Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Updated Office Space Near Rivian Title is generated by Realmo AI

    2224 W College Avenue, Normal, IL 61761

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Spacious industrial office space with kitchenette near Rivian Auto.

    Type:Office
    Added:
    Oct 16, 2020
    Days on Market:
    2035
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 2224 W College Avenue

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1988

    Spaces For Lease

    at 2224 W College Avenue Contact us

    $1.71 /Mo

    Size
    2,683 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Sherye Przybyla
    Sherye Przybyla

    Listing agent Sherye Przybyla License #IL 475142677

    Listing office Berkshire Hathaway HomeServices Central Illinois Realtors

    Listing date Oct 16, 2020

    Source Crexi

    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 Berkshire Hathaway HomeServices Central Illinois Realtors

    HighLights

    • Adjacent to Rivian Auto Factory
    • Easy access to Interstates 55, 74, and 39
    • Updated office space with kitchenette
    • Large community workspace with conference room and private office
    • Two ADA accessible bathrooms
    • Backup generator services some of the space

    Overview

    This property offers spacious industrial office space that has been updated and includes a kitchenette. The layout features a large community workspace, a conference room, a private office, and ample storage. Two ADA-accessible bathrooms are available. The tenant is responsible for all maintenance and utilities, excluding structural maintenance. Located adjacent to the Rivian Auto Factory, the property provides convenient access to interstate highways 55, 74, and 39. A backup generator services a portion of the space. Lease terms are to be negotiated between the tenant and landlord. The space does not have a hot water heater. The square footage is approximate, and electrical service varies by space. The property is suitable for commercial real estate purposes, including office units, office properties and spaces, flex space, and industrial properties.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    SCADAware Robotics Production Facility SCADAware Industrial Manufacturer

    Suggested Use

    Restaurant Real Estate Agency Building Supply Auto Repair Shop Big Box & Wholesale Store Gym & Fitness Center Department Store Kitchen & Bath Showroom Food Market Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Normal
    County
    McLean
    State
    Illinois
    Longitude
    -89.0400277
    Latitude
    40.5047008

    Nearby Similar for Lease

    • Contact for pricing

      Retail Space in Normal, IL

      Retail space available for rent in Normal, Illinois.
      616 Raab Road, Normal, IL 61761
      View Details
    • Contact for pricing

      Commercial Space in Normal, IL

      Retail space available for rent in Normal, Illinois.
      616 Raab Road, Normal, IL 61761
      View Details
    • $16 SF/Yr

      Medical/Office Suite For Lease

      Flexible medical/office suite with treatment rooms and efficient layout.
      328 Susan Drive, Suite 300-400, Normal, IL 61761
      View Details
    • $15 SF/Yr

      Normal Office Space For Rent

      925 SF office space in Normal, near Veterans Parkway.
      322 Susan Dr, Suite C-2, Normal, IL 61761
      View Details
    • $8 SF/Yr

      Versatile Industrial Building with Office

      Industrial building featuring office space, restroom with shower, and drive-in
      1821 West Hovey Avenue, Building B, Normal, IL 61761
      View Details
    • $12 SF/Yr

      Landmark Mall Retail Space

      Retail space available in Landmark Mall, Normal, Illinois.
      1540-1550 E College Ave, Normal, IL
      View Details
    • $15 SF/Yr

      Move-in Ready Office Suite

      Office suite in Wilmette, divisible, with parking and potential conversion.
      3201 Old Glenview Rd, Wilmette, IL
      View Details
    • Contact for pricing

      Commercial Space in Normal, IL

      Commercial space for rent in Normal, Illinois.
      211 Landmark Drive, Normal, IL 61761
      View Details
    • $25 SF/Yr

      Retail Space on Lake Avenue

      1,370 SF end-cap retail space for lease.
      3520 Lake Ave, Wilmette, IL
      View Details
    • Contact for pricing

      Retail Space Near Old Orchard

      Retail space near Old Orchard Shopping Center, ideal for various uses.
      136 Skokie Blvd, Wilmette, IL
      View Details
    • $28 SF/Yr

      Wilmette Office Space Available

      Office spaces available in Wilmette, Illinois.
      1200 Central Ave, Wilmette, IL
      View Details
    • Contact for pricing

      Retail Space Near College Hills

      1,883 SF retail space with frontage on Veteran’s Parkway.
      313 Old Rte 66, Normal, IL
      View Details

    FAQs

    What type of property is this?
    Office units - Spacious industrial office space with kitchenette near Rivian Auto.
    Where is this office units located?
    The property is located at 2224 W College Avenue Normal, IL.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Adjacent to Rivian Auto Factory; Easy access to Interstates 55, 74, and 39; Updated office space with kitchenette
    (309) 242-4443 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Sherye Przybyla
    Sherye Przybyla
    Real Estate License ID: IL 475142677
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2224 W College Avenue, Normal, IL 61761
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!