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    The Largest CRE Database in the US with Over 1 Million Listings

    701 Harger Rd Oak Brook, IL 60523

    Sponsored
    For Lease
    $25 SF/Yr

    Prime DuPage County Office Space Available

    Lot size:
    63,345 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    407
    This exceptional two-story office building, located at 701 Harger Rd in Oak Brook, IL, offers 63,345 square feet of Class B office space. The property features a traditional office layout with executive office suites also available, perfect for a variety of business needs. Two spaces are currently available, ranging from 10,947 to 23,703 square feet, providing flexibility for businesses of different sizes. The building boasts impressive 32,535 square foot floorplates, maximizing efficiency and workspace. Employees will appreciate the convenience of indoor heated garage parking, with a generous parking ratio of 3.7 spaces per 1,000 square feet. Natural light floods the space through floor-to-ceiling windows. Building amenities include a conference room and a fitness area, enhancing employee comfort and productivity. On-site ownership and a dedicated building engineer ensure seamless operations and maintenance. High visibility is guaranteed with prominent building signage opportunities and excellent I-88 exposure. This property is situated in DuPage County, offering a prime location in the thriving Oak Brook business community, zip code 60523. Contact us today to learn more about this outstanding leasing opportunity.

    Property Features for 701 Harger Rd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    63,345 SF
    Class
    B
    Total Rate
    131968.75

    Building Details

    Stories
    2

    Unit(s) available at that property

    Space
    Suite 201
    Size
    23,703 SF
    Rate per SF
    $25
    Space
    Suite 200
    Size
    23,703 SF
    Rate per SF
    $25

    We can help!

    Listing Contact
    Dan O’Neill
    Dan O’Neill

    Learn more

    Property Insight Report

    HighLights

    • 63,345 SF Class B office building in Oak Brook, IL (701 Harger Rd, 60523).
    • Two suites available: 10,947 SF and 23,703 SF.
    • Large floorplates (32,535 SF), maximizing efficiency.
    • 3.7 parking spaces per 1,000 SF, including indoor heated garage parking.
    • Abundant natural light and building amenities (conference room, fitness center).
    • On‑site ownership and building engineer.
    Property Profile Location Intelligence

    Current Use by Public Records

    IAA Auto Auction DP Kelly & Associates ... Investment Service Dunrath Capital Investment Service ZWMG Financial Planner Resource 1 Corporate Office

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Dental Office Law Firm Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Brook
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9366106
    Latitude
    41.8520888

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    FAQs

    What type of property is this?
    Office Property Space - Prime DuPage County Office Space Available
    Where is this office property space located?
    The property is located at 701 Harger Rd Oak Brook, IL.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: 63,345 SF Class B office building in Oak Brook, IL (701 Harger Rd, 60523).; Two suites available: 10,947 SF and 23,703 SF.; Large floorplates (32,535 SF), maximizing efficiency.
    Request Owner's contact information
    701 Harger Rd Oak Brook, IL 60523
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    Oak Brook, IL 60523
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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
    701 Harger Rd Oak Brook, IL 60523
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    We can help!
    Listing Contact
    Dan O’Neill
    Dan O’Neill
    Real Estate License ID: IL 476134373
    Learn more
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