Brick Office Units
For Sale
$2,495,000
1523 Essington Road, Joliet, IL 60435
Commercial Sale, Joliet, IL
Property Size11,842 SF
Lot Size1.27 Acres
Price / SF$210.69
Days on Market132
Property Features for 1523 Essington Road
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
Theodore St to Essington Rd north to address
Subdivision
Joliet
Standard status
Active
APN
0506022150301012
Lot size
1.27 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
44888
Utilities
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Brick, Stone
Roof type
Composition
Listing Agency:
Realty Executives New Image · Realty Executives International
(708) 974-1000
Listed By:
Valdy Biernacki · License #3040396
(708) 974-1000
Added: Apr 11
Changed: Aug 19
Last Checked: Aug 20 at 10:06AM
MLS# 12583596
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office units complex totals approximately 11,842 SF and consists of 8 office units/condos. Built in 2006 with brick and stone construction, it is currently fully leased to four tenants. The property includes a layout that was originally designed for 8 units but was subdivided into four tenants, creating an opportunity to revert to an 8-unit configuration if tenants choose to downsize.
Lease terms provide flexibility: each tenant manages its own utilities and insurance. Cooling is provided via central air, with vinyl and carpet flooring and a composition roof.
Joliet’s market access is supported by major transportation routes including I-80 and I-55. The building’s current tenant occupancy and long-term agreements are positioned to support reliable income, while the original 8-unit design offers a practical path for future configuration changes.
Lease terms provide flexibility: each tenant manages its own utilities and insurance. Cooling is provided via central air, with vinyl and carpet flooring and a composition roof.
Joliet’s market access is supported by major transportation routes including I-80 and I-55. The building’s current tenant occupancy and long-term agreements are positioned to support reliable income, while the original 8-unit design offers a practical path for future configuration changes.
Key Highlights
- Approximately 11,842 SF office units/condos with a designed‑for‑8‑units layout
- Currently fully leased to four tenants
- 1.2703‑acre site with brick and stone construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$179,051
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,581,020
$3.6M
Cap Rate 7%
$2,557,871
$2.6M
Cap Rate 9%
$1,989,456
$2.0M
Market Conditions
NOI Build-Up for 11,842 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$284.2K $24.00/SF
− Vacancy
−$45.5K −$3.84/SF
EGI
$238.7K $20.16/SF
− OpEx
−$59.7K −$5.04/SF
NOI
$179.1K $15.12/SF
Area
Joliet, IL
Vacancy
16.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,581,020
Cap Rate 7%
$2,557,871
Cap Rate 9%
$1,989,456
Alternative Uses
Best Use
Office B
$2.56M
$2.24M – $2.98M
NOI $179,051 @ 7.0% cap · market cap 7.18%
Second Best
Healthcare Medical
$2.55M
$2.23M – $2.97M
NOI $178,412 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$3.49M
$3.06M – $4.07M
NOI $244,419 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
424
Businesses Nearby
Explore this area
Business Placement
Demographics for 60435, IL
48,927
Population
20,162
Households
2.4
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
4,530
Density / Sq Mi
$74,967
Median Household Income
$41,201
Median Earnings
$1,145
Median Rent
$217,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Fully leased office complex with central air on a 1.2703-acre site, built in 2006.
Where is this office units located?
The property is located at 1523 Essington Road Joliet, IL.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Approximately 11,842 SF office units/condos with a designed‑for‑8‑units layout; Currently fully leased to four tenants; 1.2703‑acre site with brick and stone construction
