Storefront Unit with Central
For Sale
$204,900
31632 N Ellis Drive 111, Volo, IL 60073
Industrial-zoned commercial unit with central air in a multi-building complex.
Property Size1,776 SF
Days on Market47
Property Features for 31632 N Ellis Drive 111
General Information
Standard status
Active
Size
1,776 SF
Zoning
INDUS
Net Operating Income
$11,707
Taxes and HOA fees
Annual Taxes
$5,151
Amenities
Central Air
Building Details
Building Size
1,776 SF
Year Built
1999
Stories
1
Listing Agency:
(847) 845-7788
Listed By:
Sara Valadez · License #475147650
(847) 845-7788
Source:
Evrealestate
Added: Jun 27
Changed: Aug 10
Last Checked: Aug 12 at 5:05AM
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 Sara Valadez
Investment Insights
Based on property information with market context.
Unit 111 is a storefront commercial space within a complex at 31632 N Ellis Drive in Volo, Illinois. Built in 1999, the property includes central air and carries INDUS zoning.
Access is from Route 120 via Route 12 and N Ellis Drive, with the unit reached through the complex’s first entrance and internal drive. The property is located in Lake County and is identified as a storefront property.
Access is from Route 120 via Route 12 and N Ellis Drive, with the unit reached through the complex’s first entrance and internal drive. The property is located in Lake County and is identified as a storefront property.
Key Highlights
- Central air conditioning
- INDUS zoning
- Built in 1999
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
$18,163
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
8.86%
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%
$363,260
$363.3K
Cap Rate 7%
$259,471
$259.5K
Cap Rate 9%
$201,811
$201.8K
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
$26.6K $15.00/SF
− Vacancy
−$693 −$0.39/SF
EGI
$25.9K $14.61/SF
− OpEx
−$7.8K −$4.38/SF
NOI
$18.2K $10.23/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$15.00 /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%
$363,260
Cap Rate 7%
$259,471
Cap Rate 9%
$201,811
Alternative Uses
Best Use
Office B
$349.8K
$306.1K – $408.1K
NOI $24,488 @ 7.0% cap · market cap 11.95%
Second Best
Retail
$259.5K
$227.0K – $302.7K
NOI $18,163 @ 7.0% cap · market cap 8.86%
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
Current Use
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?
Storefront property - Industrial-zoned commercial unit with central air in a multi-building complex.
Where is this storefront property 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: Central air conditioning; INDUS zoning; Built in 1999
