Medical Office Condo
1523 Essington Road Joliet, IL 60435
For Sale
$2,495,000
COMMERCIAL - Joliet, IL
Property Size11,842 SF
Lot Size1.27 Acres
Price / SF$210.69
Days on Market107
Property Features for 1523 Essington Road
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- 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
(708) 974-1000
Listed By:
Valdy Biernacki · License #3040396
(708) 974-1000
Added: Apr 11
Changed: Jul 13
Last Checked: Jul 26 at 3:06AM
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.
This high-visibility office condo complex in Joliet consists of eight office units/condos, currently fully leased to four tenants. The property was originally designed for an eight-unit layout and has been subdivided into four tenant spaces, providing a straightforward configuration that can potentially be expanded back toward the original unit count if tenants choose to downsize.
Tenant arrangements are structured for stability and flexibility, with each tenant responsible for their own utilities and insurance. The building is described as well-maintained, and the current occupancy is supported by long-term agreements, with all suites leased.
The tenant mix includes a significant medical-sector presence, and the current occupancy includes a major national corporation with a multi-year sub-rental agreement for virtual and in-person office spaces. The owner is motivated to sell due to relocation, and the offering is positioned for qualified investors, including 1031 exchange buyers.
Tenant arrangements are structured for stability and flexibility, with each tenant responsible for their own utilities and insurance. The building is described as well-maintained, and the current occupancy is supported by long-term agreements, with all suites leased.
The tenant mix includes a significant medical-sector presence, and the current occupancy includes a major national corporation with a multi-year sub-rental agreement for virtual and in-person office spaces. The owner is motivated to sell due to relocation, and the offering is positioned for qualified investors, including 1031 exchange buyers.
Key Highlights
- Approximately 11,842 SF office complex in Joliet built in 2006 with brick and stone exterior
- 8 office units/condos originally designed; currently subdivided for 4 tenants with potential to revert to the original 8‑unit layout
- Fully leased to four tenants; three tenants are in the medical sector and one major national corporation has a multi‑year sub‑rent agreement for virtual and in‑person offices
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $284.2k | $24.00 |
| − Vacancy | −$45.5k | −$3.84 |
| EGI | $238.7k | $20.16 |
| − OpEx | −$59.7k | −$5.04 |
| NOI | $179.1k | $15.12 |
11,842 SF · lease $24.00/SF/yr · vacancy 16.00% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Ways To Wellness MD
Physician
FAQs
What type of property is this?
Office units - Fully leased office condo complex in Joliet with multiple suites and tenant-managed utilities and insurance.
Where is this office units 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 complex in Joliet built in 2006 with brick and stone exterior; 8 office units/condos originally designed; currently subdivided for 4 tenants with potential to revert to the original 8‑unit layout; Fully leased to four tenants; three tenants are in the medical sector and one major national corporation has a multi‑year sub‑rent agreement for virtual and in‑person offices
