Leased Office Condo
For Sale
$160,000
280 Stonegate Road #280, Algonquin, IL 60102
Office condo suite with waiting area, three private offices, bullpen space, kitchenette, private washroom, and storage.
Property Size1,001 SF
Days on Market283
Property Features for 280 Stonegate Road #280
General Information
Standard status
Active
Size
1,001 SF
Property subtype
Commercial
Zoning
OFFIC
Taxes and HOA fees
Annual Taxes
$3,827
Building Details
Building Size
1,001 SF
Year Built
2003
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Perillo Real Estate Group
(224) 634-4476
Listed By:
Richard Perillo · License #471020096
(224) 634-4476
Source:
Birdrealtysells
Added: Nov 13, 2025
Changed: Aug 13
Last Checked: Aug 22 at 12:49PM
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 Perillo Real Estate Group
Investment Insights
Based on property information with market context.
This professional commercial office condo suite is configured with an admin area, a waiting room, three private offices, and a bullpen area designed for open work collaboration. The space also includes a kitchenette with a sink, a private washroom, and dedicated storage.
The property is located on Stonegate Road just east of Randall Road in Algonquin, offering nearby access to shopping, restaurants, grocery, child care, and Lifetime Fitness.
As currently leased through 3/31/2026, the suite may appeal to buyers looking for an office condo with an established tenant and defined interior improvements. The mix of private offices and bullpen space supports a range of professional uses that benefit from both client-facing reception and day-to-day team work areas.
The property is located on Stonegate Road just east of Randall Road in Algonquin, offering nearby access to shopping, restaurants, grocery, child care, and Lifetime Fitness.
As currently leased through 3/31/2026, the suite may appeal to buyers looking for an office condo with an established tenant and defined interior improvements. The mix of private offices and bullpen space supports a range of professional uses that benefit from both client-facing reception and day-to-day team work areas.
Key Highlights
- Office condo suite in a 2003‑built professional commercial office condo on Stonegate Road (just east of Randall Road).
- Suite layout includes an admin area, waiting room, 3 private offices, and a bullpen area.
- Includes a kitchenette with sink, a private washroom, and storage.
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
$13,802
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
8.63%
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%
$276,040
$276.0K
Cap Rate 7%
$197,171
$197.2K
Cap Rate 9%
$153,356
$153.4K
Market Conditions
NOI Build-Up for 1,001 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
$24.5K $24.48/SF
− Vacancy
−$6.1K −$6.10/SF
EGI
$18.4K $18.38/SF
− OpEx
−$4.6K −$4.60/SF
NOI
$13.8K $13.79/SF
Area
McHenry County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$276,040
Cap Rate 7%
$197,171
Cap Rate 9%
$153,356
Alternative Uses
Best Use
Office B
$197.2K
$172.5K – $230.0K
NOI $13,802 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$345.6K
$302.4K – $403.2K
NOI $24,192 @ 7.0% cap · market cap 15.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 60102, IL
31,959
Population
12,076
Households
2.6
Avg Household Size
42
Median Age
43%
College-Educated
95%
High-School Grad
15.8 sq mi
ZIP Area
2,023
Density / Sq Mi
$128,070
Median Household Income
$59,484
Median Earnings
$1,826
Median Rent
$320,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condo suite with waiting area, three private offices, bullpen space, kitchenette, private washroom, and storage.
Where is this office units located?
The property is located at 280 Stonegate Road #280 Algonquin, IL.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Office condo suite in a 2003‑built professional commercial office condo on Stonegate Road (just east of Randall Road).; Suite layout includes an admin area, waiting room, 3 private offices, and a bullpen area.; Includes a kitchenette with sink, a private washroom, and storage.
