Multi-Tenant Medical Office
1523 Essington Road Joliet, IL 60435
For Sale
Contact for pricing
Fully leased office complex with multiple suites, including medical tenants, configured for up to eight units.
Property Size11,842 SF
Price / SF$210.69
Days on Market103
Property Features for 1523 Essington Road
General Information
- Standard status
- Active
- Size
- 11,842 SF
- Property subtype
- Business for Sale, Office
Building Details
- Year Built
- 2006
Listing Agency:
Realty Executives New Image
(773) 603-9557
Listed By:
Valdy Biernacki · License #3040396
Source:
Crexi
Added: Apr 12
Changed: Jul 23
Last Checked: Jul 23 at 6:51AM
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 Realty Executives New Image
Investment Insights
Based on property information with market context.
This high-visibility office complex includes approximately 11,842 square feet and is arranged as 8 office units/condos. The property is currently configured into four tenants and is fully leased, with a tenant mix that includes three medical-sector tenants. Each tenant manages their own utilities and insurance, and the lease structure is designed to provide stability while maintaining flexibility for ownership.
The building was originally designed for an eight-unit layout, but has been subdivided into four tenants, creating an opportunity to adjust the configuration back toward the original design if future downsizing occurs. The current arrangement includes a major national corporation with a multi-year sub-rent agreement for virtual and in-person office spaces.
The asset is described as well maintained and stabilized with long-term tenant occupancy. The owner is motivated to sell due to relocation, and the property is offered for sale with materials available for qualified parties, including a financial packet and rent roll.
The building was originally designed for an eight-unit layout, but has been subdivided into four tenants, creating an opportunity to adjust the configuration back toward the original design if future downsizing occurs. The current arrangement includes a major national corporation with a multi-year sub-rent agreement for virtual and in-person office spaces.
The asset is described as well maintained and stabilized with long-term tenant occupancy. The owner is motivated to sell due to relocation, and the property is offered for sale with materials available for qualified parties, including a financial packet and rent roll.
Key Highlights
- Office complex built in 2006 with approximately 11,842 SF and 8 office units/condos
- Fully leased to four tenants with a diversified mix that includes three medical‑sector tenants
- Lease structure: each tenant manages their own utilities and insurance
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
Location Intelligence
Current Use by Public Records
Ways To Wellness MD
Physician
FAQs
What type of property is this?
Office building - Fully leased office complex with multiple suites, including medical tenants, configured for up to eight units.
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: Office complex built in 2006 with approximately 11,842 SF and 8 office units/condos; Fully leased to four tenants with a diversified mix that includes three medical‑sector tenants; Lease structure: each tenant manages their own utilities and insurance
