Single-Story Multi-Tenant Office
For Sale
Under Contract
$1,900,000
1640 Willow Circle Drive, Crest Hill, IL 60435
COMMERCIAL - Crest Hill, IL
Property Size10,062 SF
Lot Size1.47 Acres
Price / SF$188.83
Days on Market125
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 Under Contract
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: Aug 4
Last Checked: Aug 18 at 1:06AM
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.
Single-story, multi-tenant office building totaling 10,062 SF, built in 2004, positioned for office and medical use. The property is designed to support multi-tenant occupancy with suite sizes ranging from approximately 500 SF up to 9,562 SF, allowing for phased occupancy. Central air is available throughout, with water available on site, and the layout includes varied interior flooring.
Set on a 1.47-acre corner lot, the building provides strong frontage along Larkin Ave (IL-7) and convenient access to both I-55 and I-80. The property includes 55 parking spaces and accessible building features to support customer and patient traffic.
The building will be fully vacant by 6/30/26 due to retirement. Prior tenant types have included cardiology, family practice, geriatrics, internal medicine, pain clinic, nuclear medicine, physical therapy, podiatry, and chiropractic. The property is adjacent to a large 55+ community, providing nearby pedestrian traffic within walking distance.
Set on a 1.47-acre corner lot, the building provides strong frontage along Larkin Ave (IL-7) and convenient access to both I-55 and I-80. The property includes 55 parking spaces and accessible building features to support customer and patient traffic.
The building will be fully vacant by 6/30/26 due to retirement. Prior tenant types have included cardiology, family practice, geriatrics, internal medicine, pain clinic, nuclear medicine, physical therapy, podiatry, and chiropractic. The property is adjacent to a large 55+ community, providing nearby pedestrian traffic within walking distance.
Key Highlights
- Single‑story, multi‑tenant office building totaling 10,062 SF
- Built in 2004 with central air and water available
- 1.47‑acre corner lot with strong frontage along Larkin Ave (IL‑7)
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
$136,290
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
7.17%
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%
$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
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
$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 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%
$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 7.17%
Second Best
Office B
$1.73M
$1.51M – $2.01M
NOI $120,877 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,744 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
607
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
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 - Single-story multi-tenant office building zoned COMMR with central air and water available.
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 $1,900,000.
What are key features of this property?
This property features: Single‑story, multi‑tenant office building totaling 10,062 SF; Built in 2004 with central air and water available; 1.47‑acre corner lot with strong frontage along Larkin Ave (IL‑7)
