Professional Office Condo For
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10331 W Lincoln Highway, Frankfort, IL 60423
Professional office condo with build-out potential in Frankfort, Illinois.
Property Size1,566 SF
Price / SF$245.85
Days on Market181
Property Features for 10331 W Lincoln Highway
General Information
Standard status
Active
Size
1,566 SF
Property subtype
Office
Zoning
B-4
Investment Type
Owner/User
Building Details
Year Built
2003
Units
1
Listing Agency:
Olivieri Real Estate LLC
Listed By:
Jackie Montvidas · License #IL 705768
Source:
Crexi
Added: Feb 10
Changed: Aug 9
Last Checked: Aug 10 at 12:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Olivieri Real Estate LLC
Investment Insights
Based on property information with market context.
This professional office condo is located in Brookside Commons. The end-unit property offers 1,566 square feet of office space on the main level. The layout includes a reception area, three private offices, an executive office with a private bathroom, an open work area, a conference room, and a kitchen. Storage space is available, and a shared bathroom is located off the main hallway. The full 1,566 square foot basement provides additional storage, a full bathroom with shower, and a large open area that can be built out for future expansion. The office has natural light from numerous windows. The HVAC system was updated in 2025, the roof in 2022, and the hot water tank in 2019. A water softener is also in the unit. The property is located on Route 30 (Lincoln Highway) with stoplight access and ample parking. It is suited for attorneys, CPAs, insurance or financial professionals, counseling services, or general office users.
Key Highlights
- Prime location on Route 30 (Lincoln Highway) with stoplight access and ample parking.
- 1,566 SF of thoughtfully built‑out main level office space including reception area, private offices, executive office with private bathroom, conference room, and kitchen.
- Full 1,566 SF basement with bathroom and shower, offering extensive storage and potential for future expansion.
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
$18,813
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
4.89%
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%
$376,260
$376.3K
Cap Rate 7%
$268,757
$268.8K
Cap Rate 9%
$209,033
$209.0K
Market Conditions
NOI Build-Up for 1,566 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
$35.3K $22.56/SF
− Vacancy
−$10.2K −$6.54/SF
EGI
$25.1K $16.02/SF
− OpEx
−$6.3K −$4.00/SF
NOI
$18.8K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /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%
$376,260
Cap Rate 7%
$268,757
Cap Rate 9%
$209,033
Alternative Uses
Best Use
Office B
$268.8K
$235.2K – $313.6K
NOI $18,813 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$355.2K
$310.8K – $414.4K
NOI $24,862 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Explore this area
Business Placement
Demographics for 60423, IL
32,784
Population
11,494
Households
2.9
Avg Household Size
42
Median Age
48%
College-Educated
97%
High-School Grad
37.9 sq mi
ZIP Area
865
Density / Sq Mi
$137,651
Median Household Income
$63,686
Median Earnings
$1,455
Median Rent
$376,500
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 - Professional office condo with build-out potential in Frankfort, Illinois.
Where is this office units located?
The property is located at 10331 W Lincoln Highway Frankfort, IL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Prime location on Route 30 (Lincoln Highway) with stoplight access and ample parking.; 1,566 SF of thoughtfully built‑out main level office space including reception area, private offices, executive office with private bathroom, conference room, and kitchen.; Full 1,566 SF basement with bathroom and shower, offering extensive storage and potential for future expansion.
