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    Downtown Joliet Restaurant Opportunity Title is generated by Realmo AI

    81 W Jefferson Street, Joliet, IL 60432

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    COMMERCIAL - Joliet, IL

    Type:Retail
    Property size:
    3,146 SF
    Lot size:
    0.07 Acres
    Added:
    Jan 12, 2026
    Days on Market:
    138
    Last Refresh:
    May 30 at 6:06 am

    Property Features for 81 W Jefferson Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    Size
    3,146 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4908

    Utilities

    Cooling system
    Central Air, Exhaust Fan (Cooling)

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    1
    Flooring type
    Vinyl
    Building materials
    Block

    We can help!

    Listing Contact
    Alexander Fenske

    Listing agent Alexander Fenske License #475128785

    Listing office Keller Williams Preferred Rlty 16101 108th Avenue, Orland Park, IL

    Listing date Jan 12, 2026

    MLS# 12541445

    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

    • Prime downtown Joliet location directly across from Will County Courthouse.
    • Existing restaurant build‑out with ample dine‑in area and large kitchen.
    • Liquor license in place.
    • Four months rent abatement offered.
    • Located in Joliet's City Center TIF district and Des Plaines River Valley Enterprise Zone.
    • Shared parking lot with approx. 20 spaces included; potential for exclusive use/beer garden conversion.

    Overview

    This commercial space in downtown Joliet presents a restaurant opportunity directly across from the Will County Courthouse. The property features approximately 2,420 square feet on the main level, plus an additional 726 square feet of upstairs office or storage space, and a full basement. It is built out for restaurant or food service use, including a dine-in area, two restrooms, and a large kitchen equipped with a hood and a three-compartment sink. A rear storage area is available for refrigeration and other back-of-house functions. The property is located in Joliet's City Center TIF district and within the Des Plaines River Valley Enterprise Zone, potentially offering business opportunities. The location offers strong visibility, with an Average Annual Daily Traffic (AADT) count of 11,110. The property has an adjacent parking lot with approximately 20 spaces available for shared use with an adjacent liquor store, with the possibility of negotiating exclusive use or conversion to a beer garden. Additionally, it is adjacent to Barrett's Lot, a city parking area with 65 spaces. The lot size is 0.07 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.0840676
    Latitude
    41.5250388

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    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant space for lease in downtown Joliet near courthouse.
    Where is this conventional restaurant located?
    The property is located at 81 W Jefferson Street Joliet, IL.
    What are key features of this property?
    This property features: Prime downtown Joliet location directly across from Will County Courthouse.; Existing restaurant build‑out with ample dine‑in area and large kitchen.; Liquor license in place.
    (708) 798-1111
    We can help!
    Listing Contact
    Alexander Fenske
    Real Estate License ID: 475128785
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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.

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