Multi-Suite Office
New
For Sale
$2,400,000
232 NW Main Street, Bourbonnais, IL 60914
Professional office property with medical-related suites, elevator service, and independently conditioned ground-level spaces.
Property Size13,200 SF
Lot Size1.50 Acres
Price / SF$181.82
Days on Market5
Property Features for 232 NW Main Street
General Information
Standard status
Active
Size
13,200 SF
Total Parking Spaces
81
Elevators
Yes
Lot size
1.50 Acres
Property subtype
Commercial
Zoning
RTAIL
Additional Details
Office Units
6
Taxes and HOA fees
Annual Taxes
$22,487
Building Details
Building Size
13,200 SF
Year Built
2009
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Keller Williams ONEChicago
(312) 216-2422
Listed By:
Craig Cardosi · License #475190336
Source:
Jjillrealtygroup
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 8:43PM
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 includes six suites across two levels. Three suites are medical-related, while the ground floor contains three additional spaces with independent HVAC systems. An elevator serves the second floor, supporting access between levels.
The property occupies 1.5 acres at 232 NW Main Street in Bourbonnais, Illinois, near a busy intersection and one block from Olivet Nazarene University. Rear and side parking provide 81 spaces, with the building positioned along Main Street. The RTAIL zoning designation is identified for the property.
The property occupies 1.5 acres at 232 NW Main Street in Bourbonnais, Illinois, near a busy intersection and one block from Olivet Nazarene University. Rear and side parking provide 81 spaces, with the building positioned along Main Street. The RTAIL zoning designation is identified for the property.
Key Highlights
- 13,200 square feet across a two‑level office building
- Six total suites, including three medical‑related spaces
- 81 parking spaces located at the rear and side of the property
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 - Professional office property with medical-related suites, elevator service, and independently conditioned ground-level spaces.
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 feet across a two‑level office building; Six total suites, including three medical‑related spaces; 81 parking spaces located at the rear and side of the property
