End-Unit Retail
For Sale
Under Contract
$240,000
1948 Essington Road, Joliet, IL 60435
Commercial Sale, Joliet, IL
Property Size1,940 SF
Lot Size0.90 Acres
Price / SF$123.71
Days on Market200
Property Features for 1948 Essington Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Rt 52 north to 1948 Essignton on the East side of the road.
Subdivision
Joliet
Standard status
Active Under Contract
APN
0603363020091001
Lot size
0.90 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4010
Utilities
Cooling system
Exhaust Fan (Cooling), Central Air
Building Details
Year built
1991
Floors in Building
2
Number of units
6
Building materials
Steel Siding
Listing Agency:
RE/MAX Ultimate Professionals · RE/MAX International
(815) 725-4545
Listed By:
Andrew Nordstrom · License #475165337
(708) 733-2588
Added: Feb 26
Changed: Sep 12
Last Checked: Sep 14 at 7:06AM
MLS# 12578399
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 retail space occupies an end unit within a six-unit commercial building at 1948 Essington Road in Joliet. The main level contains 1,400 square feet, with an additional 540 square feet upstairs that can support storage or workspace. An open interior arrangement provides flexibility for a range of business uses. The building was constructed in 1991 with steel siding and includes central air and an exhaust fan cooling system.
The property is situated on Essington Road and offers shared parking in both the front lot and rear area. It is zoned COMMR and occupies a 0.8991-acre parcel in Will County.
The property is situated on Essington Road and offers shared parking in both the front lot and rear area. It is zoned COMMR and occupies a 0.8991-acre parcel in Will County.
Key Highlights
- 1,400‑square‑foot end unit with an additional 540 square feet upstairs
- Open interior layout suited to varied business uses
- All‑steel building constructed in 1991
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
$18,842
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
7.85%
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%
$376,840
$376.8K
Cap Rate 7%
$269,171
$269.2K
Cap Rate 9%
$209,356
$209.4K
Market Conditions
NOI Build-Up for 1,940 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
$29.1K $15.00/SF
− Vacancy
−$2.2K −$1.13/SF
EGI
$26.9K $13.88/SF
− OpEx
−$8.1K −$4.16/SF
NOI
$18.8K $9.71/SF
Area
Joliet, IL
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$376,840
Cap Rate 7%
$269,171
Cap Rate 9%
$209,356
Alternative Uses
Best Use
Retail
$269.2K
$235.5K – $314.0K
NOI $18,842 @ 7.0% cap · market cap 7.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$572.0K
$500.5K – $667.4K
NOI $40,042 @ 7.0% cap · market cap 16.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 49%
Thorntons
Shops & Services
22,099 visits/mo
0.3 miles
McDonald's
Dining
19,918 visits/mo
0.5 miles
Donut Den
Dining
5,962 visits/mo
0.3 miles
Super Wash
Shops & Services
1,568 visits/mo
0.1 miles
Extra Space Storage
Shops & Services
902 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Flexible commercial space with upper-level storage, shared parking, and an all-steel building structure.
Where is this retail space located?
The property is located at 1948 Essington Road Joliet, IL.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 1,400‑square‑foot end unit with an additional 540 square feet upstairs; Open interior layout suited to varied business uses; All‑steel building constructed in 1991
