Light Industrial Flex
New
For Sale
$5,500,000
3048 N Lake Terrace, Glenview, IL 60026
Fully leased flex property with tenant parking, signage, and future user space.
Property Size84,825 SF
Lot Size4.00 Acres
Price / SF$64.84
Days on Market4
Property Features for 3048 N Lake Terrace
General Information
Standard status
Active
Size
84,825 SF
Lot size
4.00 Acres
Property subtype
Industrial - Flex - Industrial
Occupancy
100%
Building Details
Building Size
84,825 SF
Units
5
Listing Agency:
Coldwell Banker Realty
Listed By:
Sheryl Fisher · License #475168539
(312) 988-9070
Source:
Commercialcafe
Added: Sep 21
Last Checked: Sep 22 at 1:08PM
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 Realty
Investment Insights
Based on property information with market context.
This light industrial flex complex encompasses 84,825 SF within approximately 4 acres. The property is fully leased and includes tenant parking and signage, with upcoming space identified for an owner-user. Its scale and industrial configuration support both investment ownership and future occupancy planning.
Located at 3048 N Lake Terrace in Glenview, the complex sits adjacent to The Glen and between Willow Road and Lake Avenue. Highway access is nearby, providing a practical transportation connection for tenants and visitors.
Located at 3048 N Lake Terrace in Glenview, the complex sits adjacent to The Glen and between Willow Road and Lake Avenue. Highway access is nearby, providing a practical transportation connection for tenants and visitors.
Key Highlights
- 84,825 SF light industrial flex complex
- Located within 4+/- acres
- Fully leased with upcoming space for a user
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
$365,143
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
6.64%
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%
$7,302,860
$7.3M
Cap Rate 7%
$5,216,329
$5.2M
Cap Rate 9%
$4,057,144
$4.1M
Market Conditions
NOI Build-Up for 84,825 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
$549.7K $6.48/SF
− Vacancy
−$28.0K −$0.33/SF
EGI
$521.6K $6.15/SF
− OpEx
−$156.5K −$1.84/SF
NOI
$365.1K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$7,302,860
Cap Rate 7%
$5,216,329
Cap Rate 9%
$4,057,144
Alternative Uses
Best Use
Flex RnD
$12.76M
$11.17M – $14.89M
NOI $893,207 @ 7.0% cap · market cap 16.24%
Second Best
Industrial
$5.22M
$4.56M – $6.09M
NOI $365,143 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$29.29M
$25.63M – $34.17M
NOI $2,050,034 @ 7.0% cap · market cap 37.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60026, IL
14,518
Population
5,932
Households
2.4
Avg Household Size
49
Median Age
68%
College-Educated
97%
High-School Grad
4.1 sq mi
ZIP Area
3,541
Density / Sq Mi
$157,712
Median Household Income
$97,530
Median Earnings
$1,983
Median Rent
$663,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Fully leased flex property with tenant parking, signage, and future user space.
Where is this flex space located?
The property is located at 3048 N Lake Terrace Glenview, IL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 84,825 SF light industrial flex complex; Located within 4+/- acres; Fully leased with upcoming space for a user
