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    Office/Warehouse Condo Unit For Sale Title is generated by Realmo AI

    1251 Humbracht Circle Suite B, Bartlett, IL 60103

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    10,610 SF office/warehouse condo with truck dock and drive-in.

    Type:Industrial
    Property size:
    10,610 SF
    Price / SF:
    $131/SF
    Added:
    Oct 17, 2024
    Days on Market:
    582
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 1251 Humbracht Circle Suite B

    General Information

    Standard status
    Active
    Size
    10,610 SF
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Randy Olczyk

    Listing agent Randy Olczyk License #IL 471018001

    Listing office Chicagoland Commercial Real Estate

    Listing date Oct 17, 2024

    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 Chicagoland Commercial Real Estate

    HighLights

    • Reduced Price: New asking price of $1,400,000 ($131.95 PSF), priced below replacement cost.
    • Functional Warehouse Space: Includes a truck dock with leveler, a drive‑in door (10’x12’), and 20’ clear ceiling height.
    • High‑Quality Office Buildout: Approximately 35% office buildout with upgraded finishes.
    • Convenient Location: Prime location with easy access to I‑90, Rt 290, Rt 20 & Rt 59.
    • Heavy Power: Equipped with 120/240/480 volt 3‑Phase power.
    • Bonus Mezzanine Storage: Includes approximately 2,000 SF of mezzanine area for storage.

    Overview

    For sale is a 10,610 square foot office/warehouse condo unit featuring approximately 35% office buildout and the balance warehouse space. The warehouse area includes skylights and an approximate 2,000 square foot bonus mezzanine area for storage. It has one truck dock with leveler and one 10-foot by 12-foot drive-in door. The unit offers a 20-foot clear ceiling height and heavy power: 120/240/480 volt 3-Phase. The high-quality office buildout features upgraded finishes throughout, including perimeter offices, an open area, a kitchen and lunchroom, a reception area, and a conference room. The property has a high-end pre-cast exterior construction. The location provides easy access to I-90, Rt 290, Rt 20, and Rt 59, and is close to restaurants, shopping, hotels, transportation, and labor. This property presents an ideal user/investor opportunity and is priced below replacement cost.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Glenwood Tool & Mold Production Facility Insight Inc. Advertising Agency Jovanny's work Engineering Consultant Empire Abrasives Inc Big Box & Wholesale Store Bartlett Animal Hospital Veterinary Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • North of the Border Mexican Restaurant — 961 Illinois Rte 59, Bartlett, IL 60103

    Location Insight

    • Map
    • Local Demand
    City
    Bartlett
    County
    Cook
    State
    Illinois
    Longitude
    -88.2176152
    Latitude
    41.9773086

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    FAQs

    What type of property is this?
    Flex space - 10,610 SF office/warehouse condo with truck dock and drive-in.
    Where is this flex space located?
    The property is located at 1251 Humbracht Circle Suite B Bartlett, IL.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: Reduced Price: New asking price of $1,400,000 ($131.95 PSF), priced below replacement cost.; Functional Warehouse Space: Includes a truck dock with leveler, a drive‑in door (10’x12’), and **20’ clear ceiling height.**; High‑Quality Office Buildout: Approximately 35% office buildout with upgraded finishes.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Randy Olczyk
    Real Estate License ID: IL 471018001
    Learn More
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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.

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