Certified Food Production
For Sale
$1,499,000
947 Carney Ct, Antioch, IL 60002
Refrigerated manufacturing facility with FDA-approved, NSF, SQF, and Kosher-certified food production capabilities.
Property Size18,900 SF
Price / SF$79.31
Days on Market25
Property Features for 947 Carney Ct
General Information
Standard status
Active
Size
18,900 SF
Warehouse & Industrial
Clear Height
28 ft
Dock-High Doors
2
Drive-In Doors
6
Cold Storage
Yes
Cold Storage Area
18,900 SF
Building Details
Year Built
1992
Buildings
1
Building Size
18,900 SF
Construction
insulated metal panel
Listing Agency:
Realty World Tiffany R.E.
(847) 875-4246
Listed By:
Bryan Shaughnessy · License #475168061
Source:
Realtopiare
Added: Aug 6
Changed: Aug 29
Last Checked: Aug 25 at 5:21AM
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 Realty World Tiffany R.E.
Investment Insights
Based on property information with market context.
Built in 1992, this 18,900-square-foot manufacturing property is configured for refrigerated food production and constructed with insulated metal panels. The facility offers clear ceiling heights ranging from 17 to 28 feet, six 17-foot overhead doors, and two loading docks equipped with levelers. FDA approval and NSF, SQF, and Kosher certifications support its established food-production configuration.
The property occupies just over an acre at 947 Carney Ct in Antioch, Illinois, positioned approximately halfway between Chicago and Milwaukee. It will be delivered vacant, allowing the next owner to occupy or reconfigure the building for a compatible manufacturing, medical, warehousing, or related use supported by the existing improvements.
The property occupies just over an acre at 947 Carney Ct in Antioch, Illinois, positioned approximately halfway between Chicago and Milwaukee. It will be delivered vacant, allowing the next owner to occupy or reconfigure the building for a compatible manufacturing, medical, warehousing, or related use supported by the existing improvements.
Key Highlights
- 18,900 SF refrigerated food production facility on just over an acre
- FDA approved; NSF, SQF, and Kosher certified
- Insulated metal panel construction with 17 to 28 feet of clear ceiling height
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
$98,792
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
6.59%
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%
$1,975,840
$2.0M
Cap Rate 7%
$1,411,314
$1.4M
Cap Rate 9%
$1,097,689
$1.1M
Market Conditions
NOI Build-Up for 18,900 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
$122.5K $6.48/SF
− Vacancy
−$6.2K −$0.33/SF
EGI
$116.2K $6.15/SF
− OpEx
−$17.4K −$0.92/SF
NOI
$98.8K $5.23/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,975,840
Cap Rate 7%
$1,411,314
Cap Rate 9%
$1,097,689
Alternative Uses
Best Use
Warehouse
$1.41M
$1.23M – $1.65M
NOI $98,792 @ 7.0% cap · market cap 6.59%
Second Best
Industrial
$1.16M
$1.02M – $1.36M
NOI $81,358 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$6.53M
$5.71M – $7.61M
NOI $456,772 @ 7.0% cap · market cap 30.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28 ft
Clear height
2
Dock-high doors
6
Drive-in doors
Location Intelligence
Trade Area within ½ mile
662
Businesses Nearby
Explore this area
Business Placement
Demographics for 60002, IL
24,086
Population
10,526
Households
2.3
Avg Household Size
42
Median Age
38%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
723
Density / Sq Mi
$109,047
Median Household Income
$55,070
Median Earnings
$1,176
Median Rent
$287,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Refrigerated manufacturing facility with FDA-approved, NSF, SQF, and Kosher-certified food production capabilities.
Where is this manufacturing property located?
The property is located at 947 Carney Ct Antioch, IL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 18,900 SF refrigerated food production facility on just over an acre; FDA approved; NSF, SQF, and Kosher certified; Insulated metal panel construction with 17 to 28 feet of clear ceiling height
