204 Northwest HwyFox River Grove, IL 60021
7,389 SF across from Fox River Grove Metra. Four labs, seven offices and a showroom; $1,200,000 asking. Leased through January 12, 2028, with two tenant renewal options extending through January 12, 2032 if both are exercised. Tenant reimburses taxes and property insurance; landlord retains its own liability insurance and capital obligations. Future owner occupancy is subject to the lease and use approvals.
A lab/office building with $90,000 in annual base rent
204 Northwest Hwy is a 7,389 SF single-story commercial building on 0.31 acre in downtown Fox River Grove, directly across Route 14 from the Metra station, offered at $1,200,000. The building is leased to American Calibration, LLC, an ANAB-accredited calibration laboratory founded in 1992, at $90,000 a year of base rent ($7,500 a month) through January 12, 2028, with two 2-year options at 5% increases. The tenant reimburses real estate taxes and property insurance and pays its own utilities; the landlord holds the roof, structure and system replacements. At $1,200,000 the price is $162 per square foot.
For market context, nine selected CoStar closed-sale records from north and northwest suburban communities, dated August 2025 through June 2026, include three bank, retail and fast-food property sales with reported cap rates of 5.9%–6.3%, and six retail, restaurant and retail/office property sales under 20,000 SF with reported cap rates of 7.4%–9.0%, median 7.9%. One of the six was reported as part of a two-property sale.
Here, annual base rent of $90,000 equals 7.5% of the $1,200,000 asking price, before the landlord's own liability insurance and capital costs and reserves. Taxes and property insurance are reimbursed by the tenant. This base-rent ratio is not a like-for-like comparison with a net-income cap rate. The tenant's credit, remaining lease term and landlord obligations belong in the comparison alongside the building. Buyer to verify in due diligence.
Source for market figures: CoStar closed-sale export used for this market comparison. Property figures: supplied lease form and asking price.
The offering combines an existing lease with a building fitted out in 2024-25 for a calibration laboratory: four labs, seven offices, a showroom and two shipping rooms. An investor can evaluate the income in place; a future owner-user can evaluate the building, subject to the tenant's renewal options and use approvals. The building also has a conference room, a kitchenette, two front restrooms, LED lighting throughout, key-fob doors and occupancy-sensor lighting, and the shipping rooms are served by an exterior drive-in door and three interior overhead doors. The flat roof was replaced under Rx Roofing & Construction's invoice dated April 1, 2026: a fully adhered 60-mil TPO system carrying a 20-year material and 10-year labor warranty, paid in full; buyer to verify the warranty terms in due diligence. The building was recently fully sprinklered with a new dedicated fire-service line.
Route 14 carries about 25,700 vehicles a day past the door, including about 1,100 trucks (Illinois Department of Transportation, 2025 average annual daily traffic). The Village of Fox River Grove owns six of the ten parcels on the block, including the commuter lot next door and the house behind, and its Downtown TIF District #2 plan lists this parcel inside a redevelopment site; a 97-unit mixed-use building was approved across Illinois Street in May 2026. All figures from the lease, the McHenry County record and the seller; buyer to verify in due diligence.
Take the tour
See it in motion
Property highlights
The front of the building is a glass-fronted lobby and showroom with a reception desk, a waiting area, two of the building's seven offices with large windows facing Route 14, and two restrooms; a kitchenette with plumbing sits behind them. The middle of the building holds the other private offices, a conference room set up for video conferencing, a workstation area, and the labs: three with window views, the largest of them the main lab and production floor, all with LED lighting and recessed cans, new paint and new flooring. The rear of the building is a fourth lab used as a workshop, an auxiliary room and two shipping rooms served by one exterior drive-in door about 8 feet high (the 2023 MLS listing recorded a 9-foot door) and three interior overhead doors. Ceiling height was recorded at 10'10" in the 2023 MLS listing. Three-phase power: a 400-amp, 120/240-volt main service with a transformer feeding 120/208-volt distribution panels. A Carrier 5-ton evaporator coil and a Payne gas furnace manufactured in 2022 serve at least part of the building per the equipment labels. All doors are key-fob controlled and the lighting runs on occupancy sensors. Buyer to verify all dimensions and systems.
Front of house
Glass storefront on Route 14, reception desk, waiting area, two of the seven offices with large windows and high ceilings, two restrooms, and a kitchenette with plumbing.
Offices and conference
Seven offices in all: two in front on Route 14 and the rest private offices with windows off the corridor to the labs, plus a conference room with video conferencing and a workstation area; recessed can lighting throughout.
Labs
Three labs with window views, the largest of them the main lab and production floor in the middle of the building, on an epoxy floor under LED panels; a fourth lab at the rear, off the shipping rooms, is a workshop-grade room. Fitted out in 2024-25 to the tenant's specification. Cabinets, benches and instruments are tenant-owned; buyer to verify which improvements and equipment will remain when the lease ends. The rear workshop lab should be evaluated separately for the buyer's intended use.
Shipping and receiving
A shipping and receiving room and a second shipping room, served by one exterior drive-in door about 8 feet high and three interior overhead doors, with the rear workshop lab off them.
Systems
Fully adhered 60-mil TPO roof (Rx Roofing invoice dated April 1, 2026; 20-year material warranty); recently fully sprinklered with a new fire service; three-phase 400-amp service with a transformer and 120/208-volt panels; 2022 Carrier/Payne HVAC per labels; key-fob doors; occupancy-sensor lighting. Roof and HVAC per the invoice and equipment labels; buyer to verify.
Site
About 100 to 101 feet of Route 14 frontage by 134 to 135 feet deep; 13,603 SF (0.31 AC) per the McHenry County GIS parcel layer, while the tax roll carries 14,252 SF; 12 on-site parking spaces, with public municipal lots and street parking nearby; inside Downtown TIF District #2; FEMA Zone X.
Base rent, lease terms and landlord obligations
The price against the lease and the public record. Lease figures are from the lease form provided by the seller (commencement January 13, 2025); size, assessment and taxes from the McHenry County record. Buyer to verify in due diligence.
| Line Item | Amount | Note |
|---|---|---|
| Asking price | $1,200,000 | Base rent / asking price: 7.5%, before landlord costs and reserves |
| Price per SF (building) | $162 | 7,389 SF per the McHenry County record (2023 MLS: 7,170 SF) |
| Price per SF (land) | $88 | 13,603 SF (0.31 AC) per the county GIS parcel layer; the tax roll carries 14,252 SF |
| Base rent, initial term | $90,000 / yr | $7,500 / mo, flat through January 12, 2028 |
| Rent per SF | $12.18 | on 7,389 SF |
| Option 1 rent (Jan 2028 to Jan 2030) | $94,500 / yr | 105% of prior rent, if exercised |
| Option 2 rent (Jan 2030 to Jan 2032) | $99,225 / yr | 105% of prior rent, if exercised |
| Real estate taxes (2025, payable 2026) | $14,626 | $1.98 / SF; reimbursed by the tenant monthly with an annual true-up |
| Property insurance | Reimbursed | Tenant repays the landlord's premium |
| Landlord's own costs | Liability policy; capital items | Roof, structure and system replacements stay with the landlord |
| Assessed value (2025) | $160,758 | McHenry County; land $49,321, building $111,437 |
| Last sale | $540,000 | August 2023 |
| Lease expiration | January 12, 2028 |
| Options | Two 2-year, each at 105% of prior rent |
| Lease type | Double-net: tenant pays taxes, insurance, utilities, routine maintenance |
| Guaranty | None; tenant is American Calibration, LLC |
Annual base rent is $90,000, equal to 7.5% of the $1,200,000 asking price. The tenant reimburses real estate taxes and property insurance; the landlord pays its own liability insurance and retains the capital obligations described below. The 7.5% figure is before those landlord costs and reserves. No amendment to the lease has been provided; if one exists, the income figures follow it. All figures seller-provided or from the public record; buyer to verify in due diligence.
Tenancy and lease structure
The tenant
American Calibration, LLC operates an ANAB-accredited calibration laboratory founded in 1992, which moved its headquarters and lab here from Crystal Lake. The company was acquired in September 2023 by Concept, a Minneapolis-based portfolio company of the private-equity firm Goldner Hawn; the lease sits with the operating company without a parent guaranty. About 22 people work in the building.
Term and options
Commenced January 13, 2025; initial term ends January 12, 2028. Two options to extend for two years each at 105% of the prior year's rent, on 90 days' written notice; a missed deadline does not forfeit an option until 30 days after the tenant receives the landlord's written notice that it was missed, and then only if the tenant still has not exercised it. The options are the tenant's to exercise on the lease's timetable; no early exercise has been agreed.
Tenant pays
Base rent of $7,500 a month, flat through the initial term; its own utilities; one-twelfth of the estimated real estate taxes each month with an annual true-up; the landlord's property-insurance premium; and routine day-to-day maintenance of the HVAC, plumbing, electrical, mechanical and sprinkler systems, the parking lot, sidewalks and driveways.
Landlord holds
The structure, exterior walls, roof, gutters and downspouts, and the replacement of and capital repairs to building systems, the parking lot, sidewalks and driveways; plus a $1,000,000 commercial general liability policy at its own cost. The tenant may make emergency repairs and offset the cost against rent.
Transfers, showings and the rest
Assignment or subletting needs the landlord's consent, not to be unreasonably withheld, conditioned or delayed; no consent is needed for a transfer to a related entity under common control, or when the tenant is acquired by merger or acquisition or sells substantially all of the assets of the business conducted at the premises, and on an assignment of its entire interest the tenant is released from all liability and obligations under the lease. The landlord may show the building to prospective purchasers on reasonable written notice during business hours. Estoppel certificates within 10 business days of request. No purchase option, no right of first refusal or first offer, and no broker named in the lease.
Summarized from the lease form provided by the seller; the executed lease and every document that binds the building are available for review in due diligence. Buyer to verify.
Ways to own it
Net-lease investor
Income in place: $90,000 annual base rent, flat through January 12, 2028, with taxes and property insurance reimbursed. If exercised, the two renewal options increase annual base rent to $94,500 and then $99,225. Evaluate the tenant, the remaining term and the landlord obligations against the executed lease; there is no guaranty. Buyer to verify in due diligence.
Future owner-user
Planning a future location? This 7,389 SF lab, office and showroom building is leased through January 12, 2028. Two tenant-controlled renewal options can extend occupancy through January 12, 2032. Owner occupancy depends on the lease ending and the intended use being approved; earlier possession would require an agreement with the tenant. Any single use over 5,000 SF is a special use in B2, so plan on a zoning verification with the Village. Buyer to verify in due diligence.
Downtown context
The Village owns six of the ten parcels on this block, and its Downtown TIF District #2 plan includes this parcel in Redevelopment Opportunity Site 2. A 97-unit mixed-use building was approved across Illinois Street in May 2026. These are location facts, not evidence of an offer to buy this property.
Ideal uses under B2 General Business
Well suited to a range of uses under B2 General Business zoning — confirm your specific use and parking with the municipality.
Check any address against the village code with the Commercial Zoning Lookup →
What can open here
Zoned B2 General Business District in Fox River Grove. What the Fox River Grove zoning code allows in this district, checked October 2026:
Allowed by right
With Village approval
Each type matches at least one use the code lists for B2. A business not shown may still fit under another name; confirm your specific use with the municipality.
See all 163 uses listed for this district in the Zoning Lookup →
Location & surroundings
204 Northwest Hwy sits on the north side of Route 14 in downtown Fox River Grove, directly across the highway from the Fox River Grove Metra station on the Union Pacific Northwest line, between Lincoln Avenue and Illinois Street. Route 14 carries about 25,700 vehicles a day here, including about 1,100 trucks (Illinois Department of Transportation, 2025 average annual daily traffic). The Cary Metra station is 1.3 miles northwest and O'Hare about 29 miles southeast (CoStar).
The Village of Fox River Grove owns six of the ten parcels on the 200 block of Northwest Highway: 212 Northwest Hwy and four rear lots, bought in July 2021 for a combined $500,000 and now the commuter parking lot next door, and 207 Opatrny Drive, the house touching this parcel's rear line, bought April 29, 2026 for $126,000 (McHenry County Treasurer sales records). The 2015 Downtown TIF District #2 plan lists this parcel by PIN inside Redevelopment Opportunity Site 2, a 43-parcel, 8.5-acre site along the north side of Route 14 with retail and mixed use as the proposed use; the plan authorizes property assembly and states that designation implies no immediate requirement to redevelop. Across Illinois Street, the Village approved Block B on May 5, 2026: a 97-unit, five-story building with about 6,000 SF of restaurant space, completion targeted for 2028. IDOT's FY2025-2030 program carries a resurfacing of Route 14 through town with new ADA ramps; no realignment or widening is programmed on this stretch.
What’s around it
| Address | Distance | Lot |
|---|---|---|
| 1206 Northwest Hwy | <0.1 mi | 0.16 ac |
| 2200 W Northwest Hwy | <0.1 mi | 0.21 ac |
| 3200 Opatrny Dr | <0.1 mi | 0.19 ac |
| 4108 Northwest Hwy | 0.1 mi | 0.21 ac |
| 5300 Lincoln Ave | 0.1 mi | 0.15 ac |
| 6106 Northwest Hwy | 0.1 mi | 0.52 ac |
Built by Jason Bitton RE/MAX Commercial from public property records, then cleaned, classified and checked; records as of September 30, 2026. Distances are straight-line from this property. Not an appraisal or an opinion of value; records can be wrong or out of date. McHenry County publishes no building sizes, so similar properties here are matched by lot size.
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What is the lease at 204 Northwest Hwy, Fox River Grove?+
American Calibration, LLC leases the whole building at $90,000 a year ($7,500 a month) under a lease that commenced January 13, 2025 and runs to January 12, 2028, with two 2-year options at 105% of the prior rent. The tenant reimburses real estate taxes and property insurance and pays its own utilities and routine maintenance; the landlord holds the roof, structure and system replacements. There is no guaranty, purchase option or right of first refusal. Buyer to verify against the executed lease.
What is the cap rate?+
Annual base rent is $90,000, equal to 7.5% of the $1,200,000 asking price. The tenant reimburses real estate taxes and property insurance; the landlord pays its own liability insurance and retains the roof, structure and system-replacement obligations. The 7.5% figure is before those landlord costs and reserves. This base-rent ratio is not a like-for-like comparison with a net-income cap rate. Buyer to verify in due diligence.
What is the zoning at 204 Northwest Hwy?+
B2 General Business, Village of Fox River Grove. Table 2 of the zoning ordinance (amended through Ordinance 25-13, June 3, 2025) lists as permitted uses business and professional offices, medical and dental offices, clinics and laboratories, the named retail store types and personal services, restaurants, fitness centers, trade schools, printing, plumbing, electrical and HVAC businesses, importers and distributors, minor auto repair and auto parts and tire stores. Warehouses, light assembly, major auto repair, vehicle sales, drive-throughs, daycare and veterinary uses are special uses, as are commercial recreation, drive-in and open-sales-lot operations and retail types the table does not name. Any principal use occupying more than 5,000 square feet of floor area is a special use in B2, which applies to a single tenant in this 7,389 SF building. The current calibration-lab occupancy is not a use the table names; buyer to verify its intended use and the building's occupancy approval with the Village.
What are the real estate taxes?+
The 2025 tax bill, payable in 2026, is $14,626.40, about $1.98 per square foot, on an assessed value of $160,758 (McHenry County Treasurer). The tenant reimburses taxes monthly against an estimate with an annual true-up. The 2024 bill was $14,251 and the 2023 bill $13,804.
What is the condition of the roof and building systems?+
The flat roof was torn off to the deck and replaced under Rx Roofing & Construction's invoice dated April 1, 2026: 5.2 inches of mechanically fastened insulation, tapered insulation at the east and north corners, a fully adhered 60-mil TPO membrane and new metal copings, under a 10-year labor and 20-year material warranty, paid in full. The building was recently fully sprinklered with a new fire-service line. Equipment labels show a Carrier 5-ton evaporator coil and a Payne gas furnace manufactured in 2022. Three-phase power: a 400-amp, 120/240-volt main service with a transformer feeding 120/208-volt distribution panels. Buyer to verify all systems.
What is the traffic count on Route 14 at 204 Northwest Hwy?+
Northwest Highway (US 14) carries approximately 25,700 vehicles per day past the property, including about 1,100 heavy commercial vehicles (Illinois Department of Transportation, 2025 average annual daily traffic).
How much parking is there?+
Twelve on-site spaces (2023 MLS and CoStar records) in front of and beside the building. Public municipal lots and street parking are nearby; they are not reserved for this property. The Metra station is across Route 14.
Can I see inside without disturbing the tenant?+
Yes. A video walkthrough is on this page; register with your name, email and phone number and it plays immediately. Showings are by appointment through Jason Bitton at (847) 858-2909 or Jason@JasonCRE.com, during business hours with notice to the tenant, as the lease requires.
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