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    Property profile & analytics

    2583 Technology Dr, Unit 2589 Elgin, IL 60124-7832

    • Industrial properties
    • 250,000 SF
    OFF-MARKET
    Last Sale
    Mar 10, 2025
    $25,150,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2698412
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Industrial properties

    Property Details for 2583 Technology Dr

    Year built
    2003
    Property size
    250,000 SF
    Property type
    Industrial properties
    APN
    03-30-252-038
    APU
    330252038

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Kane
    State
    Illinois
    Longitude
    -88.3427
    Latitude
    42.0898
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $430,844
    $1,043,882
    $4,054,072
    $5,097,954
    -
    $3,131,646
    $12,162,216
    $15,293,862

    Comparable in this City

    • Value Estimation
      $370,000
      20.33 Acres

      Elgin, IL 60124

      INDUSTRIAL (GENERAL) • 20.33 Acres
      Elgin, IL 60124
      View Details
    • Value Estimation
      $1,040,000
      307,150 SF

      2200 Galvin Dr

      INDUSTRIAL (GENERAL) • 307,150 SF
      2200 Galvin Dr, Elgin, IL 60124-7834
      View Details
    • Value Estimation by Request

      Elgin, IL 60124

      INDUSTRIAL (GENERAL)
      Elgin, IL 60124
      View Details
    • Value Estimation by Request

      Elgin, IL 60124

      INDUSTRIAL (GENERAL)
      Elgin, IL 60124
      View Details
    • Value Estimation by Request

      2661 Galvin Ct

      INDUSTRIAL (GENERAL)
      2661 Galvin Ct, Elgin, IL 60124-8092
      View Details
    • Value Estimation by Request
      342,700 SF

      2400 Galvin Dr, Unit 2430

      INDUSTRIAL (GENERAL) • 342,700 SF
      2400 Galvin Dr, Elgin, IL 60124-7883
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      301,876 SF

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      Brand new business park near I-90 and Randall Road.
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    • Contact for pricing
      301,876 SF

      Class A Warehouse: Elgin, IL

      Modern warehouse, 301,876 SF, 20 acres.
      2563 Mason Rd, Elgin, IL 60124
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    • $9,134,532
      20.97 Acres

      Elgin Industrial Land: 20.97 Acres

      Prime Elgin industrial land, ideal for development.
      0 Swc Big Timber & Madeline, Elgin, IL 60124
      View Details
    • $12,985,000
      86,840 SF

      Elgin Warehouse: Prime Industrial Space

      86,840 SF Warehouse, $12.9M, I-90 Access
      2760 Alft Ln, Elgin, IL 60124
      View Details
    • $12,985,000
      86,840 SF

      New Industrial Building Near I-90

      New 86,840 SF industrial building in a business park.
      2760 Alft Ln, Elgin, IL 60124
      View Details
    • Contact for pricing
      61,888 SF

      Elgin Transportation/Office Building For Sale

      62,000 SF transportation/office building with high-end amenities, built in 2022.
      1425 Madeline Ln, Elgin, IL 60124
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    Similar Nearby for Lease

    • Contact for pricing

      New Industrial Building Available

      New 320,946 SF industrial building with 168,932 SF for lease.
      1700 Madeline Ln, Elgin, IL 60124
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    • Contact for pricing
      117,295 SF

      Elgin Distribution Space Available

      High-efficiency distribution space in a business park setting.
      2800-2880 Galvin Dr, Elgin, IL 60124
      View Details
    • Contact for pricing
      110,298 SF

      Elgin Distribution Space Available

      High-efficiency distribution space with convenient access to I-90.
      2500-2530 Vantage Dr, Elgin, IL 60124
      View Details
    • Contact for pricing
      250,822 SF

      Elgin Distribution Space Available

      145,836 SF distribution space with office/showroom in Elgin, IL.
      2450-2500 Northwest Pkwy, Elgin, IL 60124
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    • Contact for pricing
      97,016 SF

      New Class A Business Park

      New business park near I-90, available for lease or purchase.
      2801 Alft Ln, Elgin, IL 60124
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    • Contact for pricing
      250,345 SF

      Elgin Warehouse with Office Space

      154,492 SF available with 17,500 SF office space.
      2768 Spectrum Dr, Elgin, IL 60124
      View Details
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    2583 Technology Dr, Unit 2589
    Elgin, IL 60124-7832
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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.

    More about this property
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