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Property profile & analytics
FOR LEASE
Industrial properties
450 Central Ave, University Park, IL 60484
Entity Owned
13-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US28-2632365
For Lease
1 / 3
$29,795,000
450 Central Ave, University Park, IL 60484
View Listing →
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
2004
Total area
497,420 SF
Lot
35 ac (1,524,600 SF)
APN
21-14-08-200-005
UPID
US28-2632365
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
-
Mission Produce Distribution Center Logistics Company
-
Castle & Cooke Cold Storage Storage Facility Warehouse & Storage
-
Arctic Glacier Premium Ice Big Box & Wholesale Store Distribution Center
-
Lineage Storage Facility Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$32.94M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$29.80M
Owner & transaction history
Up Ll Re LLC · 13 yrs held
Up Ll Re LLC
since 2013
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 University Park submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs University Park 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$35,685,000
6.5%
$32,940,000
7%
$30,590,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$48,180,000
Current use
Blend value · Realmo final
$29.80M
Range $26.82M – $32.77M · ±10%
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
$60 / 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
$1,310,598
Tax year 2023
Assessed value
$9,638,235
Assessed 2023
Previous assessed
$9,638,235
+0.0% YoY
Effective rate
13.60%
On assessed value
Assessed land
$531,811
Assessed improvement
$9,106,424
Land market value
$1,595,433
Improvement market value
$27,319,272
Total market value
$28,914,705
Applied tax rate
2,106.0000
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
2004
Heating
NONE
Stories
1
Total area
497,420 SF
Lot
35 ac (1,524,600 SF)
APN
21-14-08-200-005
UPID
US28-2632365
Jurisdiction
WILL
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$48.2M
INDUSTRIAL (GENERAL) Current
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
2004
Heating
NONE
Stories
1
Lot
35 ac
Current owner
From public records · entity-resolved
Up Ll Re LLC
Entity
Mailing address
46500 HUMBOLDT DR, NOVI, MI 48377-2434
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 13, 2019
—
Up Ll Re LLC
—
Grant Deed
related
—
Apr 17, 2017
—
Up Ll Re LLC
—
Grant Deed
related
—
Jun 3, 2013
$23,500,000
Up Ll Re LLC
Lbubs 2007-c1 450 Indl LLC
Grant Deed
—
May 15, 2012
—
Lbubs 2007-c1 450 Indl LLC
University Park Cold Storage V
Grant Deed
—
Dec 19, 2006
$47,600,000
University Park Cold Storage Ventur
University Park Cold Storage LLC
Special Warranty Deed
$51,700,000 · Ubs Real Estate Investments INC
Jan 24, 2005
—
University Park Cold Storage L
—
Trustees Deed
related
$35,460,000 · Lasalle National Bank
Mar 10, 2004
—
University Park Cold Storage
—
Trustees Deed
related
$15,485,000 · Midwest Bank & Trust Co
Dec 5, 2003
—
University Park Cold Storage
Continental Refrigerated Svcs
Grant Deed
related
—
Sep 19, 2003
$1,015,000
Continental Refrigerated Svcs
Marathon Oil Co
Grant Deed
$761,276 · Midwest Bank & Trust Co
—
—
Up Ll Re LLC
—
Deed Of Trust
related
$255,000,000 · Credit Suisse Ag
—
—
Up Ll Re LLC
—
Deed Of Trust
related
$55,000,000 · Goldman Sachs Bank USA
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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