Flexible Industrial Office
For Sale
$204,900
31632 N Ellis Drive #111, Volo, IL 60073
Move-in-ready commercial suite combining private offices with practical warehouse functionality.
Property Size1,776 SF
Price / SF$115.37
Days on Market47
Property Features for 31632 N Ellis Drive #111
General Information
Standard status
Active
Size
1,776 SF
Property subtype
Commercial
Zoning
INDUS
Warehouse & Industrial
Drive-In Doors
1
Loading
Rear Load
Power
200 amps
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,151
Building Details
Building Size
1,776 SF
Year Built
1999
Stories
1
Units
1
Listing Agency:
Royal Homes, LLC
(815) 510-7600
Listed By:
Sara Valadez
(815) 510-7600
Source:
Gia-sells
Added: Jun 27
Changed: Aug 12
Last Checked: Aug 12 at 1:00PM
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, built in 1999, combines a reception area, multiple private offices, two private restrooms, and a warehouse/work area. A 10-foot rear drive-in overhead door supports loading, deliveries, equipment, and inventory access. The property also includes 200-amp electrical service, central HVAC, forced-air heat, and ceiling heights ranging from 8' to 12'.
Located at 31632 N Ellis Drive #111 in Volo, the property is within a professionally maintained business park with access to Route 12 and Route 120. Immediate occupancy is available. Interior office partitions are non-load-bearing, allowing the existing arrangement to be reconfigured for additional warehouse area, an open shop, storage, or another operational layout.
Located at 31632 N Ellis Drive #111 in Volo, the property is within a professionally maintained business park with access to Route 12 and Route 120. Immediate occupancy is available. Interior office partitions are non-load-bearing, allowing the existing arrangement to be reconfigured for additional warehouse area, an open shop, storage, or another operational layout.
Key Highlights
- 1,776‑square‑foot industrial office condominium
- Warehouse/work area with a 10‑foot rear drive‑in overhead door
- 200‑amp electrical service, 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
1
Drive-in doors
Yes
Highway access
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 commercial suite combining private offices with practical warehouse functionality.
Where is this flex space located?
The property is located at 31632 N Ellis Drive #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; Warehouse/work area with a 10‑foot rear drive‑in overhead door; 200‑amp electrical service, central HVAC, and forced‑air heat
