Move-In-Ready Office
For Sale
Contact for pricing
472 North McLean Boulevard, Elgin, IL 60123
First-floor suite with reception, three offices, kitchen, private bath, and high-capacity electrical infrastructure.
Property Size1,197 SF
Price / SF$150.38
Days on Market64
Property Features for 472 North McLean Boulevard
General Information
Standard status
Active
Size
1,197 SF
Property subtype
Office, Special Purpose
Additional Details
Heavy Power
Yes
Building Details
Year Built
1989
Listing Agency:
Commercial Real Estate Exchange Inc
Listed By:
Tomek Spirala · License #475.203935
Source:
Crexi
Added: Jun 5
Changed: Jul 10
Last Checked: Aug 7 at 1:21AM
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 Commercial Real Estate Exchange Inc
Investment Insights
Based on property information with market context.
This 1,197 sq. ft. first-floor office suite is designed for immediate occupancy and day-to-day functionality. The space includes a welcoming reception area, three flexible offices or meeting rooms, a dedicated kitchen area, and a private bathroom. A key differentiator is the former data-center infrastructure, supported by 800 amps of electrical service and 3-phase, 415-volt power—an equipment-capacity level that’s uncommon in standard office environments.
The suite is situated close to Sherman Hospital and senior care living facilities, supporting convenient access for clients, staff, and scheduled appointments. Being on the first floor also supports straightforward entry and use for visiting customers.
The layout and electrical capacity make this property well-suited to professional services, tech-oriented operations, and creative teams that need both functional office space and dependable power for higher-demand equipment setups. With reception, multiple rooms for meetings or separate work areas, and on-site kitchen and restroom facilities, it can support organized workflows without requiring additional build-out for basic operating needs.
The suite is situated close to Sherman Hospital and senior care living facilities, supporting convenient access for clients, staff, and scheduled appointments. Being on the first floor also supports straightforward entry and use for visiting customers.
The layout and electrical capacity make this property well-suited to professional services, tech-oriented operations, and creative teams that need both functional office space and dependable power for higher-demand equipment setups. With reception, multiple rooms for meetings or separate work areas, and on-site kitchen and restroom facilities, it can support organized workflows without requiring additional build-out for basic operating needs.
Key Highlights
- 1,197 SF first‑floor office suite with reception, three offices (or meeting rooms), kitchen area, and private bathroom
- Former data‑center infrastructure with 800 amps of electrical service
- 3‑phase, 415‑volt power for high‑demand equipment and server setups
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
$16,505
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
9.17%
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%
$330,100
$330.1K
Cap Rate 7%
$235,786
$235.8K
Cap Rate 9%
$183,389
$183.4K
Market Conditions
NOI Build-Up for 1,197 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
$29.3K $24.48/SF
− Vacancy
−$7.3K −$6.10/SF
EGI
$22.0K $18.38/SF
− OpEx
−$5.5K −$4.60/SF
NOI
$16.5K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$330,100
Cap Rate 7%
$235,786
Cap Rate 9%
$183,389
Alternative Uses
Best Use
Office B
$235.8K
$206.3K – $275.1K
NOI $16,505 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$413.3K
$361.6K – $482.2K
NOI $28,929 @ 7.0% cap · market cap 16.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 60123, IL
47,932
Population
18,129
Households
2.6
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
14.0 sq mi
ZIP Area
3,424
Density / Sq Mi
$86,762
Median Household Income
$40,288
Median Earnings
$1,226
Median Rent
$242,200
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?
Office units - First-floor suite with reception, three offices, kitchen, private bath, and high-capacity electrical infrastructure.
Where is this office units located?
The property is located at 472 North McLean Boulevard Elgin, IL.
What is the asking price?
The asking price for this property is $179,999.
What are key features of this property?
This property features: 1,197 SF first‑floor office suite with reception, three offices (or meeting rooms), kitchen area, and private bathroom; Former data‑center infrastructure with 800 amps of electrical service; 3‑phase, 415‑volt power for high‑demand equipment and server setups
