Two-Story Office
New
For Sale
$949,900
1352 N Cedar Road, New Lenox, IL 60451
COMMERCIAL - New Lenox, IL
Property Size3,500 SF
Lot Size3.47 Acres
Price / SF$271.40
Days on Market7
Property Features for 1352 N Cedar Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
Turn onto Lenox St Turn onto N Cooper Rd Turn onto E Francis Rd Turn onto N Cedar Rd to Property
Subdivision
New Lenox
Standard status
Active
APN
1508103000580000
Lot size
3.47 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
15815
Utilities
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
2
Number of units
1
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Jaime Birks · License #471005614
(888) 574-9405
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 19 at 8:06AM
MLS# 12732289
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1352 N Cedar Road, this office property combines a two-story building with a 3.47-acre site. Constructed in 2006, the 3,500-square-foot building includes offices, storage areas, and conference rooms, with central air conditioning serving the interior. The property is currently occupied by Hope Center Transportation, which operates from the building.
The site includes in excess of 50 parking spaces and is positioned near the I-80 and I-355 corridors. Its New Lenox setting also places the property near schools, shopping, dining, and other major highway connections. COMMR zoning is identified for the property.
The site includes in excess of 50 parking spaces and is positioned near the I-80 and I-355 corridors. Its New Lenox setting also places the property near schools, shopping, dining, and other major highway connections. COMMR zoning is identified for the property.
Key Highlights
- 3.47‑acre office property at 1352 N Cedar Road
- 3,500‑square‑foot, two‑story building constructed in 2006
- Current occupancy by Hope Center Transportation
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 - Office property with dedicated work areas, storage, conference rooms, and substantial 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 at 1352 N Cedar Road; 3,500‑square‑foot, two‑story building constructed in 2006; Current occupancy by Hope Center Transportation
