Renovated Multi-Tenant Office
For Sale
Contact for pricing
400 E Diehl Rd, Naperville, IL 60563
Five-story office property with updated common areas, flexible suites, parking, and a tenant lounge near Interstate 88.
Property Size57,967 SF
Price / SF$151.19
Days on Market142
Property Features for 400 E Diehl Rd
General Information
Standard status
Active
Size
57,967 SF
Class
B
Total Parking Spaces
200
Property subtype
Office
Occupancy
92%
Lease Type
Net
Investment Type
Value Add
Net Operating Income
$788,754
Additional Details
Highway Access
Yes
Amenities
two-story atrium lobby
tenant lounge
on-site storage
conference facilities
Building Details
Year Built
1986
Year Renovated
2019
Buildings
1
Stories
5
Tenancy
Multi
Building Size
57,967 SF
Parking Ratio
3.56 per 1,000 SF
Listing Agency:
Marcus & Millichap
Listed By:
Alex Perez · License #MO 2005038930
(314) 889-2500
Source:
Crexi
Added: Apr 15
Changed: Aug 31
Last Checked: Aug 31 at 2:11AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This five-story office building contains 57,967 SF and 21 occupied suites serving professional-services users. Common areas, the lobby, and conference facilities were renovated in 2019. The building includes plug-and-play suites, private offices, collaboration areas, kitchens, balconies, on-site storage, a two-story atrium lobby, and a tenant lounge with free Wi-Fi. Surface-level and covered parking provide 3.56 spaces per 1,000 SF.
At 400 E Diehl Rd in Naperville, the property is positioned at the southeast corner of East Diehl Road and North Washington Street, approximately one mile from Interstate 88 and 30 miles west of downtown Chicago. Costco, Target, dining, fitness, and service amenities surround the office corridor.
The building is 92% leased, with 4,660 SF available for lease-up. No tenant accounts for more than 12.9% of the building, while approximately 60% of GLA is secured by leases signed in 2023 or later. The stated pro forma cap rate is 10.50%, with a 14.7% cash-on-cash return.
At 400 E Diehl Rd in Naperville, the property is positioned at the southeast corner of East Diehl Road and North Washington Street, approximately one mile from Interstate 88 and 30 miles west of downtown Chicago. Costco, Target, dining, fitness, and service amenities surround the office corridor.
The building is 92% leased, with 4,660 SF available for lease-up. No tenant accounts for more than 12.9% of the building, while approximately 60% of GLA is secured by leases signed in 2023 or later. The stated pro forma cap rate is 10.50%, with a 14.7% cash-on-cash return.
Key Highlights
- 57,967 SF, five‑story office building with 21 occupied suites
- 92% leased with 4,660 SF available for lease‑up
- 2019 renovations to common areas, lobby, and conference facilities
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
$685,361
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
7.82%
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%
$13,707,220
$13.7M
Cap Rate 7%
$9,790,871
$9.8M
Cap Rate 9%
$7,615,122
$7.6M
Market Conditions
NOI Build-Up for 57,967 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
$1.21M $20.88/SF
− Vacancy
−$296.5K −$5.12/SF
EGI
$913.8K $15.76/SF
− OpEx
−$228.5K −$3.94/SF
NOI
$685.4K $11.82/SF
Area
Naperville, IL
Vacancy
24.50%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
25.00%
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%
$13,707,220
Cap Rate 7%
$9,790,871
Cap Rate 9%
$7,615,122
Alternative Uses
Best Use
Office B
$9.79M
$8.57M – $11.42M
NOI $685,361 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.08M
$11.45M – $15.27M
NOI $915,916 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,324
Businesses Nearby
Explore this area
Business Placement
Demographics for 60563, IL
37,997
Population
16,911
Households
2.2
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
14.6 sq mi
ZIP Area
2,603
Density / Sq Mi
$106,207
Median Household Income
$71,782
Median Earnings
$1,786
Median Rent
$422,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Five-story office property with updated common areas, flexible suites, parking, and a tenant lounge near Interstate 88.
Where is this office building located?
The property is located at 400 E Diehl Rd Naperville, IL.
What is the asking price?
The asking price for this property is $8,763,934.
What are key features of this property?
This property features: 57,967 SF, five‑story office building with 21 occupied suites; 92% leased with 4,660 SF available for lease‑up; 2019 renovations to common areas, lobby, and conference facilities
