Leased Office
For Sale
$2,495,000
1523 Essington Road, Joliet, IL 60435
Commercial Sale, Joliet, IL
Property Size11,842 SF
Lot Size1.27 Acres
Price / SF$210.69
Days on Market153
Property Features for 1523 Essington Road
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
Theodore St to Essington Rd north to address
Subdivision
Joliet
Standard status
Active
APN
0506022150301012
Lot size
1.27 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
44888
Utilities
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Brick, Stone
Roof type
Composition
Listing Agency:
Realty Executives New Image · Realty Executives International
(708) 974-1000
Listed By:
Valdy Biernacki · License #3040396
(773) 603-9557
Added: Apr 11
Changed: Aug 19
Last Checked: Sep 10 at 5:06PM
MLS# 12583596
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 1523 Essington Road in Joliet, Illinois, this 11,842 SF office property occupies 1.2703 acres and was built in 2006. The building contains 8 office units or condominium spaces and is currently fully leased among 4 tenants, including 3 medical-sector occupants. Brick and stone construction, vinyl and carpet flooring, central air, and a composition roof define the existing improvements.
The current tenant arrangements place utility and insurance responsibilities with each occupant. The property was originally designed for 8 units but is presently configured for 4 tenants, allowing the layout to be reconsidered if space requirements change. Joliet access includes proximity to I-80 and I-55, supporting connections throughout the southwest Chicago metro area.
The current tenant arrangements place utility and insurance responsibilities with each occupant. The property was originally designed for 8 units but is presently configured for 4 tenants, allowing the layout to be reconsidered if space requirements change. Joliet access includes proximity to I-80 and I-55, supporting connections throughout the southwest Chicago metro area.
Key Highlights
- Approximately 11,842 SF office property on 1.2703 acres
- Fully leased to 4 tenants, including 3 medical‑sector occupants
- Originally designed for 8 office units; currently configured for 4 tenants
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
$179,051
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
7.18%
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%
$3,581,020
$3.6M
Cap Rate 7%
$2,557,871
$2.6M
Cap Rate 9%
$1,989,456
$2.0M
Market Conditions
NOI Build-Up for 11,842 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
$284.2K $24.00/SF
− Vacancy
−$45.5K −$3.84/SF
EGI
$238.7K $20.16/SF
− OpEx
−$59.7K −$5.04/SF
NOI
$179.1K $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%
$3,581,020
Cap Rate 7%
$2,557,871
Cap Rate 9%
$1,989,456
Alternative Uses
Best Use
Office B
$2.56M
$2.24M – $2.98M
NOI $179,051 @ 7.0% cap · market cap 7.18%
Second Best
Healthcare Medical
$2.55M
$2.23M – $2.97M
NOI $178,412 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$3.49M
$3.06M – $4.07M
NOI $244,419 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
424
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - The property combines medical and office occupancy with tenant-managed utilities and insurance.
Where is this office building located?
The property is located at 1523 Essington Road Joliet, IL.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Approximately 11,842 SF office property on 1.2703 acres; Fully leased to 4 tenants, including 3 medical‑sector occupants; Originally designed for 8 office units; currently configured for 4 tenants
