Flex Space with
New
For Sale
$465,000
2228 Ferry Rd Unit 113, Naperville, IL 60563
Specialized flex space combines vehicle storage, workshop features, and an entertaining area within the Iron Gate community.
Property Size1,413 SF
Price / SF$329.09
Days on Market2
Property Features for 2228 Ferry Rd Unit 113
General Information
Standard status
Active
Size
1,413 SF
Building Details
Year Built
2016
Listing Agency:
Coldwell Banker Real Estate Group
Listed By:
Jana Hester
(630) 553-9000
Source:
Theluxliferealty
Added: Sep 1
Last Checked: Sep 1 at 9:49PM
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 1,413-square-foot flex space in the Iron Gate community is configured for vehicle storage, collections, and recreational use. Built in 2016, the property includes a garage-level area with radiant floor heating, an epoxy-coated floor, floor drain, custom slop sink with hose reel, refrigerator, and storage. Natural light enters through a window above the entrance and a second window integrated into the door.
An upstairs mezzanine adds 14' of space for entertaining or additional storage. The property is located at 2228 Ferry Rd Unit 113 in Naperville, Illinois, and the Iron Gate community hosts scheduled summer social events for its residents or owners.
An upstairs mezzanine adds 14' of space for entertaining or additional storage. The property is located at 2228 Ferry Rd Unit 113 in Naperville, Illinois, and the Iron Gate community hosts scheduled summer social events for its residents or owners.
Key Highlights
- 1,413‑square‑foot flex space built in 2016
- Additional 14' mezzanine space for storage or entertaining
- Garage level includes radiant floor heating and epoxy‑coated flooring
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
$19,987
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
4.30%
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%
$399,740
$399.7K
Cap Rate 7%
$285,529
$285.5K
Cap Rate 9%
$222,078
$222.1K
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
$25.1K $17.76/SF
− Vacancy
−$1.6K −$1.12/SF
EGI
$23.5K $16.64/SF
− OpEx
−$3.5K −$2.50/SF
NOI
$20.0K $14.14/SF
Area
Naperville, IL
Vacancy
6.30%
Lease Rate
$17.76 /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%
$399,740
Cap Rate 7%
$285,529
Cap Rate 9%
$222,078
Alternative Uses
Best Use
Warehouse
$285.5K
$249.8K – $333.1K
NOI $19,987 @ 7.0% cap · market cap 4.30%
Second Best
Industrial
$206.1K
$180.3K – $240.5K
NOI $14,427 @ 7.0% cap · market cap 3.10%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Specialized flex space combines vehicle storage, workshop features, and an entertaining area within the Iron Gate community.
Where is this flex space located?
The property is located at 2228 Ferry Rd Unit 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: 1,413‑square‑foot flex space built in 2016; Additional 14' mezzanine space for storage or entertaining; Garage level includes radiant floor heating and epoxy‑coated flooring
