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    701 Central Avenue University Park, IL 60484

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    For Lease
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    644,555 SF industrial space available for sublease in University Park.

    Type:Industrial
    Property size:
    644,555 SF
    Added:
    Mar 25, 2026
    Days on Market:
    12
    Last Refresh:
    Mar 18 at 8:19 am

    Property Features for 701 Central Avenue

    General Information

    Standard status
    Active
    Size
    644,555 SF
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Stephanie Park
    Stephanie Park

    Listing agent Stephanie Park

    Listing office CBRE | Chicago

    Listing date Mar 25, 2026

    Source Cbre

    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 CBRE | Chicago

    Overview

    University Park Industrial Sublease Opportunity

    This modern Class A industrial building offers 644,555 square feet of space and is located on Central Avenue in University Park, Illinois. The building features a 32-foot clear height, 123 trailer parking spaces, and 88 exterior docks. It also includes one drive-in door, approximately 2,500 amps of power, an ESFR sprinkler system, and LED lighting. The property is fully fenced and gated, with car parking available. The space is divisible to 200,000 square feet and includes 200 square feet of expandable office space. Truck court depth is 180 feet. Located on Central Avenue and Dralle Road, the property provides immediate access to major interstates. Short-term and long-term sublease options are available.
    Location Intelligence

    Current Use by Public Records

    Dart Container Warehouse & Storage

    Suggested Use

    Real Estate Agency Auto Repair Shop Building Supply Big Box & Wholesale Store Auto Parts Store HVAC Service Bar & Pub Storage Facility Electrical Service Furniture & Home Goods

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Ware-Pak LLC — 2427 Bond St, University Park, IL 60484

    Location Insight

    • Map
    • Local Demand
    City
    University Park
    County
    Will
    State
    Illinois
    Longitude
    -87.7454031
    Latitude
    41.4433661

    Nearby Similar for Lease

    • $5/mo

      Industrial Property in University Park

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      University Park Warehouse Space Available

      Large industrial warehouse space available for lease in University Park.
      300 South Central Avenue, University Park, IL, 60484
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    • $12/mo

      Refrigerated Production and Storage Facility

      16,800 SF facility with refrigerated production, freezer, and office.
      450 Central Ave, University Park, IL
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      University Park Distribution/Warehouse Space

      Distribution and warehouse property in University Park, Illinois available for rent.
      Governors Highway & Dralle Road , University Park, IL 60449
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      University Park Corporate Center Space

      Industrial and warehouse spaces available at University Park Corporate Center.
      University Park Corporate Center, University Park, IL 60466
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    FAQs

    What type of property is this?
    Warehouse - 644,555 SF industrial space available for sublease in University Park.
    Where is this warehouse located?
    The property is located at 701 Central Avenue University Park, IL.
    What are key features of this property?
    This property features: 644,555 SF available for sublease, divisible to 200,000 SF, offering flexibility.; Low cost sublease at $3.60 Net PSF As‑Is Deal.; Immediate access to major interstates via Central Ave. & Dralle Rd.
    (630) 573-7121
    We can help!
    Listing Contact
    Stephanie Park
    Stephanie Park
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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