A Fully Stabilized Asset
Ready to Perform
1221 Commerce Drive is a 20,031 SF, four-unit multi-tenant industrial building constructed in 2004 on 2.83 acres in Crete. The building features tilt-up concrete construction, 16-foot clear heights, four drive-in doors, LED lighting, and 40 parking spaces — making it functional for a wide range of light industrial and service tenants.
Positioned directly off I-394 (Calumet Expressway) in Will County, the property provides immediate access to the Chicago MSA logistics network. All four units are occupied under Triple Net leases, with tenants responsible for their pro-rata share of taxes, insurance, and CAM.
Why This Asset Stands Out
Will County Tax Advantage
Located just outside Cook County, this asset benefits from significantly lower property taxes ($1.45/SF) while maintaining full access to Chicago MSA tenant demand, population density, and logistics infrastructure. NNN leases pass any future tax increases directly to tenants.
Stable, In-Place Cash Flow
100% occupied with four established NNN tenants generating approximately $150K in annual NOI. Total operating expenses are $3.22/SF, and tenants reimburse all CAM, taxes, and insurance — resulting in a truly passive income stream with minimal landlord obligations.
Premier I-394 Access
Positioned directly off I-394 (Calumet Expressway), the property offers immediate highway connectivity to the entire Chicago MSA. With 46,626 employees within one mile and a surrounding population of 94,112 within five miles, the tenant demand pool is deep and growing.
High Barrier-to-Entry Market
The Central Will industrial submarket (0–50,000 SF) reports virtually no vacancy per CoStar — an extremely tight environment that supports strong tenant retention, limited competing supply, and durable rent growth for well-located assets like this one.
Expansion Opportunity
The building tells only part of the story. The remaining undeveloped land on this 2.83-acre parcel represents a genuine expansion opportunity — whether that means additional bays, outdoor storage, or a phased build-out. Buy the income today. Build the upside tomorrow.
Two Ways to Win With This Asset
Step in at 8.0% on Day One.
Zero vacancy risk.
All four units are occupied, all leases are NNN, and tenants handle their own expenses. This is a passive, low-management hold with a clear path to 8.9% as below-market rents roll. Collect your check and let the asset do the work.
Occupy half of the building.
SBA financing gets you in for 10% down.
This building qualifies for SBA 7(a) financing — meaning a qualified buyer can acquire it with as little as 10% down. Occupy half the building for your own operations, collect NNN rent from the remaining tenants, and let that income cover practically half your monthly mortgage payment. You get your own industrial space in the Chicago MSA, your tenants help carry the note, and you build equity from day one.
Inside the Asset
The Investment Case
The Play
Acquire a fully stabilized, low-maintenance small bay industrial asset at an attractive 8.0% in-place cap rate. With select units currently at below-market rents, there is a clear and near-term path to an 8.9% pro forma cap rate within 12–24 months as leases roll.
| Metric | In-Place | Pro Forma |
|---|---|---|
| Asking Price | $1,875,000 | $1,875,000 |
| Price Per SF | $92/SF | $92/SF |
| Cap Rate | 8.0% | 8.9% |
| NOI | $150,000 | ~$166,875 |
| Total OpEx | $3.22/SF | $3.22/SF |
| Will County Taxes | $1.48/SF | $1.48/SF |
| Lease Type | NNN | NNN |
| Occupancy | 100% | 100% |
All figures based on owner-provided financials. Buyer to verify independently.
Expansion Opportunity
The remaining undeveloped land on this 2.83-acre parcel represents a genuine expansion opportunity — additional bays, outdoor storage, or a phased build-out. Buy the income today. Build the upside tomorrow.
Tenant Summary
| Unit | SF | Pro-Rata | Lease Type | Monthly Base Rent | Net Rent/SF | Lease Expiration |
|---|---|---|---|---|---|---|
| Unit 100 | 4,743 | 23.68% | NNN | $3,518.01 | $8.90 | 04/30/2029 |
| Unit 200 | 5,304 | 26.48% | NNN | $2,785.63 | $6.30 | 12/31/2026 |
| Unit 300 | 5,024 | 25.08% | NNN | $2,706.07 | $6.46 | MTM |
| Unit 400 | 4,960 | 24.76% | NNN | $3,455.42 | $8.36 | 04/30/2029 |
| Total | 20,031 SF | 100% | $12,465.13 / mo | |||
Units 100 and 400 leased through 04/30/2029. Unit 200 through 12/31/2026. Unit 300 is month-to-month.
2025 OPEX Breakdown
All operating expenses are reimbursed by tenants on a pro-rata NNN basis. Overage collections are reconciled annually. Figures reflect actual 2025 CAM reconciliation.
| Expense Category | Annual | Per SF | Share of Total |
|---|---|---|---|
| Real Estate Taxes | $29,647 | $1.48 | 45% |
| Water / Sewer | $10,438 | $0.52 | 16% |
| Property Management (3%) | $8,500 | $0.42 | 13% |
| Snow Removal | $6,890 | $0.34 | 10% |
| Insurance | $6,046 | $0.30 | 9% |
| Repairs & Maintenance | $2,383 | $0.12 | 4% |
| Lawncare | $2,113 | $0.11 | 3% |
| Total Operating Expenses | $66,005.91 | $3.30 |
Deep Tenant Demand Pool
| Metric | 2 Miles | 5 Miles | 10 Miles |
|---|---|---|---|
| 2025 Population | 12,059 | 96,252 | 462,780 |
| Annual Growth (2020–2025) | 1.7% | 1.6% | 0.5% |
| 2025 Households | 4,130 | 35,109 | 175,228 |
| Avg Household Income | $108,993 | $93,788 | $100,395 |
Common Buyer Questions
Ready to Move Forward?
This offering is being made available on an off-market basis. All inquiries are held in strict confidence. Contact Saul directly to receive the full financial package.
