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    385 Airport Rd Elgin, IL 60123

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    385 Airport Rd Elgin, IL 60123

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    • Office properties & Spaces
    • 32,600 SF
    For Lease
    $1,255,000
    View Listing →
    Renovated Office Space Available For Lease
    $1,255,000
    3,439 SF

    Renovated Office Space Available

    Recently renovated office space with expressway frontage and flexible terms.

    385 Airport Rd, Elgin, IL
    View Listing
    Property ID
    US28-5683204
    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.
    Value Estimations
    $1,255,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • A.N.D. Staffing / Employment Agency
    • IHC Construction Companies LLC / Construction Company
    • Pest Animal Removal Elgin / Garden Center
    • Central Salt LLC / Grocery & Convenience Store / Food Market

    Property Details for 385 Airport Rd

    Year built
    1988
    Property size
    32,600 SF
    Property type
    Office properties & Spaces
    APN
    03-34-326-103
    APU
    334326103

    Description

    This exceptional creative office space at 385 Airport Rd, Elgin, IL 60123, offers a fantastic opportunity for businesses seeking flexible and modern work environments. Located in Kane County, this Class B building boasts a total of 32,109 square feet, with multiple tenancy options available. Currently, there are 4,243 square feet of vacant space, divisible into units ranging from a minimum of 2,041 square feet to a maximum contiguous space of 2,202 square feet. The building was constructed in 1984 and sits on a generous 2.89-acre lot, providing ample room for expansion or outdoor amenities. Convenient parking is ensured with 103 spaces available for tenants and their guests. The property's location in Elgin offers easy access to major transportation routes, making it an ideal location for businesses of all sizes. This is a prime opportunity to secure high-quality office space in a thriving community. The property is ready for immediate occupancy. Inquire today to learn more about leasing options and customize your perfect workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,070,000
      ML approach
      $1,385,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,727,000
      Market price range: $1.38M - $5.67M

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Kane
    State
    Illinois
    Longitude
    -88.2873
    Latitude
    42.0676
    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
    $52,618
    $135,185
    $487,413
    $622,598
    -
    $405,555
    $1,462,239
    $1,867,794

    Comparable in this City

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      645 Tollgate Rd

      OFFICE (GENERAL)
      645 Tollgate Rd, Elgin, IL 60123-9350
      View Details
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      3,645 SF

      462 Mclean Blvd, Unit 1

      OFFICE (GENERAL) • 3,645 SF
      462 Mclean Blvd, Elgin, IL 60123-3240
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      237 SF

      2000 Larkin Ave Ste, Unit 205

      OFFICE (GENERAL) • 237 SF
      2000 Larkin Ave Ste, Elgin, IL 60123-5878
      View Details
    • Value Estimation by Request

      Larkin Ave

      OFFICE (GENERAL)
      Larkin Ave, Elgin, IL 60123
      View Details
    • Value Estimation by Request
      3,492 SF

      1245 Larkin Ave

      OFFICE (GENERAL) • 3,492 SF
      1245 Larkin Ave, Elgin, IL 60123-6033
      View Details

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      Elgin Office Suite For Sale

      Ground floor office suite with natural light in Elgin.
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      Customizable Office Space Available

      Second floor office space for lease with ample parking.
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    Similar Nearby for Lease

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      Industrial Flex Space Available

      Office with warehouse space near I-90 and Metra.
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      Retail or office space near Elgin Community College.
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      Remodeled Office Space in Elgin

      Recently renovated office space available for lease in Elgin, Illinois.
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      Class A Office Building

      Class A office building with flexible spaces for lease.
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      View Details
    View Listing
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    385 Airport Rd
    Elgin, IL 60123
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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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