Well-Maintained Office Building For
For Sale
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4970 Varsity Dr, Lisle, IL 60532
24,000 SF office building ideal for various users.
Property Size24,000 SF
Price / SF$166.67
Days on Market704
Property Features for 4970 Varsity Dr
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Office
Zoning
I-1
Building Details
Year Built
2000
Listing Agency:
Core Industrial Realty
(630) 339-3127
Listed By:
Ryan Mullins · License #475208488
Source:
Crexi
Added: Sep 18, 2024
Changed: Aug 22
Last Checked: Aug 22 at 9:36AM
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 Core Industrial Realty
Investment Insights
Based on property information with market context.
This well-maintained building, consistently upgraded, is ideally suited for office, medical, laboratory, and educational users, serving as a headquarters or multi-tenant space. The property features a high-end interior and exterior, a key fob entry system throughout, and motion-detected LED lighting. Zoned heating and cooling are available on each floor. The full basement is not included in the 24,000 square footage. The building is located 5 minutes from the Lisle Metra Station.
Key Highlights
- High‑end interior and exterior finishes.
- Ideal for office, medical, laboratory, or educational use.
- Well‑maintained building with consistent upgrades.
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
$330,921
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
8.27%
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%
$6,618,420
$6.6M
Cap Rate 7%
$4,727,443
$4.7M
Cap Rate 9%
$3,676,900
$3.7M
Market Conditions
NOI Build-Up for 24,000 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
$587.5K $24.48/SF
− Vacancy
−$146.3K −$6.10/SF
EGI
$441.2K $18.38/SF
− OpEx
−$110.3K −$4.60/SF
NOI
$330.9K $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%
$6,618,420
Cap Rate 7%
$4,727,443
Cap Rate 9%
$3,676,900
Alternative Uses
Best Use
Office B
$4.73M
$4.14M – $5.52M
NOI $330,921 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.29M
$7.25M – $9.67M
NOI $580,027 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
766
Businesses Nearby
Explore this area
Business Placement
Demographics for 60532, IL
28,766
Population
13,203
Households
2.2
Avg Household Size
39
Median Age
59%
College-Educated
98%
High-School Grad
8.5 sq mi
ZIP Area
3,384
Density / Sq Mi
$100,373
Median Household Income
$64,114
Median Earnings
$1,576
Median Rent
$387,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 24,000 SF office building ideal for various users.
Where is this office building located?
The property is located at 4970 Varsity Dr Lisle, IL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: High‑end interior and exterior finishes.; Ideal for office, medical, laboratory, or educational use.; Well‑maintained building with consistent upgrades.
