Professional Office
New
For Sale
$300,000
1770 Park St Unit 202, Naperville, IL 60563
Flexible workplace layout with private offices, conference space, reception areas, and a kitchenette.
Property Size1,499 SF
Price / SF$200.13
Days on Market3
Property Features for 1770 Park St Unit 202
General Information
Standard status
Active
Size
1,499 SF
Additional Details
Highway Access
Yes
Office Units
1
Building Details
Year Built
1999
Tenancy
Single
Listing Agency:
RE/MAX Professionals Select
Listed By:
Alexa Wagner · License #475124872
(630) 460-6256
Source:
Grandviewrealtyservices
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 11:45AM
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 Professionals Select
Investment Insights
Based on property information with market context.
Suite 202 is a 1,499 SF professional office condominium within Park Place Office Condominiums. The interior was freshly painted in 2024 and includes a central work area, three private offices, a meeting and conference room, reception and waiting areas, kitchen space, and storage. Two offices have window walls that provide natural light. The kitchenette features granite countertops, a sink, and upper and lower cabinetry.
The suite is occupied by an existing tenant through Oct 2027. The tenant pays for internet and janitorial service, while CAM and taxes are included in the rent. The property also offers access to a large parking lot with plentiful parking and convenient connections to I-88, Route 59, Downtown Naperville, restaurants, and surrounding business amenities.
The suite is occupied by an existing tenant through Oct 2027. The tenant pays for internet and janitorial service, while CAM and taxes are included in the rent. The property also offers access to a large parking lot with plentiful parking and convenient connections to I-88, Route 59, Downtown Naperville, restaurants, and surrounding business amenities.
Key Highlights
- 1,499 SF professional office condominium
- Existing tenant in place through Oct 2027
- Fresh interior paint completed in 2024
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
$17,723
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
5.91%
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%
$354,460
$354.5K
Cap Rate 7%
$253,186
$253.2K
Cap Rate 9%
$196,922
$196.9K
Market Conditions
NOI Build-Up for 1,499 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
$31.3K $20.88/SF
− Vacancy
−$7.7K −$5.12/SF
EGI
$23.6K $15.76/SF
− OpEx
−$5.9K −$3.94/SF
NOI
$17.7K $11.82/SF
Area
Naperville, IL
Vacancy
24.50%
Lease Rate
$20.88 /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%
$354,460
Cap Rate 7%
$253,186
Cap Rate 9%
$196,922
Alternative Uses
Best Use
Office B
$253.2K
$221.5K – $295.4K
NOI $17,723 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$338.4K
$296.1K – $394.8K
NOI $23,685 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,423
Businesses Nearby
Explore this area
Business Placement
Demographics for 60563, IL
37,997
Population
16,911
Households
2.2
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
14.6 sq mi
ZIP Area
2,603
Density / Sq Mi
$106,207
Median Household Income
$71,782
Median Earnings
$1,786
Median Rent
$422,900
Median Home Value
Check the figures for this property
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 units - Flexible workplace layout with private offices, conference space, reception areas, and a kitchenette.
Where is this office units located?
The property is located at 1770 Park St Unit 202 Naperville, IL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 1,499 SF professional office condominium; Existing tenant in place through Oct 2027; Fresh interior paint completed in 2024
