Office/Warehouse Building For
For Sale
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3907 Ernestine Drive, Marion, IL 62959
Office/warehouse building featuring 6,000 SF, bathrooms, and reception area.
Property Size6,000 SF
Price / SF$74.83
Days on Market1698
Property Features for 3907 Ernestine Drive
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
12
Property subtype
Special Purpose
Building Details
Year Built
1991
Buildings
1
Listing Agency:
Coldwell Banker J. David Thompson, Realty
Listed By:
Robbie Thompson · License #IL
Source:
Crexi
Added: Jan 9, 2022
Changed: Sep 3
Last Checked: Sep 1 at 11:56AM
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 Coldwell Banker J. David Thompson, Realty
Investment Insights
Based on property information with market context.
This 6,000 square foot office/warehouse building is located in a desirable area. The building includes two bathrooms, a break room, a waiting area, a reception area, and a storage room. This property is suitable for a number of business opportunities.
Key Highlights
- 6000 sq ft Office/Warehouse Building
- Great Location
- Includes 2 Bathrooms
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
$36,825
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
8.20%
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%
$736,500
$736.5K
Cap Rate 7%
$526,071
$526.1K
Cap Rate 9%
$409,167
$409.2K
Market Conditions
NOI Build-Up for 6,000 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
$47.4K $7.90/SF
− Vacancy
−$4.1K −$0.68/SF
EGI
$43.3K $7.22/SF
− OpEx
−$6.5K −$1.08/SF
NOI
$36.8K $6.14/SF
Area
Williamson County, IL
Vacancy
8.60%
Lease Rate
$7.90 /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%
$736,500
Cap Rate 7%
$526,071
Cap Rate 9%
$409,167
Alternative Uses
Best Use
Office B
$948.9K
$830.3K – $1.11M
NOI $66,420 @ 7.0% cap · market cap 14.79%
Second Best
Warehouse
$526.1K
$460.3K – $613.8K
NOI $36,825 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,543 @ 7.0% cap · market cap 19.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62959, IL
27,629
Population
12,997
Households
2.1
Avg Household Size
43
Median Age
28%
College-Educated
92%
High-School Grad
143.0 sq mi
ZIP Area
193
Density / Sq Mi
$69,914
Median Household Income
$44,145
Median Earnings
$895
Median Rent
$166,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office/warehouse building featuring 6,000 SF, bathrooms, and reception area.
Where is this flex space located?
The property is located at 3907 Ernestine Drive Marion, IL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 6000 sq ft Office/Warehouse Building; Great Location; Includes 2 Bathrooms
