Industrial Flex Condominium with
For Sale
$204,900
31632 N Ellis Dr Unit 111, Volo, IL 60073
Move-in-ready flex space combines private offices, warehouse functionality, and adaptable interior partitions in a Light Industrial zoning district.
Property Size1,776 SF
Price / SF$115.37
Days on Market24
Property Features for 31632 N Ellis Dr Unit 111
General Information
Standard status
Active
Size
1,776 SF
Zoning
LI
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
12 ft
Drive-In Doors
1
Power
200 amps
Additional Details
Office Units
1
Building Details
Year Built
1999
Listing Agency:
Royal Homes, LLC
(815) 510-7600
Listed By:
Sara Valadez
Source:
Tumpanelegacy
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 25 at 5:46AM
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 Royal Homes, LLC
Investment Insights
Based on property information with market context.
This 1,776-square-foot industrial condominium combines a reception area, multiple private offices, two private restrooms, and a warehouse/work area within a professionally maintained business park. A 10-foot rear drive-in overhead door supports loading, deliveries, equipment, and inventory access. The property includes central HVAC, forced-air heat, 200-amp electrical service, and ceiling heights ranging from 8' to 12'.
Built in 1999, the space offers immediate occupancy and an interior layout that can be adjusted as operations change. Non-load-bearing partition walls allow the office arrangement to be modified for additional warehouse area, storage, an open contractor shop, or other business needs. The property is located at 31632 N Ellis Dr Unit 111 in Volo, within a Light Industrial (LI) zoning district, with access to Route 12 and Route 120.
Built in 1999, the space offers immediate occupancy and an interior layout that can be adjusted as operations change. Non-load-bearing partition walls allow the office arrangement to be modified for additional warehouse area, storage, an open contractor shop, or other business needs. The property is located at 31632 N Ellis Dr Unit 111 in Volo, within a Light Industrial (LI) zoning district, with access to Route 12 and Route 120.
Key Highlights
- 1,776‑square‑foot industrial office condominium
- 10‑foot rear drive‑in overhead door for loading and deliveries
- 200‑amp electrical service with central HVAC and forced‑air heat
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
$10,375
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
5.06%
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%
$207,500
$207.5K
Cap Rate 7%
$148,214
$148.2K
Cap Rate 9%
$115,278
$115.3K
Market Conditions
NOI Build-Up for 1,776 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
$16.8K $9.48/SF
− Vacancy
−$875 −$0.49/SF
EGI
$16.0K $8.99/SF
− OpEx
−$5.6K −$3.15/SF
NOI
$10.4K $5.84/SF
Area
Lake County, IL
Vacancy
5.20%
Lease Rate
$9.48 /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%
$207,500
Cap Rate 7%
$148,214
Cap Rate 9%
$115,278
Alternative Uses
Best Use
Office B
$349.8K
$306.1K – $408.1K
NOI $24,488 @ 7.0% cap · market cap 11.95%
Second Best
Flex RnD
$148.2K
$129.7K – $172.9K
NOI $10,375 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$613.2K
$536.5K – $715.4K
NOI $42,922 @ 7.0% cap · market cap 20.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
1
Office units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60073, IL
61,721
Population
20,864
Households
3
Avg Household Size
34
Median Age
27%
College-Educated
81%
High-School Grad
18.5 sq mi
ZIP Area
3,336
Density / Sq Mi
$95,457
Median Household Income
$43,228
Median Earnings
$1,461
Median Rent
$215,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Move-in-ready flex space combines private offices, warehouse functionality, and adaptable interior partitions in a Light Industrial zoning district.
Where is this flex space located?
The property is located at 31632 N Ellis Dr Unit 111 Volo, IL.
What is the asking price?
The asking price for this property is $204,900.
What are key features of this property?
This property features: 1,776‑square‑foot industrial office condominium; 10‑foot rear drive‑in overhead door for loading and deliveries; 200‑amp electrical service with central HVAC and forced‑air heat
