Single-Story Multi-Tenant Office
For Sale
$2,200,000
1640 Willow Circle Dr, Crest Hill, IL 60435
Flexible office property with medical-use history, multiple suites, and access to I-55 and I-80.
Property Size10,062 SF
Lot Size1.47 Acres
Price / SF$218.64
Days on Market196
Property Features for 1640 Willow Circle Dr
General Information
Standard status
Active
Size
10,062 SF
Total Parking Spaces
55
Lot size
1.47 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2004
Buildings
1
Stories
1
Building Size
10,062 SF
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Real Estate Group
Listed By:
Leah Erickson · License #475204597
(630) 844-2222
Source:
Searchillinoishomesforsale
Added: Apr 16
Changed: Oct 25
Last Checked: Oct 28 at 8:37AM
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 Coldwell Banker Commercial Real Estate Group
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Investment Insights
Based on property information with market context.
This 10,062-square-foot office building offers a single-story, multi-tenant configuration on a 1.47-acre corner parcel. Constructed in 2004, the property accommodates suites ranging from approximately 500 square feet to 9,562 square feet, supporting both smaller occupants and larger users. Fifty-five parking spaces serve the building, which has previously housed a range of medical practices and professional services, including cardiology, family practice, internal medicine, physical therapy, podiatry, and chiropractic care.
The property fronts Larkin Ave (IL-7) and provides access to I-55 and I-80. It is adjacent to a 55+ community, with residents within walking distance. The building is scheduled to become fully vacant by 6/30/26, providing flexibility for an owner-user, multi-tenant occupancy, or a single-user conversion strategy supported by the existing layout.
The property fronts Larkin Ave (IL-7) and provides access to I-55 and I-80. It is adjacent to a 55+ community, with residents within walking distance. The building is scheduled to become fully vacant by 6/30/26, providing flexibility for an owner-user, multi-tenant occupancy, or a single-user conversion strategy supported by the existing layout.
Key Highlights
- 10,062 SF single‑story office building on a 1.47‑acre corner lot
- Multi‑tenant layout with suites from approximately 500 SF to 9,562 SF
- 55 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,290
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,725,800
$2.7M
Cap Rate 7%
$1,947,000
$1.9M
Cap Rate 9%
$1,514,333
$1.5M
Market Conditions
NOI Build-Up for 10,062 SF
Gross rent
$259.6K $25.80/SF
− Vacancy
−$32.4K −$3.23/SF
EGI
$227.1K $22.58/SF
− OpEx
−$90.9K −$9.03/SF
NOI
$136.3K $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 Rate 5%
$2,725,800
Cap Rate 7%
$1,947,000
Cap Rate 9%
$1,514,333
Alternative Uses
Best Use
Healthcare Medical
$1.95M
$1.70M – $2.27M
NOI $136,290 @ 7.0% cap · market cap 6.19%
Second Best
Office B
$1.73M
$1.51M – $2.01M
NOI $120,877 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,744 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
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Business Placement
Demographics for 60435, IL
48,927
Population
20,162
Households
2.4
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
4,530
Density / Sq Mi
$74,967
Median Household Income
$41,201
Median Earnings
$1,145
Median Rent
$217,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Flexible office property with medical-use history, multiple suites, and access to I-55 and I-80.
Where is this office building located?
The property is located at 1640 Willow Circle Dr Crest Hill, IL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 10,062 SF single‑story office building on a 1.47‑acre corner lot; Multi‑tenant layout with suites from approximately 500 SF to 9,562 SF; 55 parking spaces
