Heated Parking Garage
For Sale
$465,000
2228 Ferry Road #113, Naperville, IL 60563
Radiant floor heating, epoxy flooring, and mezzanine space support vehicle storage and personal use.
Property Size1,413 SF
Days on Market33
Property Features for 2228 Ferry Road #113
General Information
Standard status
Active
Size
1,413 SF
Property subtype
Commercial
Zoning
INDUS
Additional Details
Three-Phase Power
Yes
Taxes and HOA fees
Annual Taxes
$4,945
Amenities
radiant floor heating
custom slop sink with hose reel
floor drain
refrigerator
storage
epoxy-coated floor
Building Details
Building Size
1,413 SF
Year Built
2016
Stories
2
Units
1
Listing Agency:
Coldwell Banker Real Estate Group
(630) 553-9000
Listed By:
Jana Hester
(630) 553-9000
Source:
Allinonerealestateco
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 25 at 6:54AM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This 2016 parking garage condo includes a heated garage level with radiant floor heating, an epoxy-coated floor, floor drain, custom slop sink, hose reel, refrigerator, and storage. An added window above the entrance and a second window within the door bring natural light into the space. The property also features an additional 14' of mezzanine space, creating an upper-level area suited to storage and entertaining.
The condo is located within the Iron Gate community at 2228 Ferry Rd, Unit 113, in Naperville, Illinois. The setting includes a community of automotive enthusiasts and scheduled summer social events.
The condo is located within the Iron Gate community at 2228 Ferry Rd, Unit 113, in Naperville, Illinois. The setting includes a community of automotive enthusiasts and scheduled summer social events.
Key Highlights
- Additional 14' mezzanine space for storage and entertaining
- Radiant floor heating installed at the garage level
- Epoxy‑coated garage floor with floor drain
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
$14,427
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
3.10%
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%
$288,540
$288.5K
Cap Rate 7%
$206,100
$206.1K
Cap Rate 9%
$160,300
$160.3K
Market Conditions
NOI Build-Up for 1,413 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
$22.0K $15.60/SF
− Vacancy
−$1.4K −$1.01/SF
EGI
$20.6K $14.59/SF
− OpEx
−$6.2K −$4.38/SF
NOI
$14.4K $10.21/SF
Area
Naperville, IL
Vacancy
6.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$288,540
Cap Rate 7%
$206,100
Cap Rate 9%
$160,300
Alternative Uses
Best Use
Industrial
$206.1K
$180.3K – $240.5K
NOI $14,427 @ 7.0% cap · market cap 3.10%
Second Best
Flex RnD
$191.4K
$167.5K – $223.3K
NOI $13,397 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$318.9K
$279.1K – $372.1K
NOI $22,326 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60563, IL
37,997
Population
16,911
Households
2.2
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
14.6 sq mi
ZIP Area
2,603
Density / Sq Mi
$106,207
Median Household Income
$71,782
Median Earnings
$1,786
Median Rent
$422,900
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?
Parking lot & garage - Radiant floor heating, epoxy flooring, and mezzanine space support vehicle storage and personal use.
Where is this parking lot & garage located?
The property is located at 2228 Ferry Road #113 Naperville, IL.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Additional 14' mezzanine space for storage and entertaining; Radiant floor heating installed at the garage level; Epoxy‑coated garage floor with floor drain
