Two-Unit Flex
For Sale
Contact for pricing
277 East Helen Road, Palatine, IL 60067
Divisible layout combines warehouse, storage, and office areas within an M-zoned industrial condominium.
Property Size4,314 SF
Price / SF$98.98
Days on Market17
Property Features for 277 East Helen Road
General Information
Standard status
Active
Size
4,314 SF
Property subtype
Industrial
Zoning
M - Manufacturing
Investment Type
Owner/User
Additional Details
Office Units
2
Building Details
Year Built
1986
Year Renovated
2026
Buildings
1
Units
1
Listing Agency:
Brian Properties, Inc.
(847) 640-1500
Listed By:
Phil Brand · License #475.204913
Source:
Crexi
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 30 at 4:59PM
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 Brian Properties, Inc.
Investment Insights
Based on property information with market context.
This property comprises two industrial and flex condominium units configured with warehouse, storage, and office areas. The divisible floor plan supports different operational arrangements, while dual entries provide separate access points within the combined layout. The space is suited to industrial, flex, office, storage, distribution, service, creative, showroom, light manufacturing, and assembly functions described for the property.
The condominium is located at 277 East Helen Road in Palatine, Illinois, and carries M – Manufacturing zoning. The existing configuration can accommodate occupancy with limited customization, depending on the selected use and operational requirements.
The condominium is located at 277 East Helen Road in Palatine, Illinois, and carries M – Manufacturing zoning. The existing configuration can accommodate occupancy with limited customization, depending on the selected use and operational requirements.
Key Highlights
- Two industrial/flex condo units
- Warehouse, storage, and office areas in one divisible layout
- Dual‑entry configuration
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
$22,550
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
5.28%
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%
$451,000
$451.0K
Cap Rate 7%
$322,143
$322.1K
Cap Rate 9%
$250,556
$250.6K
Market Conditions
NOI Build-Up for 4,314 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
$28.0K $6.48/SF
− Vacancy
−$1.4K −$0.33/SF
EGI
$26.5K $6.15/SF
− OpEx
−$4.0K −$0.92/SF
NOI
$22.5K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$451,000
Cap Rate 7%
$322,143
Cap Rate 9%
$250,556
Alternative Uses
Best Use
Office B
$849.8K
$743.5K – $991.4K
NOI $59,483 @ 7.0% cap · market cap 13.93%
Second Best
Flex RnD
$648.9K
$567.8K – $757.1K
NOI $45,426 @ 7.0% cap · market cap 10.64%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,260 @ 7.0% cap · market cap 24.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60067, IL
39,324
Population
16,039
Households
2.5
Avg Household Size
43
Median Age
59%
College-Educated
96%
High-School Grad
13.0 sq mi
ZIP Area
3,025
Density / Sq Mi
$121,572
Median Household Income
$64,520
Median Earnings
$1,521
Median Rent
$427,900
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?
Flex space - Divisible layout combines warehouse, storage, and office areas within an M-zoned industrial condominium.
Where is this flex space located?
The property is located at 277 East Helen Road Palatine, IL.
What is the asking price?
The asking price for this property is $427,000.
What are key features of this property?
This property features: Two industrial/flex condo units; Warehouse, storage, and office areas in one divisible layout; Dual‑entry configuration
