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    1948 Essington Road unit A Joliet, IL 60435

    View on Map
    For Sale
    $240,000

    COMMERCIAL - Joliet, IL

    Type:Retail
    Property size:
    1,940 SF
    Lot size:
    0.90 Acres
    Added:
    Feb 26, 2026
    Days on Market:
    33
    Last Refresh:
    Mar 31 at 11:06 pm

    Property Features for 1948 Essington Road unit A

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    APN
    0603363020091001
    Size
    1,940 SF
    Lot size
    0.90 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    4010

    Utilities

    Cooling system
    Exhaust Fan (Cooling), Central Air

    Building Details

    Year built
    1991
    Floors in Building
    2
    Number of units
    6
    Building materials
    Steel Siding

    We can help!

    Listing Contact
    Andrew Nordstrom
    Andrew Nordstrom

    Listing agent Andrew Nordstrom License #475165337

    Listing office RE/MAX Ultimate Professionals 850 Brook Forest Ave., Shorewood, IL

    Listing date Feb 26, 2026

    MLS# 12578399

    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.

    Overview

    High-Traffic Commercial Property in Joliet

    This commercial property is located on high-traffic Essington Road, offering outstanding visibility and exposure. The 1,400 sq. ft. end unit includes an additional 540 sq. ft. upstairs, suitable for storage or additional workspace. The open layout provides flexibility for a variety of business uses. Constructed as a durable all-steel building, the property is one of six individually owned units. Ample shared parking is available in the front lot, with additional parking located in the rear. The property is located in Joliet, IL, 60435, in Will County, on a lot of 0.8991 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bill Markley Jr ... Insurance Agency Daniel Richard Jewelers (Bike/Boat/Book/etc) Store Kosacks Black Tie (Bike/Boat/Book/etc) Store Hi Def Guys Electronics & Wireless Store Elizabeth Miller Attorney ... Law Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.1607052
    Latitude
    41.5567114

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    FAQs

    What type of property is this?
    Retail space - Commercial property on high-traffic Essington Road with great visibility.
    Where is this retail space located?
    The property is located at 1948 Essington Road unit A Joliet, IL.
    What is the asking price?
    The asking price for this property is $240,000.
    What are key features of this property?
    This property features: High‑traffic location on Essington Road with outstanding visibility and exposure.; 1,400 sq. ft. end unit with an additional 540 sq. ft. upstairs.; Flexible, open layout suitable for various business uses.
    (815) 725-4545
    We can help!
    Listing Contact
    Andrew Nordstrom
    Andrew Nordstrom
    Real Estate License ID: 475165337
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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