Versatile Carol Stream Commercial
For Sale
Contact for pricing
415 N Gary Ave, Carol Stream, IL 60188
High-visibility commercial property with adaptable layout and ample parking.
Property Size6,148 SF
Lot Size0.99 Acres
Price / SF$211.29
Days on Market171
Property Features for 415 N Gary Ave
General Information
Standard status
Active
Size
6,148 SF
Class
C
Lot size
0.99 Acres
Property subtype
Business for Sale
Zoning
COMMR
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1970
Buildings
1
Listed By:
Sabrina Herrera · License #272688
Source:
Crexi
Added: Feb 21
Changed: Aug 8
Last Checked: Aug 10 at 2:13PM
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 Sabrina Herrera
Investment Insights
Based on property information with market context.
Located on Gary Avenue in Carol Stream, this property features B3 zoning and nearly one acre of land. The all-brick structure has served the community for over four decades and offers a versatile interior layout. The main level includes a welcoming foyer, three spacious chapels, two private offices, dedicated restrooms, and ample storage. The fully functional lower level expands the possibilities with a lounge and coffee bar, a showroom, a kitchen, an additional bathroom, and more storage. A generous parking lot accommodates approximately 40 vehicles. The property is suited for medical, professional, community-based, or service-oriented users.
Key Highlights
- High‑visibility location on heavily traveled Gary Ave corridor.
- B3 zoning offers strong flexibility for various business types (medical, professional, community‑based, service‑oriented).
- Adaptable interior layout suitable for multiple uses and future evolution.
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
$85,335
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
6.57%
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%
$1,706,700
$1.7M
Cap Rate 7%
$1,219,071
$1.2M
Cap Rate 9%
$948,167
$948.2K
Market Conditions
NOI Build-Up for 6,148 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
$132.8K $21.60/SF
− Vacancy
−$10.9K −$1.77/SF
EGI
$121.9K $19.83/SF
− OpEx
−$36.6K −$5.95/SF
NOI
$85.3K $13.88/SF
Area
DuPage County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$1,706,700
Cap Rate 7%
$1,219,071
Cap Rate 9%
$948,167
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.42M
NOI $85,335 @ 7.0% cap · market cap 6.57%
Second Best
Office B
$1.21M
$1.06M – $1.41M
NOI $84,771 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,584 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 60188, IL
43,053
Population
15,710
Households
2.7
Avg Household Size
39
Median Age
44%
College-Educated
90%
High-School Grad
10.1 sq mi
ZIP Area
4,263
Density / Sq Mi
$107,560
Median Household Income
$47,343
Median Earnings
$1,465
Median Rent
$311,600
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?
Church & religious facility - High-visibility commercial property with adaptable layout and ample parking.
Where is this church & religious facility located?
The property is located at 415 N Gary Ave Carol Stream, IL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: High‑visibility location on heavily traveled Gary Ave corridor.; B3 zoning offers strong flexibility for various business types (medical, professional, community‑based, service‑oriented).; Adaptable interior layout suitable for multiple uses and future evolution.
