Luxury Motor Condo in
For Sale
Contact for pricing
2240 West Ferry Road, Naperville, IL 60563
Three-story, 2,300 sq ft unit with deck and balcony.
Property Size7,030 SF
Price / SF$170.70
Days on Market105
Property Features for 2240 West Ferry Road
General Information
Standard status
Active
Size
7,030 SF
Class
B
Property subtype
Industrial
Zoning
B-2
Investment Type
Owner/User
Building Details
Year Built
2017
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
eXp Realty, LLC
(630) 514-4306
Listed By:
Lee Ernst · License #NRDS 377512759
Source:
Crexi
Added: May 20
Changed: Aug 26
Last Checked: Aug 30 at 10:19PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This three-story unit offers 2,300 sq ft of space, including a deck and a balcony overlooking a preserve. The main level features a full-width deck and an expansive garage space with a built-in bar and bathroom, suitable for entertaining, showcasing vehicles, or hosting private events. The second floor includes a full upscale kitchen with high-end cabinetry and counters, a spacious hangout area, massive wine coolers, and access to a private balcony with views of the preserve. The third floor provides a large flexible space suitable for an office or executive suite, ideal for work, creative projects, or a private retreat. The unit includes two full baths and one half bath, all finished with luxury materials. A convenient dumbwaiter connects all levels. This luxury garage is located within a gated automotive community in Naperville.
Key Highlights
- Rare three‑story motor condo with 2,300 sq ft, deck, and balcony overlooking a serene preserve.
- Expansive garage space with built‑in bar and bathroom, ideal for entertaining or showcasing vehicles.
- Upscale kitchen with high‑end cabinetry and counters, massive wine coolers, and access to a private balcony.
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
$83,118
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
6.93%
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%
$1,662,360
$1.7M
Cap Rate 7%
$1,187,400
$1.2M
Cap Rate 9%
$923,533
$923.5K
Market Conditions
NOI Build-Up for 7,030 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
$146.8K $20.88/SF
− Vacancy
−$36.0K −$5.12/SF
EGI
$110.8K $15.76/SF
− OpEx
−$27.7K −$3.94/SF
NOI
$83.1K $11.82/SF
Area
Naperville, IL
Vacancy
24.50%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
25.00%
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%
$1,662,360
Cap Rate 7%
$1,187,400
Cap Rate 9%
$923,533
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.39M
NOI $83,118 @ 7.0% cap · market cap 6.93%
Second Best
Industrial
$1.03M
$897.2K – $1.20M
NOI $71,778 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,078 @ 7.0% cap · market cap 9.26%
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 Office 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?
Parking lot & garage - Three-story, 2,300 sq ft unit with deck and balcony.
Where is this parking lot & garage located?
The property is located at 2240 West Ferry Road Naperville, 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: Rare three‑story motor condo with 2,300 sq ft, deck, and balcony overlooking a serene preserve.; Expansive garage space with built‑in bar and bathroom, ideal for entertaining or showcasing vehicles.; Upscale kitchen with high‑end cabinetry and counters, massive wine coolers, and access to a private balcony.
