Flex Space with Office and
For Sale
$399,900
1904 Garnet Court #C, New Lenox, IL 60451
Industrial-zoned space pairs a climate-controlled office area with warehouse and loft space.
Property Size3,161 SF
Price / SF$126.51
Days on Market36
Property Features for 1904 Garnet Court #C
General Information
Standard status
Active
Size
3,161 SF
Property subtype
Commercial
Zoning
INDUS
Taxes and HOA fees
Annual Taxes
$5,940
Building Details
Building Size
3,161 SF
Year Built
1999
Stories
1
Listing Agency:
Village Realty, Inc.
Listed By:
James O'Sullivan
(708) 478-1212
Source:
Icandyrealty
Added: Oct 2
Changed: Oct 30
Last Checked: Nov 6 at 3:24AM
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 Village Realty, Inc.
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Investment Insights
Based on property information with market context.
Built in 1999, this flex property contains 3,161 square feet, including 892 square feet of office and shared areas and 2,269 square feet of warehouse and loft space. The office portion includes three front offices, a kitchenette, common area and bathroom. Warehouse ceiling heights range from 18 to 22 feet, with a 14-foot overhead door and a rear service door.
Heating and cooling are configured by area: the offices have central air and forced-air heat, while the warehouse has a suspended heater. Warehouse lighting features motion-activated LED fixtures. The property is zoned INDUS and backs to I-80; the I-355 extension is 2 miles away.
Heating and cooling are configured by area: the offices have central air and forced-air heat, while the warehouse has a suspended heater. Warehouse lighting features motion-activated LED fixtures. The property is zoned INDUS and backs to I-80; the I-355 extension is 2 miles away.
Key Highlights
- 3,161 square feet total: 892 square feet of office and shared areas, plus 2,269 square feet of warehouse and loft space
- Three front offices, kitchenette, common area and bathroom
- Warehouse ceilings range from 18 to 22 feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,523
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,460
$330.5K
Cap Rate 7%
$236,043
$236.0K
Cap Rate 9%
$183,589
$183.6K
Market Conditions
NOI Build-Up for 3,161 SF
Gross rent
$20.5K $6.48/SF
− Vacancy
−$1.0K −$0.33/SF
EGI
$19.4K $6.15/SF
− OpEx
−$2.9K −$0.92/SF
NOI
$16.5K $5.23/SF
Area
Will County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$330,460
Cap Rate 7%
$236,043
Cap Rate 9%
$183,589
Alternative Uses
Best Use
Warehouse
$236.0K
$206.5K – $275.4K
NOI $16,523 @ 7.0% cap · market cap 4.13%
Second Best
Flex RnD
$212.5K
$185.9K – $247.9K
NOI $14,873 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$716.9K
$627.3K – $836.4K
NOI $50,184 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 60451, IL
36,561
Population
12,972
Households
2.8
Avg Household Size
39
Median Age
42%
College-Educated
98%
High-School Grad
25.2 sq mi
ZIP Area
1,451
Density / Sq Mi
$132,260
Median Household Income
$63,418
Median Earnings
$1,304
Median Rent
$373,100
Median Home Value
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Market
Properties on Market for Flex space in Will County
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Industrial-zoned space pairs a climate-controlled office area with warehouse and loft space.
Where is this flex space located?
The property is located at 1904 Garnet Court #C New Lenox, 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: 3,161 square feet total: 892 square feet of office and shared areas, plus 2,269 square feet of warehouse and loft space; Three front offices, kitchenette, common area and bathroom; Warehouse ceilings range from 18 to 22 feet
