Modern Flex Space in
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4222-4248 Meridian Pkwy, Aurora, IL 60504
Single-story complex suitable for office or light industrial uses.
Property Size21,500 SF
Price / SF$149.83
Days on Market1684
Property Features for 4222-4248 Meridian Pkwy
General Information
Standard status
Active
Size
21,500 SF
Property subtype
Office, Industrial
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
2008
Stories
1
Tenancy
Single
Listing Agency:
Versa Real Estate Services
(630) 480-6346
Listed By:
Ryan Moen · License #IL 471011256
Source:
Crexi
Added: Jan 10, 2022
Changed: Aug 14
Last Checked: Aug 20 at 5:18PM
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 Versa Real Estate Services
Investment Insights
Based on property information with market context.
This modern, single-story complex is located within the Meridian Business Campus, offering proximity to shopping and dining options along Route 59. Zoned M1 (Manufacturing District, Limited), the property accommodates various light industrial and office uses. The building provides up to 21,476 square feet, divisible to 3,991 square feet, and features 1200 amp, 3-phase service, 36-foot column spacing, and approximately 14'6" clear height. Up to three 12' x 12' drive-in doors/docks are available for box truck access. The building is fully air-conditioned and includes a parking ratio of up to 4 spaces per 1,000 square feet. Monument signage is available along Meridian Parkway. The interior features exposed ceilings and well-appointed finishes. The property can be fully occupied for office or industrial purposes, or partially occupied with the remaining space leased out.
Key Highlights
- Up to 21,476 SF of flexible space, divisible to 3,991 SF, suitable for office or light industrial uses, offering owner‑occupancy or investment potential.
- Located in the Meridian Business Campus, surrounded by corporate users and with convenient access to Route 59 shopping and dining.
- M1 zoning allows for a variety of light industrial and office uses.
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
$272,932
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
8.47%
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%
$5,458,640
$5.5M
Cap Rate 7%
$3,899,029
$3.9M
Cap Rate 9%
$3,032,578
$3.0M
Market Conditions
NOI Build-Up for 21,500 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
$451.5K $21.00/SF
− Vacancy
−$31.6K −$1.47/SF
EGI
$419.9K $19.53/SF
− OpEx
−$147.0K −$6.84/SF
NOI
$272.9K $12.69/SF
Area
Aurora, IL
Vacancy
7.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
35.00%
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%
$5,458,640
Cap Rate 7%
$3,899,029
Cap Rate 9%
$3,032,578
Alternative Uses
Best Use
Flex RnD
$3.90M
$3.41M – $4.55M
NOI $272,932 @ 7.0% cap · market cap 8.47%
Second Best
Industrial
$3.71M
$3.25M – $4.33M
NOI $259,739 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$6.16M
$5.39M – $7.18M
NOI $430,860 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60504, IL
38,901
Population
15,029
Households
2.6
Avg Household Size
35
Median Age
49%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
4,421
Density / Sq Mi
$98,249
Median Household Income
$48,678
Median Earnings
$1,861
Median Rent
$272,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Single-story complex suitable for office or light industrial uses.
Where is this flex space located?
The property is located at 4222-4248 Meridian Pkwy Aurora, IL.
What is the asking price?
The asking price for this property is $3,221,400.
What are key features of this property?
This property features: Up to 21,476 SF of flexible space, divisible to 3,991 SF, suitable for office or light industrial uses, offering owner‑occupancy or investment potential.; Located in the Meridian Business Campus, surrounded by corporate users and with convenient access to Route 59 shopping and dining.; M1 zoning allows for a variety of light industrial and office uses.
