Showroom with Equipment Service
New
For Sale
$3,495,000
26336 Heritage Dr, Elwood, IL 60421
C-2 commercial zoning and special-use approval support equipment sales, limited repairs, and related commercial operations.
Property Size10,985 SF
Lot Size3.29 Acres
Price / SF$318.16
Days on Market5
Property Features for 26336 Heritage Dr
General Information
Standard status
Active
Size
10,985 SF
Lot size
3.29 Acres
Zoning
C-2
Additional Details
Traffic Count
6,100 vehicles/day
Sprinkler System
Yes
Amenities
professional showroom
three private offices
service counter
customer waiting area
ADA-compliant restrooms
20' ceilings with 18' clear height
in-floor radiant heat
8" concrete floors
wash bay
break room with kitchenette
utility room
monitored fire alarm
security camera and alarm systems
208V 400-amp three-phase power
triple trap basins
Starlink internet
overhead doors
fenced yard
aluminum gates
Building Details
Year Built
2024
Buildings
1
Listing Agency:
RE/MAX Ultimate Professionals
(815) 405-8953
Listed By:
Daniel Condon, Kayleigh Condon · License #471021898
Source:
Liveliferealty
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 29 at 11:44AM
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 RE/MAX Ultimate Professionals
Investment Insights
Based on property information with market context.
This 10,985 SF showroom and service facility, built in 2024, combines customer-facing space with substantial operational improvements. The interior includes three private offices, a service counter, waiting area, two ADA-compliant restrooms, break room with kitchenette, utility room, and a shop with approximately 20-foot ceilings and 18-foot clear height. In-floor radiant heat, 8-inch concrete shop floors, a 23-by-70-foot wash bay, fire protection systems, security systems, and multiple overhead doors support equipment-focused operations. The property also has 208V 400-amp three-phase power, triple trap basins, and Starlink internet.
The 3.29-acre property includes approximately 2.17 acres of secure fenced yard with paved, concrete, and gravel surfaces. A 6-foot perimeter fence and 40-foot aluminum gates accommodate commercial vehicles and equipment. Positioned along a corridor reporting approximately 6,100 average annual daily traffic, the site is addressed at 26336 Heritage Dr, Elwood, IL 60421. Current C-2 General Commercial zoning and a special-use PUD approval with the Village of Elwood support equipment dealership and limited repair operations.
The 3.29-acre property includes approximately 2.17 acres of secure fenced yard with paved, concrete, and gravel surfaces. A 6-foot perimeter fence and 40-foot aluminum gates accommodate commercial vehicles and equipment. Positioned along a corridor reporting approximately 6,100 average annual daily traffic, the site is addressed at 26336 Heritage Dr, Elwood, IL 60421. Current C-2 General Commercial zoning and a special-use PUD approval with the Village of Elwood support equipment dealership and limited repair operations.
Key Highlights
- 10,985 SF facility on 3.29 acres, with potential expansion to 5.45 acres
- Approximately 2.17 +/- acres of secure fenced yard with paved, concrete, and gravel surfaces
- 23' x 70' wash bay with Hotsy 3,000 PSI hot water pressure washer
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
$103,808
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
2.97%
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%
$2,076,160
$2.1M
Cap Rate 7%
$1,482,971
$1.5M
Cap Rate 9%
$1,153,422
$1.2M
Market Conditions
NOI Build-Up for 10,985 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
$164.8K $15.00/SF
− Vacancy
−$16.5K −$1.50/SF
EGI
$148.3K $13.50/SF
− OpEx
−$44.5K −$4.05/SF
NOI
$103.8K $9.45/SF
Area
Will County, IL
Vacancy
10.00%
Lease Rate
$15.00 /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%
$2,076,160
Cap Rate 7%
$1,482,971
Cap Rate 9%
$1,153,422
Alternative Uses
Best Use
Retail
$1.48M
$1.30M – $1.73M
NOI $103,808 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,398 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6,100 VPD
Traffic count
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60421, IL
3,734
Population
1,645
Households
2.3
Avg Household Size
45
Median Age
18%
College-Educated
96%
High-School Grad
59.8 sq mi
ZIP Area
62
Density / Sq Mi
$101,818
Median Household Income
$51,306
Median Earnings
$989
Median Rent
$251,400
Median Home Value
Market
Vacancy Rate% for Retail 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?
Showroom - C-2 commercial zoning and special-use approval support equipment sales, limited repairs, and related commercial operations.
Where is this showroom located?
The property is located at 26336 Heritage Dr Elwood, IL.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 10,985 SF facility on 3.29 acres, with potential expansion to 5.45 acres; Approximately 2.17 +/- acres of secure fenced yard with paved, concrete, and gravel surfaces; 23' x 70' wash bay with Hotsy 3,000 PSI hot water pressure washer
