Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    1240 Il-83 Bensenville, IL 60106

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1240 Il-83 Bensenville, IL 60106

    View on Map
    • Office properties & Spaces
    • 4,212 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office properties & Spaces

    Property Details for 1240 Il-83

    Year built
    1898
    Property size
    4,212 SF
    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional Class A, 4,212 square foot freestanding office building presents a unique investment opportunity. Located at 1240 IL-83 in Bensenville, Illinois (60106), this single-tenant property sits on a 1.5-acre lot and is zoned C-2 Commercial. Originally built in 1898, the building underwent a complete renovation in 2021, resulting in modern, well-maintained spaces ideal for a variety of uses, including traditional office, executive office, or medical office settings. The property features 17 separate rooms, offering flexibility in layout and ample space for diverse business needs. Its prime location on a high-traffic roadway ensures excellent visibility and accessibility, attracting potential clients and customers. The property's excellent condition, strategic location just west of Route 83 and one block south of Devon Avenue, and versatile design make it an attractive investment for businesses seeking a prominent presence in Bensenville. The APN is 03-03-203-020. This one-story building offers a unique blend of historical charm and modern functionality.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Bensenville
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9599
    Latitude
    41.9914

    Comparable in this City

    • Value Estimation by Request
      4,214 SF

      1240 Il-83

      Medical Office Space • 4,214 SF
      1240 Il-83, Bensenville, IL 60106
      View Details
    • Value Estimation by Request
      5,533 SF

      361 Country Club Dr

      Flex space • 5,533 SF
      361 Country Club Dr, Bensenville, IL 60106
      View Details
    • Value Estimation by Request
      86,087 SF

      1101-1171 Tower Ln

      Office properties & Spaces • 86,087 SF
      1101-1171 Tower Ln, Bensenville, IL 60106
      View Details
    • Value Estimation by Request
      54,478 SF

      290-300 Beeline Dr

      Distribution properties • 54,478 SF
      290-300 Beeline Dr, Bensenville, IL 60106
      View Details
    • Value Estimation by Request
      81,100 SF

      601-607 Country Club Dr

      Distribution properties • 81,100 SF
      601-607 Country Club Dr, Bensenville, IL 60106
      View Details
    • Value Estimation by Request
      0.02 Acres

      371 Meyer Rd, Unit 2

      INDUSTRIAL (GENERAL) • 0.02 Acres
      371 Meyer Rd, Bensenville, IL 60106-1608
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Bensenville Data Center For Sale

      Existing data center with generator, UPS, and fire suppression systems.
      1101-1171 Tower Ln, Bensenville, IL 60106
      View Details
    • $1,100,000
      0.30 Acres

      Commercial Property in Bensenville, IL

      Commercial property for sale in Bensenville, Illinois.
      1101 W Irving Park Rd, Bensenville, IL 60106
      View Details
    • Contact for pricing

      O'Hare Area Office Building

      Three-story office building with redevelopment potential near O'Hare Airport.
      611 Busse Rd, Bensenville, IL 60106
      View Details
    • $119,853
      56,000 SF

      Commercial Condo Office Space

      Small commercial condo office space near O'Hare Airport.
      1043 S York Rd, Bensenville, IL 60106
      View Details
    • $50,000
      1.53 Acres

      Affordable Private Office Space

      Private office space near O'Hare Airport, suitable for professionals.
      1043 S York Rd, Bensenville, IL 60106
      View Details
    • Contact for pricing
      10,880 SF

      Retail Investment Near Metra Station

      Retail property with investment-grade tenant and high traffic volume.
      700 W Irving Park Rd, Bensenville, IL 60106
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Bensenville Commons

      Retail space for lease anchored by Jewel-Osco.
      1047-1147 S York Rd, Bensenville, IL 60106
      View Details
    • Contact for pricing

      Renovated Office Space in Bensenville

      Prime office space in a dynamic, growing commercial hub.
      205 W Grand Ave, Bensenville, IL 60106
      View Details
    • Contact for pricing

      IL, Bensenville - W Grand Ave

      Workspaces, services and support to help you work better in Dominion Plaza
      205 Grand Ave, Bensenville, IL 60106
      View Details
    • $15 SF/Yr
      86,087 SF

      Bensenville Office Space with Data Center

      Office space featuring an existing data center and robust infrastructure.
      1101 Tower Ln, Bensenville, IL 60106
      View Details
    • Contact for pricing

      Bensenville Flex Space Available

      10,692 SF flex space with ample parking.
      1140 Tower Ln, Bensenville, IL 60106
      View Details
    • Contact for pricing
      25,000 SF

      O'Hare Market Office Building

      Three-story office building with renovation potential in the O'Hare market.
      611 Il Route 83, Bensenville, IL 60106
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1240 Il-83
    Bensenville, IL 60106
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!