Leased Warehouse
New
For Sale
Contact for pricing
2181 Harlem Rd, Loves Park, IL 61111
Two masonry buildings offer established occupancy through April 30, 2028, with tenants covering taxes, insurance, and CAM.
Property Size8,020 SF
Price / SF$83.17
Days on Market4
Property Features for 2181 Harlem Rd
General Information
Standard status
Active
Size
8,020 SF
Property subtype
RETAIL
Listing Agency:
Dickerson Nieman Commercial
(815) 978-4534
Listed By:
George Licari
(815) 978-4534
Source:
Moodyscre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 7:04AM
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 Dickerson Nieman Commercial
Investment Insights
Based on property information with market context.
This warehouse property comprises two separate masonry buildings, each containing 4,010 square feet and providing a combined 8,020 square feet of industrial space. Every building includes four overhead doors—three measuring 10' x 12' and one measuring 12' x 12'—supporting warehouse, contractor, service, and other industrial functions.
The existing lease runs through April 30, 2028. The tenant is responsible for property taxes, insurance, and CAM, creating a net-lease structure with defined landlord operating obligations. The two-building layout provides distinct industrial facilities within one property.
The existing lease runs through April 30, 2028. The tenant is responsible for property taxes, insurance, and CAM, creating a net-lease structure with defined landlord operating obligations. The two-building layout provides distinct industrial facilities within one property.
Key Highlights
- 8,020 SF total building area across two separate buildings
- Two 4,010‑square‑foot masonry warehouse buildings
- Each building includes three 10' x 12' overhead doors and one 12' x 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
$46,965
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
7.04%
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%
$939,300
$939.3K
Cap Rate 7%
$670,929
$670.9K
Cap Rate 9%
$521,833
$521.8K
Market Conditions
NOI Build-Up for 8,020 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
$59.7K $7.44/SF
− Vacancy
−$4.4K −$0.55/SF
EGI
$55.3K $6.89/SF
− OpEx
−$8.3K −$1.03/SF
NOI
$47.0K $5.86/SF
Area
Winnebago County, IL
Vacancy
7.40%
Lease Rate
$7.44 /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%
$939,300
Cap Rate 7%
$670,929
Cap Rate 9%
$521,833
Alternative Uses
Best Use
Warehouse
$670.9K
$587.1K – $782.8K
NOI $46,965 @ 7.0% cap · market cap 7.04%
Second Best
Industrial
$552.5K
$483.5K – $644.6K
NOI $38,677 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,022 @ 7.0% cap · market cap 22.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61111, IL
23,028
Population
10,248
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
14.2 sq mi
ZIP Area
1,622
Density / Sq Mi
$58,391
Median Household Income
$42,751
Median Earnings
$1,101
Median Rent
$143,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- AAdditional Storage — 7327 N Alpine Rd, Loves Park, IL 61111
- Loves Park Storage — 7903 Forest Hills Rd, Loves Park, IL 61111
- J & J Storage — 2111 Harlem Rd, Loves Park, IL 61111
Frequently Asked Questions
What type of property is this?
Warehouse - Two masonry buildings offer established occupancy through April 30, 2028, with tenants covering taxes, insurance, and CAM.
Where is this warehouse located?
The property is located at 2181 Harlem Rd Loves Park, IL.
What is the asking price?
The asking price for this property is $667,000.
What are key features of this property?
This property features: 8,020 SF total building area across two separate buildings; Two 4,010‑square‑foot masonry warehouse buildings; Each building includes three 10' x 12' overhead doors and one 12' x 12' door
