Flex Space with Overhead
For Sale
$389,900
424 Fort Hill Drive #135, Naperville, IL 60540
Industrial-zoned unit combines private offices with functional warehouse space.
Property Size71,048 SF
Price / SF$216.61
Days on Market152
Property Features for 424 Fort Hill Drive #135
General Information
Standard status
Active
Size
71,048 SF
Property subtype
Commercial
Zoning
INDUS
Warehouse & Industrial
Warehouse Space
600 SF
Office Build-Out
1,200 SF
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$5,373
Amenities
full bathroom with shower
laundry hookups
kitchenette
drop ceilings
new A/C unit
Building Details
Building Size
71,048 SF
Year Built
2006
Stories
1
Units
1
Listing Agency:
Real Time Realty LLC
(630) 357-8200
Listed By:
Scott Gerami · License #47100550
(630) 357-8200
Source:
Midwestrealestate
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 2 at 8:02AM
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 Real Time Realty LLC
Investment Insights
Based on property information with market context.
This flex space contains approximately 1,800 sq. ft. across office and warehouse areas. The approximately 1,200 sq. ft. office portion includes six private offices, drop ceilings, a full bathroom with shower, laundry hookups, and a kitchenette with a full-size refrigerator. A 600 sq. ft. warehouse area adds practical storage and work space, with a 12' overhead door supporting loading and material movement.
The property is zoned INDUS and was built in 2006. A new A/C unit was installed in 2025, adding a recent mechanical improvement to the existing office and warehouse configuration.
The property is zoned INDUS and was built in 2006. A new A/C unit was installed in 2025, adding a recent mechanical improvement to the existing office and warehouse configuration.
Key Highlights
- Approximately 1,800 sq. ft. of combined office and warehouse space
- Approximately 1,200 sq. ft. of office area with six private offices
- 600 sq. ft. warehouse with a 12' overhead 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
$25,461
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
6.53%
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%
$509,220
$509.2K
Cap Rate 7%
$363,729
$363.7K
Cap Rate 9%
$282,900
$282.9K
Market Conditions
NOI Build-Up for 1,800 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
$32.0K $17.76/SF
− Vacancy
−$2.0K −$1.12/SF
EGI
$30.0K $16.64/SF
− OpEx
−$4.5K −$2.50/SF
NOI
$25.5K $14.14/SF
Area
Naperville, IL
Vacancy
6.30%
Lease Rate
$17.76 /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%
$509,220
Cap Rate 7%
$363,729
Cap Rate 9%
$282,900
Alternative Uses
Best Use
Warehouse
$363.7K
$318.3K – $424.4K
NOI $25,461 @ 7.0% cap · market cap 6.53%
Second Best
Office B
$304.0K
$266.0K – $354.7K
NOI $21,282 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$406.3K
$355.5K – $474.0K
NOI $28,441 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60540, IL
44,201
Population
16,253
Households
2.7
Avg Household Size
41
Median Age
72%
College-Educated
98%
High-School Grad
13.2 sq mi
ZIP Area
3,349
Density / Sq Mi
$155,866
Median Household Income
$70,026
Median Earnings
$1,982
Median Rent
$504,900
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?
Flex space - Industrial-zoned unit combines private offices with functional warehouse space.
Where is this flex space located?
The property is located at 424 Fort Hill Drive #135 Naperville, IL.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Approximately 1,800 sq. ft. of combined office and warehouse space; Approximately 1,200 sq. ft. of office area with six private offices; 600 sq. ft. warehouse with a 12' overhead door
