Multi-Tenant Flex
For Sale
Contact for pricing
665-675 Tollgate Rd, Elgin, IL 60123
Single-story office and flex building with private entrances, limited common area, and shared loading facilities.
Property Size36,463 SF
Price / SF$139.04
Days on Market135
Property Features for 665-675 Tollgate Rd
General Information
Standard status
Active
Size
36,463 SF
Class
C
Property subtype
Industrial, Office
Zoning
GI
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$392,909
Additional Details
Highway Access
Yes
Dock-High Doors
1
Office Units
15
Building Details
Year Built
1989
Buildings
1
Stories
1
Units
15
Tenancy
Multi
Listing Agency:
360 Real Estate Services, LLC
Listed By:
NICHOLAS KYRIAZES · License #471021614
Source:
Crexi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 31 at 7:31PM
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 360 Real Estate Services, LLC
Investment Insights
Based on property information with market context.
This 36,463-square-foot flex property, built in 1989, is configured as a single-story, multi-tenant building with 15 separate units. Each suite has a private entrance, while common area is limited to one shared loading hallway. The property is 100% occupied, and the largest unit represents no more than 13.2% of the total building.
Loading improvements include a covered shared area, one dock equipped with a leveler, and one ramp. The property has immediate access to I-90 from the Route 31 ramp and is zoned GI.
Loading improvements include a covered shared area, one dock equipped with a leveler, and one ramp. The property has immediate access to I-90 from the Route 31 ramp and is zoned GI.
Key Highlights
- 36,463‑square‑foot single‑story office/flex property
- 100% occupied with 15 separate units
- Largest unit accounts for no more than 13.2% of the total 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
$383,955
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
7.57%
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%
$7,679,100
$7.7M
Cap Rate 7%
$5,485,071
$5.5M
Cap Rate 9%
$4,266,167
$4.3M
Market Conditions
NOI Build-Up for 36,463 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
$656.3K $18.00/SF
− Vacancy
−$65.6K −$1.80/SF
EGI
$590.7K $16.20/SF
− OpEx
−$206.7K −$5.67/SF
NOI
$384.0K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /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%
$7,679,100
Cap Rate 7%
$5,485,071
Cap Rate 9%
$4,266,167
Alternative Uses
Best Use
Office B
$7.18M
$6.28M – $8.38M
NOI $502,765 @ 7.0% cap · market cap 9.92%
Second Best
Flex RnD
$5.49M
$4.80M – $6.40M
NOI $383,955 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$12.59M
$11.02M – $14.69M
NOI $881,231 @ 7.0% cap · market cap 17.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Dock-high doors
15
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Well-served
Demand for This Use
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?
Flex space - Single-story office and flex building with private entrances, limited common area, and shared loading facilities.
Where is this flex space located?
The property is located at 665-675 Tollgate Rd Elgin, IL.
What is the asking price?
The asking price for this property is $5,069,799.
What are key features of this property?
This property features: 36,463‑square‑foot single‑story office/flex property; 100% occupied with 15 separate units; Largest unit accounts for no more than 13.2% of the total building
