NNN Industrial Property with
New
For Sale
$995,000
3531 Martens St, Franklin Park, IL 60131
Leased industrial asset with a long-term corporate occupant, annual CPI adjustments, and recent property improvements.
Property Size9,900 SF
Price / SF$100.51
Days on Market3
Property Features for 3531 Martens St
General Information
Standard status
Active
Size
9,900 SF
Total Parking Spaces
33
Additional Details
Highway Access
Yes
Drive-In Doors
1
Building Details
Year Built
1956
Buildings
1
Building Size
9,900 SF
Tenancy
Single
Listing Agency:
Coldwell Banker Realty
Listed By:
Bruce Heller · License #471007740
(312) 915-4722
Source:
Amyboston.realtopiare
Added: Sep 18
Last Checked: Sep 19 at 11:37AM
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.
Built in 1956, this 9,900-square-foot industrial building is leased on an NNN basis to a publicly traded multinational med-tech and optics company that has occupied the property since 2003. The current lease runs through February 28, 2029 and includes annual CPI adjustments each March. The building includes one drive-in door and 33 parking spaces.
Recent capital work includes a new roof installed in 2022, with 16 years remaining on the warranty, along with masonry repairs. The parking lot has been seal coated and striped. Positioned on a corner parcel, the property is located near interchanges serving I-90, I-94, and I-294, and is 4 miles from O’Hare International Airport. Showings are not available during evenings or weekends.
Recent capital work includes a new roof installed in 2022, with 16 years remaining on the warranty, along with masonry repairs. The parking lot has been seal coated and striped. Positioned on a corner parcel, the property is located near interchanges serving I-90, I-94, and I-294, and is 4 miles from O’Hare International Airport. Showings are not available during evenings or weekends.
Key Highlights
- 9,900 SF industrial building constructed in 1956
- NNN lease runs through Feb 28, 2029 with annual CPI increases each March
- Publicly traded multinational med‑tech and optics company has occupied the property since 2003
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
$42,616
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
4.28%
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%
$852,320
$852.3K
Cap Rate 7%
$608,800
$608.8K
Cap Rate 9%
$473,511
$473.5K
Market Conditions
NOI Build-Up for 9,900 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
$64.2K $6.48/SF
− Vacancy
−$3.3K −$0.33/SF
EGI
$60.9K $6.15/SF
− OpEx
−$18.3K −$1.84/SF
NOI
$42.6K $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%
$852,320
Cap Rate 7%
$608,800
Cap Rate 9%
$473,511
Alternative Uses
Best Use
Industrial
$608.8K
$532.7K – $710.3K
NOI $42,616 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.42M
$2.99M – $3.99M
NOI $239,261 @ 7.0% cap · market cap 24.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
697
Businesses Nearby
Explore this area
Business Placement
Demographics for 60131, IL
18,205
Population
6,120
Households
3
Avg Household Size
39
Median Age
19%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
3,371
Density / Sq Mi
$76,404
Median Household Income
$39,117
Median Earnings
$1,092
Median Rent
$261,800
Median Home Value
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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?
NNN property - Leased industrial asset with a long-term corporate occupant, annual CPI adjustments, and recent property improvements.
Where is this nnn property located?
The property is located at 3531 Martens St Franklin Park, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 9,900 SF industrial building constructed in 1956; NNN lease runs through Feb 28, 2029 with annual CPI increases each March; Publicly traded multinational med‑tech and optics company has occupied the property since 2003
