Heated Flex Shop with
For Sale
Contact for pricing
30 2nd Avenue West, Milan, IL 61264
Brick and steel flex facility with a heated shop, multiple overhead doors, and a fully built-out office suite.
Property Size3,600 SF
Lot Size0.40 Acres
Price / SF$100
Days on Market51
Property Features for 30 2nd Avenue West
General Information
Standard status
Active
Size
3,600 SF
Class
A
Lot size
0.40 Acres
Property subtype
Retail, Industrial
Zoning
Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Amenities
heated shop
LED lighting
private offices
reception area
locker room
break room
stainless appliances
utility/mechanical room
covered entry
Building Details
Year Built
1950
Buildings
1
Construction
brick and steel
Listing Agency:
Epique Realty
Listed By:
Kyle Robinson · License #S62397000/475.163000
(563) 505-1806
Source:
Crexi
Added: Jul 17
Changed: Aug 22
Last Checked: Sep 3 at 7:03AM
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 Epique Realty
Investment Insights
Based on property information with market context.
This brick and steel flex facility includes a heated shop plus a full office suite. The heated shop features open-truss ceilings, tubular infrared heat, LED lighting, floor drains, a large water storage tank, and multiple overhead doors for practical day-to-day access. The office portion is designed for workflow and support, with multiple private offices, a dedicated reception area, an employee locker room, and a fully equipped break room with cabinetry and stainless appliances, along with two bathrooms and a utility/mechanical room. A brick front elevation with a covered entry helps present a professional street-facing look.
Set on a prominent corner lot in Milan, Illinois, the property sits on a nearly 0.4-acre all-concrete, fully fenced yard. The concrete yard wraps around the building and provides direct access to the shop doors, offering room that can support fleet parking, equipment staging, and outdoor storage in addition to the building itself.
Overall, the layout is suited for an owner-user seeking to consolidate office and shop operations under one roof, supported by both indoor shop functionality and enclosed outdoor work space.
Set on a prominent corner lot in Milan, Illinois, the property sits on a nearly 0.4-acre all-concrete, fully fenced yard. The concrete yard wraps around the building and provides direct access to the shop doors, offering room that can support fleet parking, equipment staging, and outdoor storage in addition to the building itself.
Overall, the layout is suited for an owner-user seeking to consolidate office and shop operations under one roof, supported by both indoor shop functionality and enclosed outdoor work space.
Key Highlights
- Approximately 3,600 SF brick and steel commercial/industrial building built in 1950 on nearly 0.4 acres
- Heated shop includes open‑truss ceilings, tubular infrared heat, LED lighting, and floor drains
- Shop has multiple overhead doors and direct access from an expansive, all‑concrete, fully fenced yard
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
$29,773
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
8.27%
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%
$595,460
$595.5K
Cap Rate 7%
$425,329
$425.3K
Cap Rate 9%
$330,811
$330.8K
Market Conditions
NOI Build-Up for 3,600 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
$49.7K $13.80/SF
− Vacancy
−$3.9K −$1.08/SF
EGI
$45.8K $12.72/SF
− OpEx
−$16.0K −$4.45/SF
NOI
$29.8K $8.27/SF
Area
Rock Island County, IL
Vacancy
7.80%
Lease Rate
$13.80 /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%
$595,460
Cap Rate 7%
$425,329
Cap Rate 9%
$330,811
Alternative Uses
Best Use
Flex RnD
$425.3K
$372.2K – $496.2K
NOI $29,773 @ 7.0% cap · market cap 8.27%
Second Best
Warehouse
$401.5K
$351.3K – $468.5K
NOI $28,107 @ 7.0% cap · market cap 7.81%
Theoretical Best
Healthcare Medical
$613.1K
$536.5K – $715.3K
NOI $42,917 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61264, IL
10,157
Population
4,978
Households
2
Avg Household Size
47
Median Age
23%
College-Educated
91%
High-School Grad
68.9 sq mi
ZIP Area
147
Density / Sq Mi
$78,285
Median Household Income
$50,389
Median Earnings
$832
Median Rent
$147,700
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 - Brick and steel flex facility with a heated shop, multiple overhead doors, and a fully built-out office suite.
Where is this flex space located?
The property is located at 30 2nd Avenue West Milan, IL.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Approximately 3,600 SF brick and steel commercial/industrial building built in 1950 on nearly 0.4 acres; Heated shop includes open‑truss ceilings, tubular infrared heat, LED lighting, and floor drains; Shop has multiple overhead doors and direct access from an expansive, all‑concrete, fully fenced yard
