Office Condo with Flexible
For Sale
$585,000
16007 Executive Dr, Crest Hill, IL 60403
Open-plan workspace includes a kitchen, private meeting room, and dedicated server storage.
Property Size3,158 SF
Price / SF$185.24
Days on Market141
Property Features for 16007 Executive Dr
General Information
Standard status
Active
Size
3,158 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2008
Listing Agency:
Olivieri Real Estate LLC
Listed By:
Jacqueline Montvidas · License #705768
Source:
Grandviewrealtyservices
Added: Apr 13
Changed: Aug 31
Last Checked: Aug 25 at 4:46AM
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 Olivieri Real Estate LLC
Investment Insights
Based on property information with market context.
This 3,158-square-foot office condo provides a flexible setting for professional or medical operations. The interior combines an open work area with a conference room that has a separate entrance from the vestibule, supporting both collaborative work and private client meetings. Additional improvements include a kitchen, three private bathrooms, a shower room, and an IT/server closet.
Granite kitchen countertops, custom cabinetry, and wood trim add finish detail throughout the suite. The open area can accommodate desks, cubicles, or additional office functions. The property is positioned just off Weber and Renwick Road, with access to I-55 and I-355.
Granite kitchen countertops, custom cabinetry, and wood trim add finish detail throughout the suite. The open area can accommodate desks, cubicles, or additional office functions. The property is positioned just off Weber and Renwick Road, with access to I-55 and I-355.
Key Highlights
- 3,158 square feet of office condominium space
- Open‑concept work area with room for desks, cubicles, or flex use
- Conference room with private vestibule entrance
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
$42,775
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
7.31%
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%
$855,500
$855.5K
Cap Rate 7%
$611,071
$611.1K
Cap Rate 9%
$475,278
$475.3K
Market Conditions
NOI Build-Up for 3,158 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
$81.5K $25.80/SF
− Vacancy
−$10.2K −$3.23/SF
EGI
$71.3K $22.58/SF
− OpEx
−$28.5K −$9.03/SF
NOI
$42.8K $13.55/SF
Area
Will County, IL
Vacancy
12.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
40.00%
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%
$855,500
Cap Rate 7%
$611,071
Cap Rate 9%
$475,278
Alternative Uses
Best Use
Healthcare Medical
$611.1K
$534.7K – $712.9K
NOI $42,775 @ 7.0% cap · market cap 7.31%
Second Best
Office B
$542.0K
$474.2K – $632.3K
NOI $37,938 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$716.2K
$626.7K – $835.6K
NOI $50,136 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Explore this area
Business Placement
Demographics for 60403, IL
17,667
Population
7,884
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
91%
High-School Grad
4.9 sq mi
ZIP Area
3,606
Density / Sq Mi
$71,413
Median Household Income
$41,597
Median Earnings
$1,386
Median Rent
$223,000
Median Home Value
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 units - Open-plan workspace includes a kitchen, private meeting room, and dedicated server storage.
Where is this office units located?
The property is located at 16007 Executive Dr Crest Hill, IL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 3,158 square feet of office condominium space; Open‑concept work area with room for desks, cubicles, or flex use; Conference room with private vestibule entrance
