Updated Two-Building Office
For Sale
$459,999
16143 South Lincoln Highway, Plainfield, IL 60544
Historic character, private parking, and flexible office layouts support professional business use.
Property Size2,846 SF
Price / SF$161.63
Days on Market401
Property Features for 16143 South Lincoln Highway
General Information
Standard status
Active
Size
2,846 SF
Property subtype
Commercial
Zoning
OFFIC
Taxes and HOA fees
Annual Taxes
$5,314
Amenities
storage
landscaping
Building Details
Building Size
2,846 SF
Year Built
1939
Buildings
2
Stories
2
Construction
log cabin style
Tenancy
Single
Listing Agency:
RE/MAX Ultimate Professionals
(815) 725-4545
Listed By:
Jose Mendez-Alvarado · License #475188407
(815) 725-4545
Source:
Gia-sells
Added: Jul 25, 2025
Changed: Aug 28
Last Checked: Aug 28 at 8:08PM
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 RE/MAX Ultimate Professionals
Investment Insights
Based on property information with market context.
This office property at 16143 South Lincoln Hwy comprises two buildings with a combined 2,846 square feet of leasable space. The main structure features updated electrical service, HVAC, windows, interior and exterior paint, and a cleaned basement suited to dry storage. The separate rear building has its own meter and HVAC system, along with new flooring, refreshed paint, and additional storage.
The property includes a private parking lot, a seal-coated driveway, and maintained exterior grounds. Approximately 10 private offices are arranged across the buildings, with capacity for multiple desks in each space. A long-term tenant occupies the property under a 1-year lease, providing an existing income stream. Drainage has been cleared and is functioning properly.
The property includes a private parking lot, a seal-coated driveway, and maintained exterior grounds. Approximately 10 private offices are arranged across the buildings, with capacity for multiple desks in each space. A long-term tenant occupies the property under a 1-year lease, providing an existing income stream. Drainage has been cleared and is functioning properly.
Key Highlights
- 2,846 square feet of leasable office space across two buildings
- Approximately 10 private offices with room for multiple desks per space
- Main building includes updated electrical, HVAC, windows, and interior and exterior paint
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
$34,190
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
7.43%
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%
$683,800
$683.8K
Cap Rate 7%
$488,429
$488.4K
Cap Rate 9%
$379,889
$379.9K
Market Conditions
NOI Build-Up for 2,846 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
$64.2K $22.56/SF
− Vacancy
−$18.6K −$6.54/SF
EGI
$45.6K $16.02/SF
− OpEx
−$11.4K −$4.00/SF
NOI
$34.2K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /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%
$683,800
Cap Rate 7%
$488,429
Cap Rate 9%
$379,889
Alternative Uses
Best Use
Office B
$488.4K
$427.4K – $569.8K
NOI $34,190 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$645.5K
$564.8K – $753.1K
NOI $45,183 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 60544, IL
27,680
Population
10,553
Households
2.6
Avg Household Size
41
Median Age
43%
College-Educated
96%
High-School Grad
24.2 sq mi
ZIP Area
1,144
Density / Sq Mi
$108,447
Median Household Income
$59,601
Median Earnings
$1,809
Median Rent
$311,700
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 building - Historic character, private parking, and flexible office layouts support professional business use.
Where is this office building located?
The property is located at 16143 South Lincoln Highway Plainfield, IL.
What is the asking price?
The asking price for this property is $459,999.
What are key features of this property?
This property features: 2,846 square feet of leasable office space across two buildings; Approximately 10 private offices with room for multiple desks per space; Main building includes updated electrical, HVAC, windows, and interior and exterior paint
