Colona Warehouse
Industrial | 5,500 SqFt
Marketing description
Versatile commercial property with approximately 5,600 square feet of usable space and a layout that works for a wide range of business uses. The main shop offers large open work areas with multiple bays, plus an L-shaped workshop and office section for storage, operations, or admin space. A separate storage garage sits off the main shop, adding even more flexibility. The detached building features two garage bays (approx. 19' x 23' each), one previously used as a wash bay, with a new garage door and opener installed. It also includes a heater unit, making it functional year-round. An air compressor with active lines throughout the property adds to the efficiency for shop use. Additional features include an oil burner, wood-burning fireplace, central air in the main shop area, and AC in the office space. A shed with wood is also included. Five overhead doors, concrete floors, and 3-phase power make this a strong fit for contractors, auto service, or light industrial use. Located on a corner lot with solid access and plenty of off-street parking for trucks, trailers, or equipment. Zoned commercial with an existing industrial-style setup, ready to be put to use.
Investment highlights
🏢 Property Overview
- Address: 162 Exchange St, Colona, IL
- Price: $315,000
- Building Size: ~5,600–5,800 SF
- Price/SF: ~$56/SF
- Lot Size: 11,558 SF
- Zoning: Commercial (industrial-style use)
💰 Financial Highlights
- Low property taxes: ~$1,414/year → extremely low holding cost
- No current tenants (vacant): Value-add opportunity
- No existing income: Full control to lease, owner-occupy, or reposition
- Low basis per square foot: Strong entry point vs replacement cost
🔧 Physical & Functional Features
- 5+ overhead doors → ideal for contractors, storage, or automotive
- 3-phase power (201–600 amps) → supports industrial users
- Concrete floors + multiple bays → heavy-duty usability
- Detached garage w/ 2 bays (one previously a wash bay)
- Air compressor system with lines throughout
- Heating systems: gas, oil burner, and additional units
- Central air + office AC
- Wood-burning fireplace + shed included
🚚 Layout & Use Flexibility
- Large open shop space
- L-shaped workshop + office area
- Separate storage garage
- Multiple work zones for:
- Contractor operations
- Auto repair/detailing
- Distribution/storage
- Light industrial use
📍 Location Advantages
- Corner lot → strong access + visibility
- Located at Green River Rd & Exchange St intersection
- Ample parking (6–12 outdoor + additional space for trucks/trailers)
- Easy access for equipment, fleet vehicles, and deliveries
🚀 Investment Upside
- Value-add play: Lease it up or split usage
- Owner-user opportunity: Run your business + build equity
- Multiple exit strategies:Lease to industrial tenant
- Sell to owner-operator
- Convert to multi-tenant bays
- High-demand asset type: Small industrial/flex space is hot
- Below replacement cost → strong downside protection
⚠️ Risks / Considerations
- No current income (you need to lease it)
- Unknown year built (older asset)
- Limited ceiling height info (important for tenants)
- Likely needs positioning/marketing to attract tenants
🧠 Bottom Line
This is a low-cost, flexible industrial asset with:
- Strong infrastructure (3-phase, bays, shop setup)
- Extremely low taxes
- Multiple monetization angles
👉 Ideal for:
- Contractors
- Auto businesses
- Small industrial investors
- Owner-operators
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