Single-Story Office
For Sale
$2,200,000
1640 Willow Circle Drive, Crest Hill, IL 60435
Commercial Sale, Crest Hill, IL
Property Size10,062 SF
Lot Size1.47 Acres
Price / SF$218.64
Days on Market173
Property Features for 1640 Willow Circle Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
From I-55 north toward Chicago, take exit US-52 (Jefferson St). Turn right (east) on Jefferson, left on Larkin Ave (north), turn right onto Theodore St, and left on Knapp St, then right onto Willow Circle Dr, property is on your immediate right. From I-80 take Larkin Ave/IL 7 exit north, turn right onto Theodore St, and left on Knapp St, then right onto Willow Circle Dr, property is on your immediate right.
Subdivision
Crest Hill
Standard status
Active
APN
1104323030600000
Lot size
1.47 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
26151
Utilities
Utilities
Water Available
Cooling system
Central Air
Building Details
Year built
2004
Floors in Building
1
Number of units
6
Flooring type
Varies
Listing Agency:
Coldwell Banker Commercial Real Estate Group · Coldwell Banker Real Estate
(630) 844-2222
Listed By:
Leah Erickson · License #475204597
(815) 553-2411
Added: Apr 16
Changed: Sep 22
Last Checked: Oct 5 at 2:06PM
MLS# 12615863
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10,062-square-foot office building occupies a 1.47-acre corner parcel and was constructed in 2004. The single-story layout accommodates multiple suites ranging from approximately 500 square feet to 9,562 square feet, supporting both smaller occupants and a larger user. Central air, 55 parking spaces, and water availability are provided. Flooring varies by area, and the property is zoned COMMR.
The building fronts Larkin Ave (IL-7) and offers access to I-55 and I-80. Its address is 1640 Willow Circle Drive in Crest Hill, Illinois. The property is scheduled to be fully vacant by 6/30/26. Previous occupants have included medical practices and providers in cardiology, family practice, geriatrics, internal medicine, pain management, nuclear medicine, physical therapy, podiatry, and chiropractic care.
The configuration can support continued multi-tenant occupancy or use by a single organization, subject to applicable requirements. The building’s prior medical occupancy and suite range provide a factual basis for office and medical office applications.
The building fronts Larkin Ave (IL-7) and offers access to I-55 and I-80. Its address is 1640 Willow Circle Drive in Crest Hill, Illinois. The property is scheduled to be fully vacant by 6/30/26. Previous occupants have included medical practices and providers in cardiology, family practice, geriatrics, internal medicine, pain management, nuclear medicine, physical therapy, podiatry, and chiropractic care.
The configuration can support continued multi-tenant occupancy or use by a single organization, subject to applicable requirements. The building’s prior medical occupancy and suite range provide a factual basis for office and medical office applications.
Key Highlights
- 10,062 SF single‑story office building on 1.47 acres
- Suite sizes range from approximately 500 SF to 9,562 SF
- 55 parking spaces with central air
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.
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
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Office building - Multi-suite property supports medical, professional office, financial services, and potential retail conversion uses.
Where is this office building located?
The property is located at 1640 Willow Circle Drive 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 1.47 acres; Suite sizes range from approximately 500 SF to 9,562 SF; 55 parking spaces with central air
