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    23937 S Northern Illinois Drive Channahon, IL 60410

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    For Lease
    $30,000

    5-acre truck terminal with 5,000 SF office space for lease.

    Type:Industrial
    Property size:
    5,000 SF
    Added:
    Nov 21, 2025
    Days on Market:
    136
    Last Refresh:
    Dec 3 at 5:33 am

    Property Features for 23937 S Northern Illinois Drive

    General Information

    Standard status
    Active
    Size
    5,000 SF
    Property subtype
    Industrial

    Spaces For Lease

    at 23937 S Northern Illinois Drive Contact us

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    Listing Contact
    SHERAN WHITAKER

    Listing agent SHERAN WHITAKER

    Listing office NEW TOWN REALTY

    Listing date Nov 21, 2025

    Source Naiglobal

    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 NEW TOWN REALTY

    Overview

    Truck Terminal with Secured Yard

    This truck terminal is available for sale or lease and features a 5.0 acre land site with a 5,000 SF office. The property is fully fenced and secured, including an electric fence. The interior office has new finishes. The lot is lighted and graveled, providing trailer parking. It is zoned for industrial use. The location offers close proximity to UP Global IV & BNSF Elwood and I-55. The property benefits from low Will County taxes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    TVA Containers Parking Parking Lot & Garage UPS Drop Box (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Channahon
    County
    Grundy
    State
    Illinois
    Longitude
    -88.2030053
    Latitude
    41.4483267

    Nearby Similar for Lease

    • $30,000/mo

      Truck Terminal Near Rail Yards

      5-acre truck terminal with office, parking, and industrial zoning.
      23937 S Northern Illinois Drive, Channahon, IL 60410
      View Details
    • $13/mo

      Retail/Office Space on Route 6

      1,200 SF retail/office space with high visibility.
      24441 West Eames Street, Channahon, IL
      View Details
    • Contact for pricing

      Channahon Warehouse Space Available

      12,556 SF warehouse space near I-55 and intermodal terminal.
      23348 W Eames St, Channahon, IL
      View Details
    • Contact for pricing

      Channahon Industrial Buildings with Yard

      Two industrial buildings with yard space available for lease.
      24231 Riverside Dr, Channahon, IL
      View Details
    • Contact for pricing

      Channahon Warehouse and Industrial Space

      Two buildings with yard space and convenient loading options available.
      24311 Riverside Dr, Channahon, IL
      View Details
    • Contact for pricing

      Trailer Stalls Near I-55 Access

      6.78-acre lot with 148 trailer stalls, immediate I-55 access.
      27353 S Frontage Rd E, Channahon, IL
      View Details

    FAQs

    What type of property is this?
    Truck terminal - 5-acre truck terminal with 5,000 SF office space for lease.
    Where is this truck terminal located?
    The property is located at 23937 S Northern Illinois Drive Channahon, IL.
    What is the lease rate?
    The lease rate is $30,000.
    What are key features of this property?
    This property features: Close proximity to UP Global IV & BNSF Elwood; 5.0 acre land site; Fully fenced and secured with electric fence
    (850) 258-6429
    We can help!
    Listing Contact
    SHERAN WHITAKER
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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