Medical Office Building with
New
For Sale
$2,400,000
232 NW Main Street, Bourbonnais, IL 60914
Commercial Sale, Bourbonnais, IL
Property Size13,200 SF
Lot Size1.50 Acres
Price / SF$181.82
Days on Market4
Property Features for 232 NW Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
RTAIL
Directions
I-57 South from Chicago Exit 318 Bourbonnais PKWY R onto E 6000 N L onto R45/52 R onto Main ST NW one block on right side
Subdivision
Bourbonnais
Standard status
Active
APN
170919201046
Lot size
1.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
22487
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
2009
Floors in Building
2
Number of units
6
Flooring type
Tile
Building materials
Brick, Stone, Limestone
Roof type
Rubber
Listing Agency:
Keller Williams ONEChicago · Keller Williams Realty
(312) 216-2422
Listed By:
Craig Cardosi · License #475190336
(312) 216-2422
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# 12632594
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 13,200-square-foot office building sits on 1.5 acres and was constructed in 2009. The property includes three medical-related suites, an additional three suites on the ground level, and an elevator serving the second floor. Each ground-level suite has its own HVAC system. Brick, stone, and limestone exterior materials, tile flooring, central air, and a rubber roof are among the building features. Natural gas is available.
The property includes 81 parking spaces positioned at the rear and side of the building, with exposure from Main Street. Olivet Nazarene University is located one block away. The building’s configuration supports multiple office occupants within a maintained professional setting.
The property includes 81 parking spaces positioned at the rear and side of the building, with exposure from Main Street. Olivet Nazarene University is located one block away. The building’s configuration supports multiple office occupants within a maintained professional setting.
Key Highlights
- 13,200‑square‑foot office building on 1.5 acres
- Six suites, including three medical‑related suites
- Elevator provides access to the second floor
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
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 - Two-level professional office property with medical-related suites, separate HVAC systems, and substantial on-site parking.
Where is this office building located?
The property is located at 232 NW Main Street 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; Six suites, including three medical‑related suites; Elevator provides access to the second floor
