Single-Story Office and Medical
1640 Willow Circle Drive Crest Hill, IL 60435
1640 Willow Circle Drive, Crest Hill, IL, 60435
$1,900,000
For Sale
Under Contract
$1,900,000
COMMERCIAL - Crest Hill, IL
Property Size10,062 SF
Lot Size1.47 Acres
Price / SF$188.83
Days on Market94
Property Features for 1640 Willow Circle Drive
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Zoning
- COMMR
- Standard status
- Active Under Contract
- APN
- 1104323030600000
- Lot size
- 1.47 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 26151
Utilities
- Utilities
- Water Available
- Cooling system
- Central Air
Building Details
- Year built
- 2004
- Floors in Building
- 1
- Number of units
- 6
- Flooring type
- Varies
Listing Agency
Coldwell Banker Commercial Real Estate Group
(630) 844-2222
38 W Countryside Pkwy Ste B, Joliet, IL
Listed by
Leah Erickson · License #475204597
(815) 553-2411
Added: Apr 16 Checked: Jul 18 at 9:06 am
MLS# 12615863
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.
Located at 1640 Willow Circle Drive in Crest Hill, IL, this 10,062 SF single-story, multi-tenant office/medical building was constructed in 2004 and is designed for flexible occupancy. The property offers a versatile tenant mix with suite sizes approximately ranging from 500 SF up to 9,562 SF, supporting phased lease-up or a future reconfiguration for a single operator. With 55 parking spaces and accessible building features, the site is positioned to serve professional uses that require convenient on-site parking. The building will be fully vacant by 6/30/26 due to retirement, presenting a clean slate for an owner-user or investor.
Set on a 1.47-acre corner lot, the property provides strong frontage along Larkin Ave (IL-7) with access to both I-55 and I-80, placing it within the Southwest suburban growth corridor. The location is also adjacent to a large 55+ community, which may support steady demand from nearby patients and patrons. Zoning is listed as COMMR.
This configuration is well-suited for tenants seeking an adaptable environment for medical, professional office, financial services, or a retail conversion. The current vacancy timing, combined with the wide range of suite sizes, makes the building practical for investors targeting income from multiple suites or operators planning to consolidate space and tailor the footprint to their needs.
Set on a 1.47-acre corner lot, the property provides strong frontage along Larkin Ave (IL-7) with access to both I-55 and I-80, placing it within the Southwest suburban growth corridor. The location is also adjacent to a large 55+ community, which may support steady demand from nearby patients and patrons. Zoning is listed as COMMR.
This configuration is well-suited for tenants seeking an adaptable environment for medical, professional office, financial services, or a retail conversion. The current vacancy timing, combined with the wide range of suite sizes, makes the building practical for investors targeting income from multiple suites or operators planning to consolidate space and tailor the footprint to their needs.
Key Highlights
- 10,062 SF single‑story, multi‑tenant office/medical building on a 1.47‑acre corner lot
- Built in 2004 with central air and water available
- Strong frontage on Larkin Ave (IL‑7) with convenient access to I‑55 and I‑80
Local Financial Insights For Healthcare Medical
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 | $259.6k | $25.80 |
| − Vacancy | −$32.4k | −$3.23 |
| EGI | $227.1k | $22.58 |
| − OpEx | −$90.9k | −$9.03 |
| NOI | $136.3k | $13.55 |
10,062 SF · lease $25.80/SF/yr · vacancy 12.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$1.95M
$1.70M – $2.27M
NOI $136,290 @ 7.0% cap · market cap 7.17%
Second Best
Office B
$1.73M
$1.51M – $2.01M
NOI $120,877 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,744 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Single-story multi-tenant office/medical building on a corner lot with strong frontage and substantial parking.
Where is this office building located?
The property is located at 1640 Willow Circle Drive Crest Hill, IL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 10,062 SF single‑story, multi‑tenant office/medical building on a 1.47‑acre corner lot; Built in 2004 with central air and water available; Strong frontage on Larkin Ave (IL‑7) with convenient access to I‑55 and I‑80
