Single-Tenant Flex
New
For Sale
$1,200,000
204 Northwest Highway, Fox River Grove, IL 60021
Commercial Sale, Fox River Grove, IL
Property Size7,389 SF
Lot Size0.32 Acres
Price / SF$162.40
Days on Market7
Property Features for 204 Northwest Highway
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Northwest Hwy (RT14) West of IL RT22, Property is located on the right side of RT14
Subdivision
Fox River Grove
Standard status
Active
APN
2018481007
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
14251
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
1952
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Block
Roof type
Membrane
Listing Agency:
RE/MAX Suburban · RE/MAX International
(847) 367-8686
Listed By:
Jason Bitton · License #475170841
(847) 259-0202
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 25 at 3:06PM
MLS# 12764487
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The single-story flex building at 204 Northwest Highway contains 7,389 square feet and was constructed in 1952 with block and masonry materials. A 2024–25 interior buildout created a calibration laboratory with four labs, seven offices, a showroom-style lobby, reception and waiting areas, a conference room, kitchenette, workstation area, auxiliary room, and two shipping rooms. The property also features LED lighting, key-fob access, a full sprinkler system, central air, and three-phase electrical service. A membrane roof replacement was completed in 2026.
The building is occupied by American Calibration, LLC, and includes 12 on-site parking spaces. It sits on the north side of Northwest Highway, directly opposite the Fox River Grove Metra station on the Union Pacific Northwest line. Northwest Highway carries approximately 25,700 vehicles per day at the property, including about 1,100 trucks, according to 2025 IDOT traffic data. Zoning is B2 General Business in the Village of Fox River Grove.
The building is occupied by American Calibration, LLC, and includes 12 on-site parking spaces. It sits on the north side of Northwest Highway, directly opposite the Fox River Grove Metra station on the Union Pacific Northwest line. Northwest Highway carries approximately 25,700 vehicles per day at the property, including about 1,100 trucks, according to 2025 IDOT traffic data. Zoning is B2 General Business in the Village of Fox River Grove.
Key Highlights
- 7,389 SF single‑story flex building on a 13,603 SF lot
- 2024–25 interior conversion to a calibration laboratory
- Four labs, seven offices, showroom lobby, conference room, and shipping areas
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
$44,116
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
3.68%
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%
$882,320
$882.3K
Cap Rate 7%
$630,229
$630.2K
Cap Rate 9%
$490,178
$490.2K
Market Conditions
NOI Build-Up for 7,389 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
$71.8K $9.72/SF
− Vacancy
−$4.0K −$0.53/SF
EGI
$67.9K $9.19/SF
− OpEx
−$23.8K −$3.21/SF
NOI
$44.1K $5.97/SF
Area
McHenry County, IL
Vacancy
5.50%
Lease Rate
$9.72 /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%
$882,320
Cap Rate 7%
$630,229
Cap Rate 9%
$490,178
Alternative Uses
Best Use
Flex RnD
$630.2K
$551.5K – $735.3K
NOI $44,116 @ 7.0% cap · market cap 3.68%
Second Best
Industrial
$454.4K
$397.6K – $530.1K
NOI $31,807 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$2.55M
$2.23M – $2.98M
NOI $178,576 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10 ft
Clear height
1
Drive-in doors
25,700 VPD
Traffic count
Single-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60021, IL
5,404
Population
1,968
Households
2.7
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
2.0 sq mi
ZIP Area
2,702
Density / Sq Mi
$122,005
Median Household Income
$59,030
Median Earnings
$2,134
Median Rent
$286,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Recently fitted laboratory and office facility with upgraded building systems, commuter rail access, and dedicated parking.
Where is this flex space located?
The property is located at 204 Northwest Highway Fox River Grove, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 7,389 SF single‑story flex building on a 13,603 SF lot; 2024–25 interior conversion to a calibration laboratory; Four labs, seven offices, showroom lobby, conference room, and shipping areas
