Single-Tenant NNN Flex
For Sale
$3,725,500
1851 Albright Rd, Montgomery, IL 60538
Absolute NNN lease structure with occupancy secured through July 2030.
Property Size29,670 SF
Days on Market67
Property Features for 1851 Albright Rd
General Information
Standard status
Active
Size
29,670 SF
Property subtype
Industrial
Occupancy
100%
Building Details
Building Size
29,670 SF
Year Built
1998
Year Renovated
2023
Tenancy
Single
Listing Agency:
Troy Companies
(847) 612-8716
Listed By:
Steve Cioromski
(847) 612-8716
Source:
Troyrealtyltd
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 3:33PM
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 Troy Companies
Investment Insights
Based on property information with market context.
Built in 1998, this flex property at 1851 Albright Rd in Montgomery, Illinois is occupied by a single tenant under an absolute NNN lease. Benetech Inc. has operated from the property since 2003, with the current lease extending through July 2030.
The lease provides two additional five-year renewal options following the initial term. Recent capital projects have been completed, including an office renovation finished in 2023. The property is being offered for sale as a leased flex asset with an established operating history.
The lease provides two additional five-year renewal options following the initial term. Recent capital projects have been completed, including an office renovation finished in 2023. The property is being offered for sale as a leased flex asset with an established operating history.
Key Highlights
- 100% occupied by Benetech Inc. through July 2030
- Absolute NNN lease with two additional 5‑year renewal options
- Benetech Inc. has occupied the property since 2003
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
$312,425
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
8.39%
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%
$6,248,500
$6.2M
Cap Rate 7%
$4,463,214
$4.5M
Cap Rate 9%
$3,471,389
$3.5M
Market Conditions
NOI Build-Up for 29,670 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
$534.1K $18.00/SF
− Vacancy
−$53.4K −$1.80/SF
EGI
$480.7K $16.20/SF
− OpEx
−$168.2K −$5.67/SF
NOI
$312.4K $10.53/SF
Area
Kendall 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%
$6,248,500
Cap Rate 7%
$4,463,214
Cap Rate 9%
$3,471,389
Alternative Uses
Best Use
Flex RnD
$4.46M
$3.91M – $5.21M
NOI $312,425 @ 7.0% cap · market cap 8.39%
Second Best
Warehouse
$2.22M
$1.94M – $2.58M
NOI $155,088 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$10.24M
$8.96M – $11.95M
NOI $717,059 @ 7.0% cap · market cap 19.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60538, IL
28,898
Population
10,729
Households
2.7
Avg Household Size
34
Median Age
25%
College-Educated
90%
High-School Grad
9.7 sq mi
ZIP Area
2,979
Density / Sq Mi
$92,064
Median Household Income
$47,559
Median Earnings
$1,845
Median Rent
$253,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Absolute NNN lease structure with occupancy secured through July 2030.
Where is this flex space located?
The property is located at 1851 Albright Rd Montgomery, IL.
What is the asking price?
The asking price for this property is $3,725,500.
What are key features of this property?
This property features: 100% occupied by Benetech Inc. through July 2030; Absolute NNN lease with two additional 5‑year renewal options; Benetech Inc. has occupied the property since 2003
