Leased Office
New
For Sale
$300,000
202-1770 Park St, Naperville, IL 60563
Professional office suite with an established tenant, flexible workspace, private offices, and convenient regional access.
Property Size1,499 SF
Price / SF$200.13
Days on Market7
Property Features for 202-1770 Park St
General Information
Standard status
Active
Size
1,499 SF
Occupancy
100%
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,964
Building Details
Owner Occupied
No
Listing Agency:
RE/MAX Professionals Select
(630) 904-6400
Listed By:
Alexa Wagner · License #475124872
(630) 460-6256
Source:
Exprealty
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 21 at 2:42PM
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 space was repainted in 2024 and includes a central work area, three private offices, a conference room, reception and waiting areas, kitchen, 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 leased through Oct 2027, with the tenant responsible for internet and janitorial service; CAM and taxes are included in the rent. A large parking lot provides plentiful parking for occupants and visitors. The property is positioned near I-88, Route 59, Downtown Naperville, restaurants, and surrounding business amenities.
The suite is leased through Oct 2027, with the tenant responsible for internet and janitorial service; CAM and taxes are included in the rent. A large parking lot provides plentiful parking for occupants and visitors. The property is positioned near I-88, Route 59, Downtown Naperville, restaurants, and surrounding business amenities.
Key Highlights
- 1,499 SF professional office condominium in Park Place Office Condominiums
- Existing tenant in place through Oct 2027
- Three private offices plus central workspace and conference room
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
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,575
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
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 units - Professional office suite with an established tenant, flexible workspace, private offices, and convenient regional access.
Where is this office units located?
The property is located at 202-1770 Park St 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 in Park Place Office Condominiums; Existing tenant in place through Oct 2027; Three private offices plus central workspace and conference room
