Climate-Controlled Flex
For Sale
$2,499,000
661 S Main St, Crystal Lake, IL
Freestanding commercial building combining showroom and warehouse areas with truck dock access.
Property Size34,310 SF
Lot Size2.10 Acres
Price / SF$72.84
Days on Market71
Property Features for 661 S Main St
General Information
Standard status
Active
Size
34,310 SF
Lot size
2.10 Acres
Zoning
B-2
Warehouse & Industrial
Clear Height
23 ft
Conditioned Warehouse
Yes
Taxes and HOA fees
Annual Taxes
$92,255
Amenities
fully climate controlled
Building Details
Buildings
1
Building Size
34,310 SF
Listing Agency:
Premier Commercial Realty
Listed By:
Bruce Kaplan · License #475075614
(847) 854-2300
Source:
Exprealty
Added: Jul 17
Changed: Sep 23
Last Checked: Sep 24 at 10:47AM
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 Premier Commercial Realty
Investment Insights
Based on property information with market context.
This 34,310-square-foot flex property occupies 2.1 acres and combines a substantial showroom with warehouse space. Interior ceiling heights range from 13 to 23 feet, while drive-in-door and truck dock access support distribution-oriented operations. Climate control is provided throughout the building.
Zoned B-2, the property is situated in Crystal Lake’s retail district. Warehouse-oriented uses may be considered through a special use permit or possible zoning change by the City of Crystal Lake. The configuration supports businesses seeking one facility for customer-facing display space and distribution functions.
Zoned B-2, the property is situated in Crystal Lake’s retail district. Warehouse-oriented uses may be considered through a special use permit or possible zoning change by the City of Crystal Lake. The configuration supports businesses seeking one facility for customer-facing display space and distribution functions.
Key Highlights
- 34,310 SF freestanding flex building on 2.1 acres
- Showroom and warehouse areas within one building
- 13'-23' ceilings
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
$204,848
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
8.20%
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%
$4,096,960
$4.1M
Cap Rate 7%
$2,926,400
$2.9M
Cap Rate 9%
$2,276,089
$2.3M
Market Conditions
NOI Build-Up for 34,310 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
$333.5K $9.72/SF
− Vacancy
−$18.3K −$0.53/SF
EGI
$315.2K $9.19/SF
− OpEx
−$110.3K −$3.21/SF
NOI
$204.8K $5.97/SF
Area
McHenry County, IL
Vacancy
5.50%
Lease Rate
$9.72 /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%
$4,096,960
Cap Rate 7%
$2,926,400
Cap Rate 9%
$2,276,089
Alternative Uses
Best Use
Retail
$4.73M
$4.14M – $5.52M
NOI $331,074 @ 7.0% cap · market cap 13.25%
Second Best
Flex RnD
$2.93M
$2.56M – $3.41M
NOI $204,848 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$11.85M
$10.36M – $13.82M
NOI $829,197 @ 7.0% cap · market cap 33.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
23 ft
Clear height
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding commercial building combining showroom and warehouse areas with truck dock access.
Where is this flex space located?
The property is located at 661 S Main St Crystal Lake, IL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 34,310 SF freestanding flex building on 2.1 acres; Showroom and warehouse areas within one building; 13'-23' ceilings
