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    1618 Colonial Pkwy Inverness, IL 60067

    Sponsored
    For Lease
    $12 SF/Yr ($5,445 /Mo)

    Prime Inverness location, flexible suites available.

    Lot size:
    5,445 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional office space, located at 1618 W Colonial Pky in Inverness, Illinois, offers a fantastic opportunity for businesses seeking a prime location. The two-story building, constructed in 1985, boasts a total of 5,445 square feet, with 2,500 square feet currently vacant and available for lease. The property features multiple tenancy options, allowing for flexibility in space requirements. Individual suites range from a minimum of 135 square feet to a maximum contiguous space of 2,056 square feet, catering to a variety of business needs. The building provides ample parking with 12 spaces available for tenants. While there are no elevators, the two-story structure ensures easy accessibility. This property enjoys an enviable location directly across from Harper College in the Williamsburg Village, providing excellent visibility and convenient access to a highly educated workforce. Its strategic position offers unparalleled connectivity to major transportation arteries, including I-90, I-355, I-290, Route 53, and O'Hare International Airport, making it an ideal location for businesses requiring easy access to regional and national transportation networks. This is a truly exceptional opportunity to establish your business in a thriving and convenient location. Contact us today to schedule a viewing and explore the possibilities.

    Property Features for 1618 Colonial Pkwy

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,445 SF
    Total Rate
    5445

    Building Details

    Year Built
    1985
    Stories
    2

    Unit(s) available at that property

    Space
    Suite 140
    Size
    135 SF
    Space
    Suite 160
    Size
    309 SF
    Space
    Lower Level
    Size
    2,056 SF
    Rate per SF
    $12

    HighLights

    • Professional office space in Inverness, IL, across from Harper College.
    • Excellent access to major highways (I‑90, I‑355, I‑290, Route 53) and O'Hare International Airport.
    • Prime business location.
    • 5,445 SF total building area, two‑story building.
    • 2,500 SF of vacant space available, divisible to 135 SF minimum, with a maximum contiguous space of 2,056 SF.
    • 12 parking spaces available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Inverness
    County
    Cook
    State
    Illinois
    Longitude
    -88.079416959224
    Latitude
    42.083857171157

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Inverness location, flexible suites available.
    Where is this office property / space located?
    The property is located at 1618 Colonial Pkwy Inverness, IL.
    What is the lease rate?
    The lease rate is $0.00-$12 SF/Yr.
    What are key features of this property?
    This property features: Professional office space in Inverness, IL, across from Harper College.; Excellent access to major highways (I-90, I-355, I-290, Route 53) and O'Hare International Airport.; Prime business location.
    Request Owner's contact information
    1618 Colonial Pkwy Inverness, IL 60067
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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.

    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
    1618 Colonial Pkwy Inverness, IL 60067
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