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    Downtown Joliet High-Profile Location Title is generated by Realmo AI

    16-18 West Van Buren Street, Joliet, IL 60432

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    Rare opportunity in Joliet's vibrant downtown business district.

    Type:Office
    Property size:
    18,000 SF
    Price / SF:
    $145/SF
    Added:
    May 19, 2026
    Days on Market:
    10
    Last Refresh:
    May 20 at 5:01 am

    Property Features for 16-18 West Van Buren Street

    General Information

    Standard status
    Active
    Size
    18,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1908

    We can help!

    Listing Contact
    Nick Weis
    Nick Weis

    Listing agent Nick Weis License #IL 471003287

    Listing office Suburban Real Estate Services

    Listing date May 19, 2026

    Source Crexi

    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 Suburban Real Estate Services

    HighLights

    • High‑profile downtown location across from Rialto Square Theater offering built‑in foot traffic.
    • Exceptional accessibility: Located one block from Metra, with immediate access to Routes 30/53, and one mile to I‑80.
    • Positioned for growth due to Equitable Transit‑Oriented Development Plan and Joliet Comprehensive Plan.
    • A six‑minute walk to Duly Health & Care Field (Joliet Slammers).
    • Three blocks from the new 11‑story Will County Courthouse.
    • Directly across from Joliet City Square with plaza‑style park and performance space.

    Overview

    This property is located in the heart of Joliet's downtown business district, across from the Rialto Square Theater. The location benefits from foot traffic generated by year-round performances and events. It is situated a six-minute walk from Duly Health & Care Field (home of the Joliet Slammers), one block from Metra, and three blocks from the new 11-story Will County Courthouse, offering accessibility to civic and transportation hubs. Immediate access to Routes 30 and 53 and proximity to I-80 provide regional connectivity. Joliet City Square, directly across from the building, features a plaza-style park and performance space that increases pedestrian activity. The property is positioned for continued residential, retail, and office growth and revitalization due to major changes coming through the Equitable Transit-Oriented Development Plan and Joliet Comprehensive Plan. This 18000 square foot property presents an opportunity for users seeking downtown exposure.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.0822063
    Latitude
    41.5257686

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    FAQs

    What type of property is this?
    Office building - Rare opportunity in Joliet's vibrant downtown business district.
    Where is this office building located?
    The property is located at 16-18 West Van Buren Street Joliet, IL.
    What is the asking price?
    The asking price for this property is $2,610,000.
    What are key features of this property?
    This property features: High‑profile downtown location across from Rialto Square Theater offering built‑in foot traffic.; Exceptional accessibility: Located one block from Metra, with immediate access to Routes 30/53, and one mile to I‑80.; Positioned for growth due to Equitable Transit‑Oriented Development Plan and Joliet Comprehensive Plan.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nick Weis
    Nick Weis
    Real Estate License ID: IL 471003287
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    16-18 West Van Buren Street, Joliet, IL 60432
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