Joliet Office Complex For
1523 Essington Road, Joliet, IL 60435
COMMERCIAL - Joliet, IL
Type:Office
Property size:
11,842 SFLot size:
1.27 AcresPrice / SF:
$210/SF- Added:
- Apr 11, 2026
- Days on Market:
- 54
- Last Refresh:
- Jun 3 at 12:06 am
Property Features for 1523 Essington Road
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Standard status
- Active
- APN
- 0506022150301012
- Size
- 11,842 SF
- 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
- Carpet, Vinyl
- Building materials
- Brick, Stone
- Roof type
- Composition
Listing agent Valdy Biernacki License #3040396 (708) 974-1000
Listing office Realty Executives New Image 11230 Southwest Hwy, Palos Hills, IL (708) 974-1000
Listing date Apr 11, 2026
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.
HighLights
- Fully Leased with Long‑Term Tenants: Guarantees immediate and stable income.
- Expansion Potential: Opportunity to revert to the original 8‑unit layout.
- Strategic Location in Joliet: Benefits from a fast‑growing market.
- Diversified Tenant Base: Includes a major national corporation with a multi‑year sub‑rent agreement.
- Low Maintenance & High Return: Well‑maintained building strategically configured to minimize operational costs.
- Flexible Lease Structures: Tenants manage their own utilities and insurance.
Overview
Located in Joliet, Illinois, this commercial property features approximately 11,842 square feet and comprises 8 office units or condos. The property is fully leased to four tenants, including three in the medical sector. Each tenant manages their own utilities and insurance. Originally designed for 8 units, the property was subdivided into only 4 tenants, presenting an opportunity to maximize income by reverting to the original layout if tenants choose to downsize. The property is fully leased with long-term agreements, guaranteeing immediate cash flow. All suites are currently leased, including to a major national corporation with a multi-year sub-rent agreement for virtual and in-person office spaces. The building is well-maintained and strategically configured to minimize operational costs while maximizing leasing efficiency. Situated in one of the fastest-growing markets in the southwest Chicago metro area, Joliet offers transportation access via I-80 and I-55, infrastructure, and a business ecosystem. The 1.2703-acre property is positioned to benefit from tenant stability and future appreciation. The owner is motivated to sell due to relocation, presenting an opportunity for 1031 exchange buyers and investors seeking returns.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $284.2k | $24.00 |
| − Vacancy | −$45.5k | −$3.84 |
| EGI | $238.7k | $20.16 |
| − OpEx | −$59.7k | −$5.04 |
| NOI | $179.1k | $15.12 |
11,842 SF · lease $24.00/SF/yr · vacancy 16.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.56M
$2.24M – $2.98M
NOI $179,051 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Ways To Wellness MD
Physician
Location Insight
- Map
- Local Demand
- City
- Joliet
- County
- Will
- State
- Illinois
- Longitude
- -88.1621822
- Latitude
- 41.5502908
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Fully leased office complex with expansion potential in Joliet, Illinois.
Where is this office building 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: Fully Leased with Long‑Term Tenants: Guarantees immediate and stable income.; Expansion Potential: Opportunity to revert to the original 8‑unit layout.; Strategic Location in Joliet: Benefits from a fast‑growing market.
