Industrial Service and Storage
For Sale
Contact for pricing
640 Varsity Dr., Elgin, IL 60120
Industrial building with triple basin drains, 29 service doors, and outdoor storage on 2.35 acres.
Property Size12,120 SF
Lot Size2.35 Acres
Price / SF$214.52
Days on Market211
Property Features for 640 Varsity Dr.
General Information
Standard status
Active
Size
12,120 SF
Lot size
2.35 Acres
Property subtype
Industrial
Zoning
C-I
Building Details
Year Built
1973
Year Renovated
2020
Buildings
1
Listing Agency:
GC Realty and Development
Listed By:
Brad Bullington · License #IL 475.134976
(630) 674-6989
Source:
Crexi
Added: Mar 24
Changed: Oct 12
Last Checked: Oct 19 at 3:37AM
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 GC Realty and Development
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This industrial building totals 12,120 SF and includes outdoor storage on 2.35 acres. The facility was previously used as a repair hub for a vehicle fleet, and it features triple basin drains designed for servicing operations. The building also has 29 service doors throughout, supporting efficient access for multiple vehicles or service bays.
The property is offered for sale at 640 Varsity Dr. in Elgin, IL.
With its service-oriented improvements and substantial door count, the space is well suited for warehouse and repair-related functions that benefit from direct ground-level access and outdoor storage.
The property is offered for sale at 640 Varsity Dr. in Elgin, IL.
With its service-oriented improvements and substantial door count, the space is well suited for warehouse and repair-related functions that benefit from direct ground-level access and outdoor storage.
Key Highlights
- 12,120 SF industrial building on 2.35 acres
- Equipped with triple basin drains for vehicle/service use
- 29 service doors throughout the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$168,228
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,364,560
$3.4M
Cap Rate 7%
$2,403,257
$2.4M
Cap Rate 9%
$1,869,200
$1.9M
Market Conditions
NOI Build-Up for 12,120 SF
Gross rent
$261.8K $21.60/SF
− Vacancy
−$21.5K −$1.77/SF
EGI
$240.3K $19.83/SF
− OpEx
−$72.1K −$5.95/SF
NOI
$168.2K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,364,560
Cap Rate 7%
$2,403,257
Cap Rate 9%
$1,869,200
Alternative Uses
Best Use
Retail
$2.40M
$2.10M – $2.80M
NOI $168,228 @ 7.0% cap · market cap 6.47%
Second Best
Industrial
$745.3K
$652.2K – $869.6K
NOI $52,173 @ 7.0% cap · market cap 2.01%
Theoretical Best
Office A
$4.18M
$3.66M – $4.88M
NOI $292,914 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Electronics 40%
Hopkins Ford of Elgin, Inc.
Shops & Services
2,720 visits/mo
0.4 miles
Metro by T-Mobile
Electronics
933 visits/mo
0.2 miles
Boost Mobile
Electronics
885 visits/mo
0.2 miles
Demographics for 60120, IL
50,799
Population
17,112
Households
3
Avg Household Size
35
Median Age
19%
College-Educated
74%
High-School Grad
17.4 sq mi
ZIP Area
2,919
Density / Sq Mi
$80,305
Median Household Income
$37,495
Median Earnings
$1,250
Median Rent
$227,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- Gigas auto — 885 Gifford Rd, Elgin, IL 60120
- Ppg Collision Repair Center — 1030 Bluff City Blvd, Elgin, IL 60120
- Classic Auto Care — 1020 Bluff City Blvd # D, Elgin, IL 60120
- Gto Auto & Truck Repair 2 Service — 1050 Bluff City Blvd, Elgin, IL 60120
- A and A mechanic shop — 1020 Bluff City Blvd, Elgin, IL 60120
Frequently Asked Questions
What type of property is this?
Auto shop - Industrial building with triple basin drains, 29 service doors, and outdoor storage on 2.35 acres.
Where is this auto shop located?
The property is located at 640 Varsity Dr. Elgin, IL.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 12,120 SF industrial building on 2.35 acres; Equipped with triple basin drains for vehicle/service use; 29 service doors throughout the building
