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    4510 41 St Andover, IL 61262

    Sponsored
    For Lease
    $20 SF/Yr

    Prime Andover location, 2,377 sq ft, 224 parking spaces.

    Lot size:
    2,377 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    407
    This exceptional commercial property, located at 4510 41ST Street in Andover, Illinois, 61262, offers a unique blend of accessibility and visibility. The single-tenant, 2,377 square foot building sits on commercially zoned land (APN 17-15-214-006) and boasts 224 parking spaces, ensuring ample convenience for employees and clients. Its strategic location off John Deere Road and I-24 provides unparalleled connectivity to the entire region, placing it within easy reach of a thriving business community. The property benefits from high visibility, with pylon sign space available on John Deere Road (3' x 6' double-sided). Access is convenient from both 44th Avenue (north) and 46th Avenue (south). The building features a 30' frontage by 100' depth, with a less common corridor and adjacent tenant access to a rear truck court. Furthermore, the property's location is on the east side of 41st Street, south of John Deere Road, and directly across from a highly trafficked entrance to a 45-acre shopping center anchored by Walmart and Lowe's, along with numerous restaurants. Importantly, the property has received Letter of Map Amendment (LOMA) approval, removing it from the floodplain. This property presents a rare opportunity to acquire a well-situated, highly visible commercial space in a rapidly growing area. The property is classified as Commercial, Flex, and Medical Office space. The building consists of one suite within one building.

    Property Features for 4510 41 St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,377 SF

    Building Details

    Buildings
    1

    Unit(s) available at that property

    Space
    Size
    2,377 SF
    Rate per SF
    $20

    We can help!

    Listing Contact
    John Corelis

    Learn more

    HighLights

    • 2,377 SF single‑tenant building on commercially zoned land (APN 17‑15‑214‑006) in Andover, IL.
    • Excellent visibility and accessibility with 224 parking spaces, located off John Deere Road and I‑24.
    • High‑traffic location across from a major shopping center anchored by Walmart and Lowe's.
    • Features a 30' x 100' building with pylon sign space available and convenient access from 44th and 46th Avenues.
    • LOMA approved, removing flood plain concerns; classified as Commercial, Flex, and Medical Office space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    Map

    City
    Andover
    County
    Henry
    State
    Illinois
    Longitude
    -90.3183792
    Latitude
    41.2603375

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    FAQs

    What type of property is this?
    Medical office - Prime Andover location, 2,377 sq ft, 224 parking spaces.
    Where is this medical office located?
    The property is located at 4510 41 St Andover, IL.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: 2,377 SF single-tenant building on commercially zoned land (APN 17-15-214-006) in Andover, IL.; Excellent visibility and accessibility with 224 parking spaces, located off John Deere Road and I-24.; High-traffic location across from a major shopping center anchored by Walmart and Lowe's.
    Request Owner's contact information
    4510 41 St Andover, IL 61262
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    Andover, IL 61262
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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
    4510 41 St Andover, IL 61262
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    Listing Contact
    John Corelis
    Learn more
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