Flex Retail-Industrial
For Sale
Contact for pricing
2449 PIERCE DR, Spring Grove, IL 60081
Multi-tenant flex building with large driveways and ample parking for retailers or light industrial users.
Property Size25,312 SF
Price / SF$86.92
Days on Market69
Property Features for 2449 PIERCE DR
General Information
Standard status
Active
Size
25,312 SF
Class
B
Total Parking Spaces
75
Property subtype
Retail, Industrial
Zoning
B2
Occupancy
100%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$99,125
Building Details
Year Built
1996
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Entre Commercial Realty LLC
(847) 854-2300
Listed By:
Kevin Kaplan, CCIM · License #IL 475168120
Source:
Crexi
Added: Jun 1
Changed: Aug 8
Last Checked: Aug 8 at 7:56AM
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 Entre Commercial Realty LLC
Investment Insights
Based on property information with market context.
This for-sale flex retail/industrial building totals 25,200 square feet and includes five tenant spaces, offering a flexible setup for mixed uses or multiple operators. The property is described as having plenty of parking and large DID’s, supporting convenient customer or delivery access.
The building is located at 2449 Pierce Dr in Spring Grove, IL. Public remarks note proximity to established retailers and businesses, including Jewel, McDonalds, UHaul, and Chase Bank, which can provide an active surrounding retail and services environment.
As a flexible owner-operator or investment asset, the layout supports a range of tenant types consistent with retail and light industrial needs, with multiple units rather than a single-occupant configuration. Tenants that value on-site parking and straightforward access for visitors and vehicles may find the property especially practical given the described parking availability and large drive areas.
The building is located at 2449 Pierce Dr in Spring Grove, IL. Public remarks note proximity to established retailers and businesses, including Jewel, McDonalds, UHaul, and Chase Bank, which can provide an active surrounding retail and services environment.
As a flexible owner-operator or investment asset, the layout supports a range of tenant types consistent with retail and light industrial needs, with multiple units rather than a single-occupant configuration. Tenants that value on-site parking and straightforward access for visitors and vehicles may find the property especially practical given the described parking availability and large drive areas.
Key Highlights
- 25,200 SF flex retail/industrial building built in 1996
- Multi‑tenant setup with 5 tenant spaces
- Ample on‑site parking and large driveways
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
$151,126
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
6.87%
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%
$3,022,520
$3.0M
Cap Rate 7%
$2,158,943
$2.2M
Cap Rate 9%
$1,679,178
$1.7M
Market Conditions
NOI Build-Up for 25,312 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
$246.0K $9.72/SF
− Vacancy
−$13.5K −$0.53/SF
EGI
$232.5K $9.19/SF
− OpEx
−$81.4K −$3.21/SF
NOI
$151.1K $5.97/SF
Area
McHenry County, IL
Vacancy
5.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
35.00%
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%
$3,022,520
Cap Rate 7%
$2,158,943
Cap Rate 9%
$1,679,178
Alternative Uses
Best Use
Retail
$3.49M
$3.05M – $4.07M
NOI $244,248 @ 7.0% cap · market cap 11.10%
Second Best
Flex RnD
$2.16M
$1.89M – $2.52M
NOI $151,126 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$8.74M
$7.65M – $10.20M
NOI $611,736 @ 7.0% cap · market cap 27.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60081, IL
9,396
Population
3,436
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
94%
High-School Grad
19.7 sq mi
ZIP Area
477
Density / Sq Mi
$116,278
Median Household Income
$52,404
Median Earnings
$1,204
Median Rent
$332,800
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?
Flex space - Multi-tenant flex building with large driveways and ample parking for retailers or light industrial users.
Where is this flex space located?
The property is located at 2449 PIERCE DR Spring Grove, IL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 25,200 SF flex retail/industrial building built in 1996; Multi‑tenant setup with 5 tenant spaces; Ample on‑site parking and large driveways
