Multi-Building Flex Space
For Sale
$2,400,000
610 - 628 N Broadway, Aurora, IL 60505
COMMERCIAL - Aurora, IL
Property Size17,000 SF
Lot Size1.91 Acres
Price / SF$141.18
Days on Market142
Property Features for 610 - 628 N Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
I-88 to IL-31 (Lake Street), then head east on Illinois Avenue. After that, go south on Broadway (IL-25) to the property on the right. Please park behind the large building and walk to the front.
Subdivision
Aurora / Eola
Standard status
Active
APN
1515451029
Lot size
1.91 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
23597
Building Details
Year built
1931
Floors in Building
1
Number of units
11
Listing Agency:
Century 21 Circle · Century 21 Real Estate
(630) 369-2000
Listed By:
Karen Kramford · License #477013569
(630) 369-2000
Added: Mar 26
Changed: Aug 4
Last Checked: Aug 14 at 9:06AM
MLS# 12538329
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 M-1-zoned flex space property consists of three parcels totaling 1.9146 acres. The improvements include a 15,400-square-foot building configured for five tenants, along with separate 1,300-square-foot and 300-square-foot buildings, each occupied by one tenant. Together, the buildings provide a multi-structure commercial layout with seven tenant spaces and off-street parking.
Located at 610–628 N Broadway in Aurora, the property is a short distance from the train station and central business district. Retail centers, dining options, Fox River recreation, golf courses, and area shopping destinations are also identified in the surrounding context. The property was built in 1931 and offers an established setting for flex, office, or warehouse-oriented commercial use.
Located at 610–628 N Broadway in Aurora, the property is a short distance from the train station and central business district. Retail centers, dining options, Fox River recreation, golf courses, and area shopping destinations are also identified in the surrounding context. The property was built in 1931 and offers an established setting for flex, office, or warehouse-oriented commercial use.
Key Highlights
- Three parcels totaling 1.9146 acres
- 15,400‑square‑foot building accommodating five tenants
- Additional 1,300‑square‑foot and 300‑square‑foot buildings
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
$215,807
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
8.99%
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%
$4,316,140
$4.3M
Cap Rate 7%
$3,082,957
$3.1M
Cap Rate 9%
$2,397,856
$2.4M
Market Conditions
NOI Build-Up for 17,000 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
$357.0K $21.00/SF
− Vacancy
−$25.0K −$1.47/SF
EGI
$332.0K $19.53/SF
− OpEx
−$116.2K −$6.84/SF
NOI
$215.8K $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%
$4,316,140
Cap Rate 7%
$3,082,957
Cap Rate 9%
$2,397,856
Alternative Uses
Best Use
Warehouse
$3.56M
$3.12M – $4.16M
NOI $249,384 @ 7.0% cap · market cap 10.39%
Second Best
Flex RnD
$3.08M
$2.70M – $3.60M
NOI $215,807 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$4.87M
$4.26M – $5.68M
NOI $340,680 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Under-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
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Similar Off Market Nearby
- Mobile Coco’s Tacos LLC — 616 Wood St, Aurora, IL 60505
- Reuland Food Services — 115 Oak Ave, Aurora, IL 60506
Frequently Asked Questions
What type of property is this?
Flex space - M-1-zoned property with multiple income-producing buildings and off-street parking near downtown Aurora and commuter rail.
Where is this flex space located?
The property is located at 610 - 628 N Broadway Aurora, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Three parcels totaling 1.9146 acres; 15,400‑square‑foot building accommodating five tenants; Additional 1,300‑square‑foot and 300‑square‑foot buildings
