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Property profile & analytics
OFF-MARKET
Estimated value
$9,125,000
Office buildings
1140 31st St, Downers Grove, IL 60515-1212
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US28-2132510
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1980
Total area
41,000 SF
Lot
3.53 ac (153,767 SF)
Zoning code
C
APN
06-32-100-014
UPID
US28-2132510
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Silgan Closures Americas Industrial Manufacturer Factory
-
Portola Packaging LLC Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.64M
CAP Approach
CAP
$9.28M
Comparable Approach
Comparable
$8.50M
Blend (final)
Blend
$9.13M
Owner & transaction history
Spirit Realty LP · 4 yrs held
Spirit Realty LP
since 2022
Last sale
$9.1M
6 recorded transactions
Zoning & alternative use
C · Downers Grove, IL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$14.5M
+97.4%
Restaurant
$12.8M
+73.5%
Commercial (general)
$10.1M
+37.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Downers Grove submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Downers Grove submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$10,570,000
ML approach
$9,640,000
CAP Approach
CAP Return
Estimation
6%
$10,050,000
6.5%
$9,275,000
7%
$8,615,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$7,350,000
Current use
AUTO REPAIR, GARAGE
$14,505,000
Change: +97% · Conversion: Difficult
RESTAURANT
$12,750,000
Change: +74% · Conversion: Moderate
COMMERCIAL (GENERAL)
$10,120,000
Change: +38% · Conversion: Easy
MEDICAL BUILDING
$9,235,000
Change: +26% · Conversion: Easy
RETAIL STORES
$8,835,000
Change: +20% · Conversion: Moderate
Blend value · Realmo final
$9.13M
Range $8.21M – $10.04M · ±10% · vs last sale $9.10M (Mar 23 2022)
Last sale anchor
$9.10M
Mar 23 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$223 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$107,189
Tax year 2023
Assessed value
$1,800,740
Assessed 2023
Previous assessed
$1,713,690
+5.1% YoY
Effective rate
5.95%
On assessed value
Assessed land
$683,670
Assessed improvement
$1,117,070
Land market value
$2,051,010
Improvement market value
$3,351,210
Total market value
$5,402,220
Applied tax rate
6,123.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1980
Heating
NONE
Total area
41,000 SF
Lot
3.53 ac (153,767 SF)
Zoning code
C
APN
06-32-100-014
UPID
US28-2132510
Jurisdiction
DU PAGE
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
C · Downers Grove, IL
Zoning C · permitted uses
C · Downers Grove, IL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Downers Grove. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$7.4M
AUTO REPAIR, GARAGE
Est. value
$14.5M
RESTAURANT
Est. value
$12.8M
COMMERCIAL (GENERAL)
Est. value
$10.1M
MEDICAL BUILDING
Est. value
$9.2M
RETAIL STORES
Est. value
$8.8M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RESTAURANT
COMMERCIAL (GENERAL)
MEDICAL BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1980
Heating
NONE
Lot
3.53 ac
Current owner
From public records · entity-resolved
Spirit Realty LP
Entity
Mailing address
1140 N 31ST ST STE #300, DOWNERS GROVE, IL 60515-1212
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 23, 2022
—
Spirit Realty LP
Jes White Cap Dg LLC
Lease
—
Mar 23, 2022
$9,100,000
Spitit Realty LP
Jes White Cap Dg LLC
Special Warranty Deed
—
May 13, 2014
—
Jes White Cap Dg LLC
White Cap Dg LLC
Quit Claim Deed
related
—
Jun 25, 2004
—
White Cap Dg LLC
Lasalle Bank NA Trustee
Grant Deed
related
$4,350,000 · Greenwich Capital Fin'l Produc
Aug 11, 1998
—
American Natl Bk&trt Chgo Ttee
—
Deed Of Trust
related
$3,200,000 · Manufacturers Life Insurance
—
—
American Natl Bk&trt Chgo Ttee
—
Deed Of Trust
related
$3,200,000 · Manufacturers Life Insurance
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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