Multi-Use Building on Essington
For Sale
Contact for pricing
1214-1222 Essington Road, Joliet, IL 60435
11,200 SF multi-use building on 1.46 acres.
Property Size11,200 SF
Lot Size1.46 Acres
Price / SF$133.93
Days on Market185
Property Features for 1214-1222 Essington Road
General Information
Standard status
Active
Size
11,200 SF
Lot size
1.46 Acres
Property subtype
Office
Zoning
COMMR
Net Operating Income
$19,800
Building Details
Year Built
1997
Units
3
Listing Agency:
Dow Realty
(815) 730-1900
Listed By:
Thomas Mulvey · License #IL 471006114
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Aug 8 at 6:34AM
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 Dow Realty
Investment Insights
Based on property information with market context.
Located on Essington Road on Joliet's west side, this custom-built, multi-use building offers 11,200 square feet of space on a 1.46-acre lot with 158 feet of frontage. The property includes two 1,500-square-foot offices and 8,200 square feet of warehouse, storage, and shop space. Ample parking is available in the front, side, and rear of the building, with possible parking inside. The warehouse space features high-pitched ceilings and a 1,500-square-foot second-floor storage area. The building's front is brick, while the other three sides are metal. The walls and ceilings are insulated, with drywall on all warehouse interior and exterior walls. An interior 10-foot overhead door separates two warehouse areas. The warehouse includes two 14-foot overhead doors on the north side, one 14-foot overhead door on the east side, and one 12-foot overhead door on the west side. One of the 1,500 square foot offices and the majority of the warehouse space is currently used as rental services. The other office is leased to a real estate company and includes a reception area, common area, three private offices, a break/lunch room, a utility room, and a bathroom. The warehouse has two bathrooms, a utility sink, and a mechanical room. Each office has its own exterior entrance, furnace, and central air conditioning, with separate meters for gas, electric, and water. The warehouse has two gas heaters hung from the ceiling.
Key Highlights
- Excellent location on Essington Road with high traffic and easy access to I‑55 and I‑80.
- Large 11,200 sq ft multi‑use building suitable for various business operations.
- Substantial warehouse/storage space (8,200 sq ft) with multiple overhead doors (two 14‑foot, one 12‑foot, and one 10‑foot interior).
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
$127,895
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
8.53%
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%
$2,557,900
$2.6M
Cap Rate 7%
$1,827,071
$1.8M
Cap Rate 9%
$1,421,056
$1.4M
Market Conditions
NOI Build-Up for 11,200 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
$215.0K $19.20/SF
− Vacancy
−$18.3K −$1.63/SF
EGI
$196.8K $17.57/SF
− OpEx
−$68.9K −$6.15/SF
NOI
$127.9K $11.42/SF
Area
Joliet, IL
Vacancy
8.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$2,557,900
Cap Rate 7%
$1,827,071
Cap Rate 9%
$1,421,056
Alternative Uses
Best Use
Warehouse
$2.01M
$1.76M – $2.35M
NOI $140,789 @ 7.0% cap · market cap 9.39%
Second Best
Flex RnD
$1.83M
$1.60M – $2.13M
NOI $127,895 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,168 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60435, IL
48,927
Population
20,162
Households
2.4
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
4,530
Density / Sq Mi
$74,967
Median Household Income
$41,201
Median Earnings
$1,145
Median Rent
$217,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Cutting Edge Catering — 1407 Essington Rd, Joliet, IL 60435
Frequently Asked Questions
What type of property is this?
Flex space - 11,200 SF multi-use building on 1.46 acres.
Where is this flex space located?
The property is located at 1214-1222 Essington Road Joliet, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Excellent location on Essington Road with high traffic and easy access to I‑55 and I‑80.; Large 11,200 sq ft multi‑use building suitable for various business operations.; Substantial warehouse/storage space (8,200 sq ft) with multiple overhead doors (two 14‑foot, one 12‑foot, and one 10‑foot interior).
