Heavy-Power Manufacturing
New
For Sale
$1,375,000
303 Elgin Avenue, Elgin, IL 60120
Industrial facility configured for production, heavy machinery, overhead lifting, storage, and warehouse operations.
Property Size15,585 SF
Days on Market6
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:
Midwestrealestate
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 4:22PM
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 brick-and-block manufacturing facility occupies a 0.9067-acre site and includes an 8,300-square-foot main building plus a 4,680-square-foot addition completed in 2016. Electrical service provides 2,000 amps of 240-volt, three-phase power. The property includes a gantry system with three 2-ton hoists, three 1-ton hoists, a 2-ton jib crane, and a separate 3-ton chain hoist. The main building has a 10-by-10-foot overhead door and three mezzanines adding more than 1,200 square feet, including a warehouse office and two heavy-storage platforms. A 42-by-40-foot heated and cooled room supports additional production use.
The addition has 16-foot clear ceilings, one 12-by-12-foot overhead door, and one 14-by-16-foot overhead door, each with an opener. Building systems include air piping, 15- and 20-HP air compressors, water cooler lines, multiple floor drains, updated LED lighting, radio-monitored fire alarm service, and a security system. The main roof was replaced in 2016 with a 50-year Flexicore EPDM system, with 10 years of warranty remaining. The office area is approximately 1,600 square feet and includes a private executive office. Forty parking spaces serve the front, side, and rear, with room east of the building for truck parking and a potential loading dock. The property has immediate access to Rt 20 and is near I-90.
The addition has 16-foot clear ceilings, one 12-by-12-foot overhead door, and one 14-by-16-foot overhead door, each with an opener. Building systems include air piping, 15- and 20-HP air compressors, water cooler lines, multiple floor drains, updated LED lighting, radio-monitored fire alarm service, and a security system. The main roof was replaced in 2016 with a 50-year Flexicore EPDM system, with 10 years of warranty remaining. The office area is approximately 1,600 square feet and includes a private executive office. Forty parking spaces serve the front, side, and rear, with room east of the building for truck parking and a potential loading dock. The property has immediate access to Rt 20 and is near I-90.
Key Highlights
- 2,000 amps of 240 3 phase power for manufacturing operations
- 0.9067‑acre site with an 8,300 sf main building and 4,680 sf 2016 addition
- Gantry system 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 facility configured for production, heavy machinery, overhead lifting, storage, and warehouse operations.
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 3 phase power for manufacturing operations; 0.9067‑acre site with an 8,300 sf main building and 4,680 sf 2016 addition; Gantry system includes three 2 ton hoists, three 1 ton hoists, and a 2 ton jib crane
