Professional Office Building with
New
For Sale
$2,400,000
232 NW Main St, Bourbonnais, IL 60914
Multi-suite office property with elevator access and independent HVAC systems.
Property Size13,200 SF
Lot Size1.50 Acres
Price / SF$181.82
Days on Market2
Property Features for 232 NW Main St
General Information
Standard status
Active
Size
13,200 SF
Total Parking Spaces
81
Elevators
Yes
Lot size
1.50 Acres
Additional Details
Office Units
6
Amenities
independent HVAC Systems
Building Details
Year Built
2009
Buildings
1
Building Size
13,200 SF
Tenancy
Multi
Listing Agency:
Keller Williams ONEChicago
Listed By:
Craig Cardosi · License #475190336
(312) 216-2422
Source:
Liveliferealty
Added: Sep 7
Last Checked: Sep 7 at 2:33PM
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 Keller Williams ONEChicago
Investment Insights
Based on property information with market context.
This 13,200-square-foot office building was constructed in 2009 and occupies 1.5 acres. The property includes three medical-related suites, along with three additional ground-level suites configured with independent HVAC systems. An elevator serves the second floor, supporting access throughout the building.
The property fronts Main Street in Bourbonnais and includes 81 parking spaces positioned at the rear and side of the building. Olivet Nazarene University is one block away, providing a nearby institutional presence. The combination of multiple suites, medical-related occupancy configuration, dedicated HVAC systems, elevator service, and on-site parking supports a range of professional office uses.
The property fronts Main Street in Bourbonnais and includes 81 parking spaces positioned at the rear and side of the building. Olivet Nazarene University is one block away, providing a nearby institutional presence. The combination of multiple suites, medical-related occupancy configuration, dedicated HVAC systems, elevator service, and on-site parking supports a range of professional office uses.
Key Highlights
- 13,200‑square‑foot office building on 1.5 acres
- Built in 2009
- Three medical‑related suites plus three ground‑level suites
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
$145,079
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
6.04%
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%
$2,901,580
$2.9M
Cap Rate 7%
$2,072,557
$2.1M
Cap Rate 9%
$1,611,989
$1.6M
Market Conditions
NOI Build-Up for 13,200 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
$224.9K $17.04/SF
− Vacancy
−$31.5K −$2.39/SF
EGI
$193.4K $14.65/SF
− OpEx
−$48.4K −$3.66/SF
NOI
$145.1K $10.99/SF
Area
Kankakee County, IL
Vacancy
14.00%
Lease Rate
$17.04 /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%
$2,901,580
Cap Rate 7%
$2,072,557
Cap Rate 9%
$1,611,989
Alternative Uses
Best Use
Office B
$2.07M
$1.81M – $2.42M
NOI $145,079 @ 7.0% cap · market cap 6.04%
Second Best
Healthcare Medical
$1.65M
$1.44M – $1.92M
NOI $115,236 @ 7.0% cap · market cap 4.80%
Theoretical Best
Multifamily LT 5
$10.65M
$9.32M – $12.42M
NOI $745,422 @ 7.0% cap · market cap 31.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
Explore this area
Business Placement
Demographics for 60914, IL
28,894
Population
10,763
Households
2.7
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
48.9 sq mi
ZIP Area
591
Density / Sq Mi
$88,688
Median Household Income
$42,150
Median Earnings
$1,206
Median Rent
$240,500
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 - Multi-suite office property with elevator access and independent HVAC systems.
Where is this office building located?
The property is located at 232 NW Main St Bourbonnais, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 13,200‑square‑foot office building on 1.5 acres; Built in 2009; Three medical‑related suites plus three ground‑level suites
