Machesney Park Commercial Building For
For Sale
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9924 N 2nd St, Machesney Park, IL 61115
Commercial building with showroom, warehouse, and cold storage.
Property Size10,918 SF
Price / SF$77.76
Days on Market1101
Property Features for 9924 N 2nd St
General Information
Standard status
Active
Size
10,918 SF
Total Parking Spaces
40
Property subtype
Industrial
Building Details
Year Built
1998
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Key Realty Inc
Listed By:
Bob Mandala · License #IL
Source:
Crexi
Added: Aug 16, 2023
Changed: Aug 8
Last Checked: Aug 19 at 7:02PM
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 Key Realty Inc
Investment Insights
Based on property information with market context.
This commercial property in Machesney Park features a building with five overhead doors, a showroom, and a warehouse equipped with floor drains. An additional building with four overhead doors is available for cold storage purposes. The property offers redevelopment potential and has a total size of 10918 square feet.
Key Highlights
- Great location
- 5 overhead doors for easy access
- Warehouse with floor drains
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
$73,433
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
8.65%
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%
$1,468,660
$1.5M
Cap Rate 7%
$1,049,043
$1.0M
Cap Rate 9%
$815,922
$815.9K
Market Conditions
NOI Build-Up for 10,918 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
$111.4K $10.20/SF
− Vacancy
−$6.5K −$0.59/SF
EGI
$104.9K $9.61/SF
− OpEx
−$31.5K −$2.88/SF
NOI
$73.4K $6.73/SF
Area
Rockford, IL
Vacancy
5.80%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,468,660
Cap Rate 7%
$1,049,043
Cap Rate 9%
$815,922
Alternative Uses
Best Use
Retail
$1.90M
$1.66M – $2.21M
NOI $132,752 @ 7.0% cap · market cap 15.64%
Second Best
Warehouse
$1.27M
$1.11M – $1.49M
NOI $89,169 @ 7.0% cap · market cap 10.50%
Theoretical Best
Office A
$2.90M
$2.54M – $3.39M
NOI $203,284 @ 7.0% cap · market cap 23.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61115, IL
22,599
Population
8,983
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
91%
High-School Grad
10.6 sq mi
ZIP Area
2,132
Density / Sq Mi
$73,771
Median Household Income
$44,141
Median Earnings
$1,111
Median Rent
$160,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Pack-A-Way — 9731 N 2nd St, Machesney Park, IL 61115
- Storage Rentals of America — 1243 Shappert Dr, Machesney Park, IL 61115
Frequently Asked Questions
What type of property is this?
Warehouse - Commercial building with showroom, warehouse, and cold storage.
Where is this warehouse located?
The property is located at 9924 N 2nd St Machesney Park, IL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Great location; 5 overhead doors for easy access; Warehouse with floor drains
