Three-Property Auto Shop
New
For Sale
$2,500,000
43 E Illinois Ave, Aurora, IL 60505
Automotive buildings combine showroom, office, warehouse, and service-bay space across a multi-property commercial assemblage.
Property Size9,292 SF
Lot Size0.96 Acres
Price / SF$269.05
Days on Market7
Property Features for 43 E Illinois Ave
General Information
Standard status
Active
Size
9,292 SF
Lot size
0.96 Acres
Building Details
Year Built
1972
Buildings
3
Listing Agency:
Space Finder Inc
(312) 678-4000
Listed By:
Carlos Alers · License #471020318
Source:
Grandviewrealtyservices
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 11:18PM
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 Space Finder Inc
Investment Insights
Based on property information with market context.
This automotive property portfolio comprises three commercial properties totaling 9,292 square feet on approximately 0.96 acres. The improvements are configured for automotive-related operations, with a combination of showroom, office, warehouse, and service-bay areas. The portfolio includes an auto paint facility, an auto parts showroom, and an automotive service building. The properties were built in 1972.
The assemblage includes 43 E. Illinois Ave., 47 E. Illinois Ave., and 656 N. Broadway in Aurora, Illinois. Body shop equipment is excluded from the sale and may be available through a separate agreement. Zoning, permitted uses, dimensions, and other property details should be independently verified.
The assemblage includes 43 E. Illinois Ave., 47 E. Illinois Ave., and 656 N. Broadway in Aurora, Illinois. Body shop equipment is excluded from the sale and may be available through a separate agreement. Zoning, permitted uses, dimensions, and other property details should be independently verified.
Key Highlights
- Three automotive properties offered together at 43 E. Illinois Ave., 47 E. Illinois Ave., and 656 N. Broadway
- Approximately 0.96 acres across the assemblage
- 9,292 square feet of combined property size
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
$117,957
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
4.72%
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%
$2,359,140
$2.4M
Cap Rate 7%
$1,685,100
$1.7M
Cap Rate 9%
$1,310,633
$1.3M
Market Conditions
NOI Build-Up for 9,292 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
$195.1K $21.00/SF
− Vacancy
−$13.7K −$1.47/SF
EGI
$181.5K $19.53/SF
− OpEx
−$63.5K −$6.84/SF
NOI
$118.0K $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%
$2,359,140
Cap Rate 7%
$1,685,100
Cap Rate 9%
$1,310,633
Alternative Uses
Best Use
Flex RnD
$1.69M
$1.47M – $1.97M
NOI $117,957 @ 7.0% cap · market cap 4.72%
Second Best
Industrial
$1.60M
$1.40M – $1.87M
NOI $112,256 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$2.66M
$2.33M – $3.10M
NOI $186,212 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60505, IL
57,906
Population
18,681
Households
3.1
Avg Household Size
32
Median Age
13%
College-Educated
64%
High-School Grad
10.1 sq mi
ZIP Area
5,733
Density / Sq Mi
$70,306
Median Household Income
$33,912
Median Earnings
$1,230
Median Rent
$192,500
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.
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive buildings combine showroom, office, warehouse, and service-bay space across a multi-property commercial assemblage.
Where is this auto shop located?
The property is located at 43 E Illinois Ave Aurora, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Three automotive properties offered together at 43 E. Illinois Ave., 47 E. Illinois Ave., and 656 N. Broadway; Approximately 0.96 acres across the assemblage; 9,292 square feet of combined property size
