Freestanding Flex Industrial
For Sale
$1,500,000
814 S Westwood Avenue, Addison, IL 60101
Freestanding brick building with 2 overhead doors, fire sprinklers, partial fenced storage, and a separate office area.
Property Size10,000 SF
Days on Market276
Property Features for 814 S Westwood Avenue
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial
Zoning
INDUS
Taxes and HOA fees
Annual Taxes
$21,544
Building Details
Building Size
10,000 SF
Year Built
1974
Stories
1
Listing Agency:
REMAX Legends
(630) 216-8000
Listed By:
Kelly Dyson · License #475114736
(630) 216-8000
Source:
Birdrealtysells
Added: Nov 11, 2025
Changed: Aug 8
Last Checked: Aug 13 at 12:48PM
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 industrial building includes warehouse space with over 15-foot ceilings, plus approximately 2,500 square feet of office space. The property features a fire sprinkler system, two overhead doors, and a partial fenced outside storage yard. The owner indicates the roof is newer, and the offices have new A/C. The exterior has been newly tuck-pointed, and the property is being sold as-is.
The building is described as offering access to multiple area highways, with proximity to North Ave and routes including I-355, I-294, I-290, and Route 83.
The layout is positioned as a combined warehouse and office offering, with the office component separate from the warehouse area and the warehouse configured for overhead door access.
The building is described as offering access to multiple area highways, with proximity to North Ave and routes including I-355, I-294, I-290, and Route 83.
The layout is positioned as a combined warehouse and office offering, with the office component separate from the warehouse area and the warehouse configured for overhead door access.
Key Highlights
- Freestanding brick building built in 1974 with over 15' ceilings in the warehouse
- Includes approx. 2,500 SF office and approx. 7,500 SF warehouse (sold as‑is)
- Fire sprinkler system plus 2 overhead doors for warehouse access
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
Location Intelligence
Trade Area within ½ mile
1,211
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 - Freestanding brick building with 2 overhead doors, fire sprinklers, partial fenced storage, and a separate office area.
Where is this flex space located?
The property is located at 814 S Westwood Avenue 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: Freestanding brick building built in 1974 with over 15' ceilings in the warehouse; Includes approx. 2,500 SF office and approx. 7,500 SF warehouse (sold as‑is); Fire sprinkler system plus 2 overhead doors for warehouse access
