Turnkey Medical Office
For Sale
Contact for pricing
1445 Essington Road, Joliet, IL 60435
Recently renovated medical suite with exam rooms and reception-ready interior for immediate patient-facing occupancy.
Property Size11,050 SF
Price / SF$180.90
Days on Market99
Property Features for 1445 Essington Road
General Information
Standard status
Active
Size
11,050 SF
Class
A
Property subtype
Retail, Office, Industrial
Zoning
OFFIC
Lease Type
Modified Gross
Investment Type
Owner/User
Additional Details
Business Included
Yes
Highway Access
Yes
Building Details
Year Renovated
2021
Units
1
Tenancy
Multi
Listing Agency:
Pontarelli
Listed By:
Nicole Quattrocchi · License #IL 471.014953
Source:
Crexi
Added: May 30
Changed: Aug 26
Last Checked: Sep 3 at 2:34AM
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 Pontarelli
Investment Insights
Based on property information with market context.
This modern, recently renovated medical office suite offers a practical, patient-focused layout within a multi-tenant building. The space is designed for efficient operations and includes nine fully built-out patient/exam rooms, an X-ray room or rooms, and a welcoming reception and waiting area. In addition, the suite features private offices, a conference room, and staff support space including a break room and kitchen, supported by a high-quality, professional lobby environment.
Located at 1445 Essington Road in Joliet, the suite is positioned for convenient access for both patients and staff, with close proximity to major highways. The surrounding area is described as having strong residential density and continued growth, contributing to a stable base of local demand for healthcare and professional services.
For owner-users, the existing medical improvements can help reduce upfront buildout costs and support a streamlined transition into occupancy, with the option to use the full square footage for a single practice or business. For investors, the property is presented as a value-add situation with the ability to lease available space within a proven medical and professional office setting, while the flexibility of the layout supports a range of healthcare and related professional uses.
Located at 1445 Essington Road in Joliet, the suite is positioned for convenient access for both patients and staff, with close proximity to major highways. The surrounding area is described as having strong residential density and continued growth, contributing to a stable base of local demand for healthcare and professional services.
For owner-users, the existing medical improvements can help reduce upfront buildout costs and support a streamlined transition into occupancy, with the option to use the full square footage for a single practice or business. For investors, the property is presented as a value-add situation with the ability to lease available space within a proven medical and professional office setting, while the flexibility of the layout supports a range of healthcare and related professional uses.
Key Highlights
- 11,050 SF recently renovated medical office suite in a multi‑tenant building at 1445 Essington Rd
- 9 fully built‑out patient/exam rooms plus access to X‑ray room(s)
- Reception and waiting area with private offices and a conference room for organized patient visits
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
$167,076
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
8.36%
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%
$3,341,520
$3.3M
Cap Rate 7%
$2,386,800
$2.4M
Cap Rate 9%
$1,856,400
$1.9M
Market Conditions
NOI Build-Up for 11,050 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
$265.2K $24.00/SF
− Vacancy
−$42.4K −$3.84/SF
EGI
$222.8K $20.16/SF
− OpEx
−$55.7K −$5.04/SF
NOI
$167.1K $15.12/SF
Area
Joliet, IL
Vacancy
16.00%
Lease Rate
$24.00 /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%
$3,341,520
Cap Rate 7%
$2,386,800
Cap Rate 9%
$1,856,400
Alternative Uses
Best Use
Office B
$2.39M
$2.09M – $2.78M
NOI $167,076 @ 7.0% cap · market cap 8.36%
Second Best
Healthcare Medical
$2.38M
$2.08M – $2.77M
NOI $166,479 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$3.26M
$2.85M – $3.80M
NOI $228,072 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
424
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Essington Road Animal Hospital — 1914 Essington Rd, Joliet, IL 60435
Frequently Asked Questions
What type of property is this?
Medical Office Space - Recently renovated medical suite with exam rooms and reception-ready interior for immediate patient-facing occupancy.
Where is this medical office space located?
The property is located at 1445 Essington Road Joliet, IL.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 11,050 SF recently renovated medical office suite in a multi‑tenant building at 1445 Essington Rd; 9 fully built‑out patient/exam rooms plus access to X‑ray room(s); Reception and waiting area with private offices and a conference room for organized patient visits
