Flex Space with Attached
New
For Sale
$599,000
441 E Stevenson Avenue, Ottawa, IL 61350
Commercial Sale, Ottawa, IL
Property Size5,595 SF
Lot Size1.10 Acres
Price / SF$107.06
Days on Market6
Property Features for 441 E Stevenson Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
I 80 WEST TO EXIT 90/IL, ROUTE 23/TO FIRST LIGHT RIGHT TO PROPERTY
Subdivision
Danway / Dayton / Naplate / Ottawa / Prairie Center
Standard status
Active
APN
1436146000
Lot size
1.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6309
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Amenities
breakroom
secure entry
AI-enabled 4K surveillance system
24/7 fire monitoring alarm system
Building Details
Year built
1985
Floors in Building
1
Number of units
1
Building materials
Steel Siding
Roof type
Metal
Listing Agency:
Re/Max Ultimate Professionals · RE/MAX International
(815) 556-1077
Listed By:
Tara Davies · License #475179823
(815) 725-4545
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 14 at 5:06AM
MLS# 12754710
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 5,595-square-foot flex facility sits on 1.1 acres in Ottawa and is currently configured for dog grooming and boarding. The single-level building includes 22 indoor kennel rooms, a secure reception entry, grooming stations with plumbing and wash areas, an open training or play area, utility and laundry spaces, a breakroom, and multiple restrooms, including ADA-compliant facilities.
An attached insulated dome adds clear-span capacity for storage, training, light manufacturing, events, or future expansion. The property also includes a fenced outdoor play yard with a concrete patio and shade structure. Improvements include epoxy flooring, upgraded lighting, expanded plumbing, additional hot water lines, laundry appliances, a refrigerator, reconstructed drywall, repainting, and an AI-enabled 4K surveillance system. Central air, a metal roof, steel siding, and natural gas availability are also included. Built in 1985, the facility is classified as commercial per county records.
An attached insulated dome adds clear-span capacity for storage, training, light manufacturing, events, or future expansion. The property also includes a fenced outdoor play yard with a concrete patio and shade structure. Improvements include epoxy flooring, upgraded lighting, expanded plumbing, additional hot water lines, laundry appliances, a refrigerator, reconstructed drywall, repainting, and an AI-enabled 4K surveillance system. Central air, a metal roof, steel siding, and natural gas availability are also included. Built in 1985, the facility is classified as commercial per county records.
Key Highlights
- 5,595‑square‑foot commercial facility on 1.1 acres
- 22 indoor kennel rooms with durable block construction and metal gating
- Attached insulated dome provides additional clear‑span space
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
$35,975
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
6.01%
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%
$719,500
$719.5K
Cap Rate 7%
$513,929
$513.9K
Cap Rate 9%
$399,722
$399.7K
Market Conditions
NOI Build-Up for 5,595 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
$54.4K $9.72/SF
− Vacancy
−$3.0K −$0.53/SF
EGI
$51.4K $9.19/SF
− OpEx
−$15.4K −$2.76/SF
NOI
$36.0K $6.43/SF
Area
LaSalle, IL
La Salle County, LA
Vacancy
5.50%
Lease Rate
$9.72 /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%
$719,500
Cap Rate 7%
$513,929
Cap Rate 9%
$399,722
Alternative Uses
Best Use
Industrial
$513.9K
$449.7K – $599.6K
NOI $35,975 @ 7.0% cap · market cap 6.01%
Second Best
Flex RnD
$477.2K
$417.6K – $556.8K
NOI $33,405 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,024 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61350, IL
23,997
Population
10,853
Households
2.2
Avg Household Size
43
Median Age
22%
College-Educated
93%
High-School Grad
152.5 sq mi
ZIP Area
157
Density / Sq Mi
$77,562
Median Household Income
$43,042
Median Earnings
$940
Median Rent
$157,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Single-level commercial facility with kennel rooms, grooming infrastructure, fenced play yard, and additional clear-span space.
Where is this flex space located?
The property is located at 441 E Stevenson Avenue Ottawa, IL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 5,595‑square‑foot commercial facility on 1.1 acres; 22 indoor kennel rooms with durable block construction and metal gating; Attached insulated dome provides additional clear‑span space
