Information
Standard status
Active
Size
10,780 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$4,166
Building Details
Building Size
10,780 SF
Year Built
2008
Stories
1
Units
2
Listing Agency:
RE/MAX Sauk Valley
(815) 625-3722
Listed By:
Tim McCaslin · License #471002068
(815) 625-3722
Source:
Allinonerealestateco
Added: Nov 17, 2025
Changed: Aug 17
Last Checked: Aug 19 at 1:49PM
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 RE/MAX Sauk Valley
Investment Insights
Based on property information with market context.
This flex space property includes 3,220 square feet of office and workroom area alongside 7,560 square feet of heated storage-manufacturing space. The building features 10' concrete floors and a 12' door, supporting a range of industrial functions. Constructed in 2008, it also has a main roof replaced in 2021.
The improvements sit on a 5.35-acre fenced site at 1801 Griswold Avenue in Sterling, Illinois. Zoning is designated COMMR. The combination of office space, work areas, heated storage, and manufacturing capacity provides a practical configuration for commercial operations requiring both administrative and production-related space.
The improvements sit on a 5.35-acre fenced site at 1801 Griswold Avenue in Sterling, Illinois. Zoning is designated COMMR. The combination of office space, work areas, heated storage, and manufacturing capacity provides a practical configuration for commercial operations requiring both administrative and production-related space.
Key Highlights
- 3,220 Sq. Ft. of office/work room space
- 7,560 Sq. Ft. of heated storage‑manufacturing space
- 10' concrete floors and 12' door
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
$64,943
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
8.17%
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%
$1,298,860
$1.3M
Cap Rate 7%
$927,757
$927.8K
Cap Rate 9%
$721,589
$721.6K
Market Conditions
NOI Build-Up for 10,780 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
$80.9K $7.50/SF
− Vacancy
−$4.4K −$0.41/SF
EGI
$76.4K $7.09/SF
− OpEx
−$11.5K −$1.06/SF
NOI
$64.9K $6.02/SF
Area
Whiteside County, IL
Vacancy
5.50%
Lease Rate
$7.50 /SF/Yr
Expense Ratio
15.00%
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%
$1,298,860
Cap Rate 7%
$927,757
Cap Rate 9%
$721,589
Alternative Uses
Best Use
Flex RnD
$1.21M
$1.06M – $1.41M
NOI $84,454 @ 7.0% cap · market cap 10.62%
Second Best
Warehouse
$927.8K
$811.8K – $1.08M
NOI $64,943 @ 7.0% cap · market cap 8.17%
Theoretical Best
Specialty Retail
$2.02M
$1.76M – $2.35M
NOI $141,164 @ 7.0% cap · market cap 17.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61081, IL
21,064
Population
9,753
Households
2.2
Avg Household Size
43
Median Age
20%
College-Educated
91%
High-School Grad
124.4 sq mi
ZIP Area
169
Density / Sq Mi
$60,854
Median Household Income
$40,497
Median Earnings
$791
Median Rent
$121,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Creative Cuisine Catering — 1741 Industrial Dr # 24, Sterling, IL 61081
Frequently Asked Questions
What type of property is this?
Flex space - Fenced commercial property combines office, workroom, and heated storage-manufacturing areas within a substantial industrial building.
Where is this flex space located?
The property is located at 1801 Griswold Avenue Sterling, IL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 3,220 Sq. Ft. of office/work room space; 7,560 Sq. Ft. of heated storage‑manufacturing space; 10' concrete floors and 12' door
