Freestanding Flex Building with
New
For Sale
$1,500,000
814 S Westwood Ave, Addison, IL 60101
Brick construction combines office space with warehouse operations and a partially fenced outdoor storage area.
Property Size10,000 SF
Price / SF$150
Days on Market5
Property Features for 814 S Westwood Ave
General Information
Standard status
Active
Size
10,000 SF
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
7,500 SF
Office Build-Out
2,500 SF
Sprinkler System
Yes
Building Details
Year Built
1974
Building Size
10,000 SF
Construction
Brick
Listing Agency:
REMAX Legends
(630) 202-3526
Listed By:
Kelly Dyson · License #475114736
Source:
Bktchicago
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 6:23PM
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 REMAX Legends
Investment Insights
Based on property information with market context.
This freestanding brick flex property contains approximately 2,500 SF of office space and 7,500 SF of warehouse area within a 10,000 SF building. The warehouse offers over 15' of ceiling height, two overhead doors, and a fire sprinkler system. Office improvements include new A/C, while the building has been newly tuck-pointed. A partially fenced outside storage yard adds functional space for business operations. The property is offered sold as-is.
The Addison property is close to North Ave and provides access to I-355, I-294, I-290, and Route 83. Built in 1974, the building combines office, warehouse, loading, and exterior storage components in a single freestanding facility.
The Addison property is close to North Ave and provides access to I-355, I-294, I-290, and Route 83. Built in 1974, the building combines office, warehouse, loading, and exterior storage components in a single freestanding facility.
Key Highlights
- 10,000 SF freestanding brick flex building
- Approximately 2,500 SF of office and 7,500 SF of warehouse space
- Warehouse ceiling height exceeds 15'
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
$137,884
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
9.19%
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%
$2,757,680
$2.8M
Cap Rate 7%
$1,969,771
$2.0M
Cap Rate 9%
$1,532,044
$1.5M
Market Conditions
NOI Build-Up for 10,000 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
$244.8K $24.48/SF
− Vacancy
−$61.0K −$6.10/SF
EGI
$183.8K $18.38/SF
− OpEx
−$46.0K −$4.60/SF
NOI
$137.9K $13.79/SF
Area
DuPage County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$2,757,680
Cap Rate 7%
$1,969,771
Cap Rate 9%
$1,532,044
Alternative Uses
Best Use
Office B
$1.97M
$1.72M – $2.30M
NOI $137,884 @ 7.0% cap · market cap 9.19%
Second Best
Flex RnD
$1.50M
$1.32M – $1.76M
NOI $105,300 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$3.45M
$3.02M – $4.03M
NOI $241,678 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,155
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60101, IL
37,644
Population
14,145
Households
2.7
Avg Household Size
38
Median Age
22%
College-Educated
77%
High-School Grad
11.4 sq mi
ZIP Area
3,302
Density / Sq Mi
$87,860
Median Household Income
$42,007
Median Earnings
$1,236
Median Rent
$315,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Brick construction combines office space with warehouse operations and a partially fenced outdoor storage area.
Where is this flex space located?
The property is located at 814 S Westwood Ave Addison, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 10,000 SF freestanding brick flex building; Approximately 2,500 SF of office and 7,500 SF of warehouse space; Warehouse ceiling height exceeds 15'
