Listing Agency: Local Realty Group, Inc. Show Phone

Listed By: Donna Bayler · License #475173687 Show Phone

Source: Eppelrealty

Added: Apr 16 Changed: Oct 26 Last Checked: Oct 26 at 3:37PM

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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 Local Realty Group, Inc.

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Investment Insights

Based on property information with market context.

This industrial property includes a 60' x 120' x 16' insulated shop with concrete flooring, two insulated overhead doors, 200-amp electrical service, radiant heaters, hot and cold water, and a backup generator. An attached living area has one bedroom and one full bathroom and is furnished. The parcel contains 2 acres, including tillable farmland.

Recent site work includes a septic system installed in 2024, a deep well with a new pump and piping, and field tile added in Fall 2024. The property is approximately a half-mile from Lake Wildwood’s main gate. Additional acreage is available for purchase.

Key Highlights

• 60' x 120' x 16' insulated shop with concrete floors
• Two 14' x 24' insulated overhead doors
• 200‑amp electrical service, radiant heaters, hot and cold water, and a backup generator

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,319

Cap Rate

8.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$866,380 $866.4K

Cap Rate 7%

$618,843 $618.8K

Cap Rate 9%

$481,322 $481.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,200 SF

Gross rent

$64.8K $9.00/SF

− Vacancy

−$2.9K −$0.41/SF

EGI

$61.9K $8.59/SF

− OpEx

−$18.6K −$2.58/SF

NOI

$43.3K $6.02/SF

Area

Marshall County, IL

Vacancy

4.50%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$866,380

Cap Rate 7%

$618,843

Cap Rate 9%

$481,322

Alternative Uses

Best Use

Flex RnD

$922.6K

$807.3K – $1.08M (±1% cap)

NOI $64,584 @ 7.0% cap · market cap 13.32%

Second Best

Warehouse

$751.4K

$657.5K – $876.7K (±1% cap)

NOI $52,601 @ 7.0% cap · market cap 10.85%

Theoretical Best

Multifamily LT 5

$6.30M

$5.51M – $7.35M (±1% cap)

NOI $440,894 @ 7.0% cap · market cap 90.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16 ft

Clear height

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 61375, IL

1,095

Population

752

Households

1.5

Avg Household Size

50

Median Age

13%

College-Educated

90%

High-School Grad

48.6 sq mi

ZIP Area

23

Density / Sq Mi

$78,462

Median Household Income

$37,031

Median Earnings

$788

Median Rent

$162,900

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Frequently Asked Questions

What type of property is this?

Warehouse - A furnished one-bedroom living area and tillable acreage complement the shop’s extensive utility features.

Where is this warehouse located?

The property is located at 957 County Road 2000 E Varna, IL.

What is the asking price?

The asking price for this property is $485,000.

What are key features of this property?

This property features: 60' x 120' x 16' insulated shop with concrete floors; Two 14' x 24' insulated overhead doors; 200‑amp electrical service, radiant heaters, hot and cold water, and a backup generator