Corner Office Condo
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24012 W Renwick Rd. Unit 220, Plainfield, IL 60544
Professional office suite in a B-3 Highway Business setting near Route 59.
Property Size1,206 SF
Price / SF$153.40
Days on Market7
Property Features for 24012 W Renwick Rd. Unit 220
General Information
Standard status
Active
Size
1,206 SF
Class
B
Property subtype
Office
Zoning
B-3, Highway Business
Lease Type
Modified Gross
Investment Type
Owner/User
Listing Agency:
Seneca Real Estate Group
Listed By:
Peter Giadla, CCIM · License #IL 471017442
Source:
Crexi
Added: Aug 29
Changed: Sep 3
Last Checked: Sep 3 at 2:26AM
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 Seneca Real Estate Group
Investment Insights
Based on property information with market context.
This 1,206-square-foot office condominium is configured as a corner suite within a professional office setting. The unit is identified as Unit 220 at 24012 W. Renwick Rd. and is classified under B-3, Highway Business zoning.
The property is located in Plainfield, Illinois, on Renwick Road just west of Route 59. Its office condominium format and corner positioning provide a defined commercial suite within an established professional setting.
The property is located in Plainfield, Illinois, on Renwick Road just west of Route 59. Its office condominium format and corner positioning provide a defined commercial suite within an established professional setting.
Key Highlights
- 1,206‑square‑foot office condominium suite
- Corner unit within a professional office setting
- B‑3, Highway Business zoning
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
$14,488
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
7.83%
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%
$289,760
$289.8K
Cap Rate 7%
$206,971
$207.0K
Cap Rate 9%
$160,978
$161.0K
Market Conditions
NOI Build-Up for 1,206 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
$27.2K $22.56/SF
− Vacancy
−$7.9K −$6.54/SF
EGI
$19.3K $16.02/SF
− OpEx
−$4.8K −$4.00/SF
NOI
$14.5K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /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%
$289,760
Cap Rate 7%
$206,971
Cap Rate 9%
$160,978
Alternative Uses
Best Use
Office B
$207.0K
$181.1K – $241.5K
NOI $14,488 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$273.5K
$239.3K – $319.1K
NOI $19,146 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 60544, IL
27,680
Population
10,553
Households
2.6
Avg Household Size
41
Median Age
43%
College-Educated
96%
High-School Grad
24.2 sq mi
ZIP Area
1,144
Density / Sq Mi
$108,447
Median Household Income
$59,601
Median Earnings
$1,809
Median Rent
$311,700
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 in a B-3 Highway Business setting near Route 59.
Where is this office units located?
The property is located at 24012 W Renwick Rd. Unit 220 Plainfield, IL.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 1,206‑square‑foot office condominium suite; Corner unit within a professional office setting; B‑3, Highway Business zoning
