Heavy-Power Manufacturing
New
For Sale
$1,375,000
303 Elgin Avenue, Elgin, IL 60120
Industrial building configured for production, heavy machinery, warehouse storage, and office use with multiple overhead doors.
Property Size15,585 SF
Days on Market2
Property Features for 303 Elgin Avenue
General Information
Standard status
Active
Size
15,585 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$23,597
Building Details
Building Size
15,585 SF
Year Built
1950
Stories
1
Listing Agency:
Coldwell Banker Real Estate Group
(630) 232-6900
Listed By:
Aimee Corbett
(630) 232-6900
Source:
Ozmentrealestate
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 1:28PM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This manufacturing property at 303 Elgin Avenue includes an 8,300-square-foot main building and a 4,680-square-foot addition completed in 2016. The facility has 2,000 amps of 240-volt, three-phase power, a heavy-load floor, multiple mezzanines adding over 1,200 square feet, and a 1,600-square-foot office area with a private executive office. Production and material-handling improvements include three 2-ton hoists, three 1-ton hoists, a 2-ton jib crane, and a 3-ton chain hoist.
The addition provides 16-foot clear ceilings and two overhead doors, measuring 12 feet by 12 feet and 14 feet by 16 feet. The main building includes a 10-foot by 10-foot overhead door, a heated and cooled 42-foot by 40-foot room, air piping with 15- and 20-horsepower compressors, water cooler lines, and multiple floor drains. The main roof was replaced in 2016 with a 50-year Flexicore EPDM system, and the property has 40 parking spaces with access to Rt 20 and proximity to I-90.
The addition provides 16-foot clear ceilings and two overhead doors, measuring 12 feet by 12 feet and 14 feet by 16 feet. The main building includes a 10-foot by 10-foot overhead door, a heated and cooled 42-foot by 40-foot room, air piping with 15- and 20-horsepower compressors, water cooler lines, and multiple floor drains. The main roof was replaced in 2016 with a 50-year Flexicore EPDM system, and the property has 40 parking spaces with access to Rt 20 and proximity to I-90.
Key Highlights
- 2,000 amps of 240‑volt, three‑phase power with a heavy‑load floor
- 8,300‑square‑foot main building plus 4,680‑square‑foot addition completed in 2016
- Material‑handling equipment includes three 2‑ton hoists, three 1‑ton hoists, and a 2‑ton jib crane
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
$81,464
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
5.92%
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%
$1,629,280
$1.6M
Cap Rate 7%
$1,163,771
$1.2M
Cap Rate 9%
$905,156
$905.2K
Market Conditions
NOI Build-Up for 15,585 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
$101.0K $6.48/SF
− Vacancy
−$5.2K −$0.33/SF
EGI
$95.8K $6.15/SF
− OpEx
−$14.4K −$0.92/SF
NOI
$81.5K $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%
$1,629,280
Cap Rate 7%
$1,163,771
Cap Rate 9%
$905,156
Alternative Uses
Best Use
Warehouse
$1.16M
$1.02M – $1.36M
NOI $81,464 @ 7.0% cap · market cap 5.92%
Second Best
Industrial
$958.4K
$838.6K – $1.12M
NOI $67,088 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$5.38M
$4.71M – $6.28M
NOI $376,655 @ 7.0% cap · market cap 27.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 60120, IL
50,799
Population
17,112
Households
3
Avg Household Size
35
Median Age
19%
College-Educated
74%
High-School Grad
17.4 sq mi
ZIP Area
2,919
Density / Sq Mi
$80,305
Median Household Income
$37,495
Median Earnings
$1,250
Median Rent
$227,000
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?
Manufacturing property - Industrial building configured for production, heavy machinery, warehouse storage, and office use with multiple overhead doors.
Where is this manufacturing property located?
The property is located at 303 Elgin Avenue Elgin, IL.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 2,000 amps of 240‑volt, three‑phase power with a heavy‑load floor; 8,300‑square‑foot main building plus 4,680‑square‑foot addition completed in 2016; Material‑handling equipment includes three 2‑ton hoists, three 1‑ton hoists, and a 2‑ton jib crane
