Medical Office with
For Sale
$350,000
Pending
337 W Maple Street, New Lenox, IL 60451
Configured clinical space includes exam rooms, an X-ray area, office support rooms, and an upstairs residential unit.
Property Size2,500 SF
Days on Market46
Property Features for 337 W Maple Street
General Information
Standard status
Pending
Size
2,500 SF
Property subtype
Business Opportunity
Zoning
COMMR
Space & Availability
Floor
Main Floor
Furnished
Yes
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,411
Building Details
Building Size
2,500 SF
Stories
2
Listing Agency:
Real People Realty
Listed By:
Allen Walsh · License #475134800
Source:
Jjillrealtygroup
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 25 at 9:20AM
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 Real People Realty
Investment Insights
Based on property information with market context.
This approximately 2,500-square-foot medical office property is arranged for clinical operations, with a reception and waiting area connected by intercom to multiple rooms. The existing layout includes two exam rooms, an X-ray work area, a manager’s office, and additional treatment-support space. Exam tables and other equipment remain in place and are described as being in good condition. The configuration has been used for veterinary services and is also identified as suitable for a doctor’s office or other uses.
An upstairs one-bedroom apartment adds a separate residential component to the property. The building is located at 337 W Maple St in downtown New Lenox, with frontage on the area’s main street.
An upstairs one-bedroom apartment adds a separate residential component to the property. The building is located at 337 W Maple St in downtown New Lenox, with frontage on the area’s main street.
Key Highlights
- Approximately 2,500 square feet of medical office space
- Two exam rooms plus an X‑ray work area
- Reception and waiting area with intercom connection to other rooms
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
$30,033
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
8.58%
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%
$600,660
$600.7K
Cap Rate 7%
$429,043
$429.0K
Cap Rate 9%
$333,700
$333.7K
Market Conditions
NOI Build-Up for 2,500 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
$56.4K $22.56/SF
− Vacancy
−$16.4K −$6.54/SF
EGI
$40.0K $16.02/SF
− OpEx
−$10.0K −$4.00/SF
NOI
$30.0K $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%
$600,660
Cap Rate 7%
$429,043
Cap Rate 9%
$333,700
Alternative Uses
Best Use
Mixed Use
$542.4K
$474.6K – $632.8K
NOI $37,969 @ 7.0% cap · market cap 10.85%
Second Best
Healthcare Medical
$483.8K
$423.3K – $564.4K
NOI $33,863 @ 7.0% cap · market cap 9.68%
Theoretical Best
Office A
$567.0K
$496.1K – $661.5K
NOI $39,690 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60451, IL
36,561
Population
12,972
Households
2.8
Avg Household Size
39
Median Age
42%
College-Educated
98%
High-School Grad
25.2 sq mi
ZIP Area
1,451
Density / Sq Mi
$132,260
Median Household Income
$63,418
Median Earnings
$1,304
Median Rent
$373,100
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?
Medical Office Space - Configured clinical space includes exam rooms, an X-ray area, office support rooms, and an upstairs residential unit.
Where is this medical office space located?
The property is located at 337 W Maple Street New Lenox, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximately 2,500 square feet of medical office space; Two exam rooms plus an X‑ray work area; Reception and waiting area with intercom connection to other rooms
