Flex Space with Heavy
For Sale
Under Contract
$725,000
41W584 US HIGHWAY 20, Hampshire, IL 60140
Commercial Sale, Hampshire, IL
Property Size11,500 SF
Lot Size1.34 Acres
Price / SF$63.04
Days on Market175
Property Features for 41W584 US HIGHWAY 20
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
WEST ON RT. 20 PAST REINKING RD., JUST EAST OF MARSHALL RD.
Subdivision
Hampshire / Pingree Grove
Standard status
Active Under Contract
APN
0503300005
Lot size
1.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9741
Utilities
Cooling system
Central Air
Building Details
Year built
1956
Floors in Building
1
Building materials
Block
Roof type
Membrane
Listing Agency:
RE/MAX Horizon · RE/MAX International
(847) 931-7500
Listed By:
Ben Henrikson · License #475091643
(630) 215-6600
Added: Mar 5
Changed: Aug 19
Last Checked: Aug 27 at 12:06AM
MLS# 12584990
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 11,500-square-foot block flex building was constructed in 1956 and includes approximately 2,000 SF of finished office area, three bathrooms, central air, and a membrane roof replaced with TPO in 2014. The facility has 800+ amps of 240/3-phase power, two drive-in doors measuring 10'H x 12'W, and one dock-level door. The interior configuration could support division into two or three separate spaces.
The property occupies 1.34 acres along US Highway 20 in Hampshire, with a large parking area and additional room for expansion. It is served by a shared well and septic system, with the well shared with the neighboring property. Residential development and businesses are located in the surrounding area.
The property occupies 1.34 acres along US Highway 20 in Hampshire, with a large parking area and additional room for expansion. It is served by a shared well and septic system, with the well shared with the neighboring property. Residential development and businesses are located in the surrounding area.
Key Highlights
- 11,500 square feet on 1.34 acres
- 800+ amps of 240/3‑phase power
- Two 10'H x 12'W drive‑in doors plus one dock‑level door
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
$60,112
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
8.29%
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%
$1,202,240
$1.2M
Cap Rate 7%
$858,743
$858.7K
Cap Rate 9%
$667,911
$667.9K
Market Conditions
NOI Build-Up for 11,500 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
$74.5K $6.48/SF
− Vacancy
−$3.8K −$0.33/SF
EGI
$70.7K $6.15/SF
− OpEx
−$10.6K −$0.92/SF
NOI
$60.1K $5.23/SF
Area
Kane County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,202,240
Cap Rate 7%
$858,743
Cap Rate 9%
$667,911
Alternative Uses
Best Use
Flex RnD
$1.09M
$950.0K – $1.27M
NOI $76,001 @ 7.0% cap · market cap 10.48%
Second Best
Warehouse
$858.7K
$751.4K – $1.00M
NOI $60,112 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$3.97M
$3.47M – $4.63M
NOI $277,930 @ 7.0% cap · market cap 38.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
2
Drive-in doors
Yes
Heavy power
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60140, IL
21,902
Population
7,325
Households
3
Avg Household Size
37
Median Age
38%
College-Educated
93%
High-School Grad
81.0 sq mi
ZIP Area
270
Density / Sq Mi
$114,675
Median Household Income
$58,111
Median Earnings
$1,379
Median Rent
$316,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Block commercial building with office space, multiple loading options, extensive parking, and room for future expansion.
Where is this flex space located?
The property is located at 41W584 US HIGHWAY 20 Hampshire, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 11,500 square feet on 1.34 acres; 800+ amps of 240/3‑phase power; Two 10'H x 12'W drive‑in doors plus one dock‑level door
