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 Market166
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: Aug 25
Last Checked: Aug 31 at 9:03AM
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
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 = 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
$168,228
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
6.47%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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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
