Strip Center with National
For Sale
$1,975,000
121-131 Collins St, Joliet, IL 60432
Commercial center near downtown and I-80 with a mix of national and local business tenants.
Property Size8,464 SF
Price / SF$233.34
Days on Market50
Property Features for 121-131 Collins St
General Information
Standard status
Active
Size
8,464 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
2001
Tenancy
Multi
Listing Agency:
Baird & Warner
Listed By:
Michael Galvan · License #471021529
(708) 460-4900
Source:
Bktchicago
Added: Aug 4
Changed: Sep 20
Last Checked: Sep 21 at 11:14AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This strip center, completed in 2001, is positioned as a multi-tenant commercial property with national occupants and locally operated businesses. The asset carries COMMR zoning and is described as well maintained.
The property is located at 121-131 Collins Street in Joliet, near the downtown business district and within minutes of I-80. It sits along a busy commercial corridor with reported pedestrian activity and traffic exposure, while nearby national brands add to the surrounding retail context. Tenant operations should not be disturbed during any drive-by inspection.
The property is located at 121-131 Collins Street in Joliet, near the downtown business district and within minutes of I-80. It sits along a busy commercial corridor with reported pedestrian activity and traffic exposure, while nearby national brands add to the surrounding retail context. Tenant operations should not be disturbed during any drive-by inspection.
Key Highlights
- Strip center at 121‑131 Collins Street, Joliet, IL 60432
- Built in 2001
- COMMR zoning
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
$82,207
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
4.16%
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%
$1,644,140
$1.6M
Cap Rate 7%
$1,174,386
$1.2M
Cap Rate 9%
$913,411
$913.4K
Market Conditions
NOI Build-Up for 8,464 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
$127.0K $15.00/SF
− Vacancy
−$9.5K −$1.13/SF
EGI
$117.4K $13.88/SF
− OpEx
−$35.2K −$4.16/SF
NOI
$82.2K $9.71/SF
Area
Joliet, IL
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,644,140
Cap Rate 7%
$1,174,386
Cap Rate 9%
$913,411
Alternative Uses
Best Use
Retail
$1.17M
$1.03M – $1.37M
NOI $82,207 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.18M – $2.91M
NOI $174,697 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,359
Businesses Nearby
123k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 36%
McDonald's
Dining
28,435 visits/mo
0.1 miles
Thorntons
Shops & Services
19,756 visits/mo
0.4 miles
Dollar Tree
Shops & Services
13,479 visits/mo
0.1 miles
Exxon
Shops & Services
8,003 visits/mo
0.4 miles
Burger King
Dining
7,666 visits/mo
0.1 miles
Demographics for 60432, IL
19,989
Population
7,287
Households
2.7
Avg Household Size
33
Median Age
13%
College-Educated
65%
High-School Grad
8.5 sq mi
ZIP Area
2,352
Density / Sq Mi
$64,099
Median Household Income
$33,920
Median Earnings
$1,261
Median Rent
$185,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Commercial center near downtown and I-80 with a mix of national and local business tenants.
Where is this strip mall located?
The property is located at 121-131 Collins St Joliet, IL.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Strip center at 121‑131 Collins Street, Joliet, IL 60432; Built in 2001; COMMR zoning
