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    Expandable Single Tenant Office Building Title is generated by Realmo AI

    711 N Commons Drive, Aurora, IL 60504

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    Picture of Office buildings at 711 N Commons Drive, Aurora, IL
    For Sale
    $3,999,999

    Two-Story, Single Tenant Office Building with Room for Expansion

    Property size:
    53,818 SF
    Price / SF:
    $74/SF
    Added:
    May 16, 2025
    Days on Market:
    362
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 711 N Commons Drive

    General Information

    Standard status
    Active
    Property type
    Office buildings, Office properties & Spaces
    Size
    53,818 SF
    Class
    A
    Elevators
    N/A

    Building Details

    Year Built
    1998
    Year Renovated
    2015
    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Olivia Czyzynski

    Listing agent Olivia License #475146577

    Listing office Sperry Van Ness

    Listing date May 16, 2025

    HighLights

    • 53,818 SF Two‑Story, Single Tenant Office Building
    • Professionally Managed, Well‑Maintained Building
    • No Significant Deferred Maintenance
    • 6.94 Acre Site
    • 380 Parking Spots (7.15/1000 SF)
    • Expandable Building Site
    • Built in 1998
    • Capital Improvements Include: Full interior renovation 2015, HVAC automation system, Bipolar ionization filtration system, Complete roof overlay in 2019 with warranty until 2039

    Overview

    This 53,818 square foot, two-story office building is a single-tenant property situated on a 6.94-acre site with 380 parking spaces. Constructed in 1998, the building has been professionally managed and well-maintained, showing no significant deferred maintenance. A full interior renovation was completed in 2015. Capital improvements include an HVAC automation system and a bipolar ionization filtration system. The roof underwent a complete overlay replacement in 2019, with a transferable warranty extending through 2039. The property offers an expandable building site. Located within the Meridian Business Park, the property is 0.5 miles from Illinois Route 59, 2.3 miles from the full interchange for I-88, and 1.3 miles to a Metra Train Station. It is also 35 miles southwest of Chicago. The city of Aurora’s employment landscape includes manufacturing plants, healthcare institutions, technology hubs, and corporate offices.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Aurora
    County
    Kane
    State
    Illinois
    Longitude
    -88.2508
    Latitude
    41.7671

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    FAQs

    What type of property is this?
    Office building - Two-Story, Single Tenant Office Building with Room for Expansion
    Where is this office building located?
    The property is located at 711 N Commons Drive Aurora, IL.
    What is the asking price?
    The asking price for this property is $3,999,999.
    What are key features of this property?
    This property features: 53,818 SF Two‑Story, Single Tenant Office Building; Professionally Managed, Well‑Maintained Building; No Significant Deferred Maintenance
    (312) 676-1862
    We can help!
    Listing Contact
    Olivia Czyzynski
    Real Estate License ID: 475146577
    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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