Strip Mall with Central
For Sale
$1,975,000
121-131 Collins Street, Joliet, IL 60432
Commercially zoned retail property with central air serving its interior spaces.
Property Size8,464 SF
Days on Market174
Property Features for 121-131 Collins Street
General Information
Standard status
Active
Size
8,464 SF
Zoning
COMMR
Net Operating Income
$143,558
Taxes and HOA fees
Annual Taxes
$27,054
Amenities
Central Air
Building Details
Building Size
8,464 SF
Year Built
2001
Stories
1
Listing Agency:
Baird & Warner
(773) 732-8843
Listed By:
Michael Galvan · License #471021529
(773) 732-8843
Source:
Evrealestate
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 2:32PM
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 mall property at 121-131 Collins Street includes central air and was built in 2001. The property carries COMMR zoning and is located in Joliet, Illinois, within Will County.
Access is described from Route 30 via Collins Street south to the property, providing a documented approach from the regional roadway.
Access is described from Route 30 via Collins Street south to the property, providing a documented approach from the regional roadway.
Key Highlights
- Strip mall property at 121‑131 Collins Street, Joliet, IL 60432
- Built in 2001
- Central air included
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
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 - Commercially zoned retail property with central air serving its interior spaces.
Where is this strip mall located?
The property is located at 121-131 Collins Street 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 mall property at 121‑131 Collins Street, Joliet, IL 60432; Built in 2001; Central air included
