Updated Log Cabin Office
New
For Sale
$459,999
16143 South Lincoln Hwy, Plainfield, IL 60544
Two-building office property with private parking, refreshed systems, and distinctive log cabin-style construction.
Property Size2,846 SF
Price / SF$161.63
Days on Market2
Property Features for 16143 South Lincoln Hwy
General Information
Standard status
Active
Size
2,846 SF
Additional Details
Office Units
10
Building Details
Year Built
1939
Buildings
2
Construction
log cabin
Listing Agency:
RE/MAX Ultimate Professionals
Listed By:
Jose Mendez-Alvarado · License #475188407
(815) 725-4545
Source:
Amyboston.realtopiare
Added: Sep 10
Last Checked: Sep 10 at 3:22PM
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 includes two separate buildings totaling 2,846 square feet of leasable space. The main structure has updated electrical service, a newer HVAC system, replacement windows, and refreshed interior and exterior paint. Its cleaned basement provides dry storage and has no reported history of flooding. The rear building is separately metered and includes its own HVAC system, new flooring, fresh paint, and additional storage. Together, the buildings provide approximately 10 private offices with capacity for multiple desks in each space.
The property at 16143 South Lincoln Hwy in Plainfield, IL includes a private parking lot and a seal-coated driveway. Exterior work includes landscaping improvements, tree trimming, fresh mulch, cleaned and painted walls, and cleared drainage. A long-term tenant occupies the property under a 1-year lease, providing existing income while preserving the office configuration for professional or creative use.
The property at 16143 South Lincoln Hwy in Plainfield, IL includes a private parking lot and a seal-coated driveway. Exterior work includes landscaping improvements, tree trimming, fresh mulch, cleaned and painted walls, and cleared drainage. A long-term tenant occupies the property under a 1-year lease, providing existing income while preserving the office configuration for professional or creative use.
Key Highlights
- 2,846 SF of leasable office space across two buildings
- Approximately 10 private offices with room for multiple desks per office
- 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
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Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Two-building office property with private parking, refreshed systems, and distinctive log cabin-style construction.
Where is this office building located?
The property is located at 16143 South Lincoln Hwy 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 SF of leasable office space across two buildings; Approximately 10 private offices with room for multiple desks per office; Main building includes updated electrical, HVAC, windows, and interior and exterior paint
