Two-Story Office
New
For Sale
$949,900
1352 N Cedar Road, New Lenox, IL 60451
Occupied office property with storage, conference rooms, and ample on-site parking.
Property Size3,500 SF
Lot Size3.47 Acres
Price / SF$271.40
Days on Market7
Property Features for 1352 N Cedar Road
General Information
Standard status
Active
Size
3,500 SF
Lot size
3.47 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Land Use
commercial
Taxes and HOA fees
Annual Taxes
$15,815
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2006
Buildings
1
Stories
2
Building Size
3,500 SF
Tenancy
Single
Listing Agency:
EXP REALTY
(888) 574-9405
Listed By:
JAIME BIRKS · License #471005614
Source:
Corcoran
Added: Aug 13
Changed: Aug 18
Last Checked: Aug 18 at 5:51AM
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 EXP REALTY
Investment Insights
Based on property information with market context.
This two-story office property sits on 3.47 acres and includes a 3500SF building constructed in 2006. The interior provides offices, storage areas, and conference rooms suited to day-to-day business operations. Hope Center Transportation currently occupies the building, and the site includes in excess of 50 parking spaces.
Located at 1352 N Cedar Road in New Lenox, the property is near the I-80 and I-355 corridors. Shopping and dining are also identified in the surrounding area, while the substantial parcel provides both office improvements and additional land within the property.
Located at 1352 N Cedar Road in New Lenox, the property is near the I-80 and I-355 corridors. Shopping and dining are also identified in the surrounding area, while the substantial parcel provides both office improvements and additional land within the property.
Key Highlights
- 3.47‑acre office property in New Lenox
- Two‑story 3500SF office building constructed in 2006
- Hope Center Transportation currently occupies the building
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
$42,046
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
4.43%
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%
$840,920
$840.9K
Cap Rate 7%
$600,657
$600.7K
Cap Rate 9%
$467,178
$467.2K
Market Conditions
NOI Build-Up for 3,500 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
$79.0K $22.56/SF
− Vacancy
−$22.9K −$6.54/SF
EGI
$56.1K $16.02/SF
− OpEx
−$14.0K −$4.00/SF
NOI
$42.0K $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%
$840,920
Cap Rate 7%
$600,657
Cap Rate 9%
$467,178
Alternative Uses
Best Use
Office B
$600.7K
$525.6K – $700.8K
NOI $42,046 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$793.8K
$694.6K – $926.1K
NOI $55,566 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
645
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Occupied office property with storage, conference rooms, and ample on-site parking.
Where is this office building located?
The property is located at 1352 N Cedar Road New Lenox, IL.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: 3.47‑acre office property in New Lenox; Two‑story 3500SF office building constructed in 2006; Hope Center Transportation currently occupies the building
