Small Flex Condo with Warehouse
For Sale
Contact for pricing
700 N Peace Rd, Dekalb, IL 60115
Flex condo features a main floor office area, warehouse/shop space, and a second-floor workstation layout with ample parking.
Property Size9,715 SF
Price / SF$71.95
Days on Market285
Property Features for 700 N Peace Rd
General Information
Standard status
Active
Size
9,715 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Additional Details
Highway Access
Yes
Building Details
Stories
2
Listing Agency:
Dolan & Murphy Inc
(630) 801-8800
Listed By:
Dan J Dolan
(630) 885-5785
Source:
Moodyscre
Added: Dec 3, 2025
Changed: Aug 16
Last Checked: Sep 13 at 8:38AM
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 Dolan & Murphy Inc
Investment Insights
Based on property information with market context.
This small flex condo combines office and warehouse/shop space across two levels. The main floor totals 7,140 SF and includes six private offices, a break room with kitchenette, a reception area, two restrooms, a large workstation area, two preparation/storage areas, and a large warehouse/shop space. The second floor adds 2,575 SF with two private offices, a display area, a preparation area, a storage area, and a large workstation area. The property also includes one drive-in door (10' x 14') and ceiling heights ranging from 14' to 16'.
The building is located in close proximity to DeKalb Taylor Municipal Airport, I-88, IL Route 38, and Northern Illinois University. Ample parking is available on site, and the listing notes low DeKalb County taxes.
Overall, the layout supports combined back-of-house storage and shop use with dedicated office and workstation space distributed between the main and second floors.
The building is located in close proximity to DeKalb Taylor Municipal Airport, I-88, IL Route 38, and Northern Illinois University. Ample parking is available on site, and the listing notes low DeKalb County taxes.
Overall, the layout supports combined back-of-house storage and shop use with dedicated office and workstation space distributed between the main and second floors.
Key Highlights
- Hard‑to‑find small flex condo with main floor office, warehouse/shop space, and second‑floor workstation layout
- Main floor totals 7,140 SF with six private offices, break room with kitchenette, reception, 2 restrooms, workstations, prep/storage, and warehouse/shop
- Second floor totals 2,575 SF with two private offices, display, prep/storage, and a large workstation area
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
$50,781
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
7.26%
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%
$1,015,620
$1.0M
Cap Rate 7%
$725,443
$725.4K
Cap Rate 9%
$564,233
$564.2K
Market Conditions
NOI Build-Up for 9,715 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
$63.0K $6.48/SF
− Vacancy
−$3.2K −$0.33/SF
EGI
$59.7K $6.15/SF
− OpEx
−$9.0K −$0.92/SF
NOI
$50.8K $5.23/SF
Area
DeKalb County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,015,620
Cap Rate 7%
$725,443
Cap Rate 9%
$564,233
Alternative Uses
Best Use
Flex RnD
$1.46M
$1.28M – $1.70M
NOI $102,299 @ 7.0% cap · market cap 14.64%
Second Best
Warehouse
$725.4K
$634.8K – $846.4K
NOI $50,781 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,790 @ 7.0% cap · market cap 33.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60115, IL
42,103
Population
18,175
Households
2.3
Avg Household Size
29
Median Age
36%
College-Educated
90%
High-School Grad
81.0 sq mi
ZIP Area
520
Density / Sq Mi
$46,808
Median Household Income
$22,838
Median Earnings
$1,018
Median Rent
$205,700
Median Home Value
Check the figures for this property
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 - Flex condo features a main floor office area, warehouse/shop space, and a second-floor workstation layout with ample parking.
Where is this flex space located?
The property is located at 700 N Peace Rd Dekalb, IL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Hard‑to‑find small flex condo with main floor office, warehouse/shop space, and second‑floor workstation layout; Main floor totals 7,140 SF with six private offices, break room with kitchenette, reception, 2 restrooms, workstations, prep/storage, and warehouse/shop; Second floor totals 2,575 SF with two private offices, display, prep/storage, and a large workstation area
