Remodeled Office Condo For
For Sale
$649,000
24020 W Riverwalk Court #114, Plainfield, IL 60544
Impeccably remodeled office condo in Plainfield's Riverwalk Court.
Property Size1,816 SF
Price / SF$357.38
Days on Market282
Property Features for 24020 W Riverwalk Court #114
General Information
Standard status
Active
Size
1,816 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,995
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2007
Listing Agency:
COLDWELL BANKER REALTY
(773) 631-8300
Listed By:
JASON DECARLO
Source:
Corcoran
Added: Nov 11, 2025
Changed: Aug 17
Last Checked: Aug 20 at 6:24AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This remodeled 1,816 square foot office condo is located in the Riverwalk Court Professional Center in Plainfield. The first-floor professional suite has been upgraded with high-end finishes. The interior includes nine private offices, a large conference room with a 75-inch smart TV and AV system, a reception area, a kitchenette with a full-size refrigerator and microwave, a private restroom, and storage. The property features CAT-5 wiring, custom lighting, glass accents, and contemporary flooring. The location is just off Plainfield-Naperville Road, minutes from Route 59, Downtown Plainfield, and I-55. There is ample parking at a ratio of 6.7 spaces per 1,000 square feet. Neighboring tenants include medical, dental, and therapy offices. The association covers exterior maintenance, landscaping, snow removal, and common areas. This property is suitable for medical, legal, financial, or executive office users.
Key Highlights
- Impeccably remodeled with over $200,000 in high‑end upgrades
- Move‑in‑ready, modern professional suite suitable for medical, legal, financial, or executive office users
- Prime location off Plainfield‑Naperville Rd, minutes from Route 59, Downtown Plainfield, and I‑55
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
$24,598
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
3.79%
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%
$491,960
$492.0K
Cap Rate 7%
$351,400
$351.4K
Cap Rate 9%
$273,311
$273.3K
Market Conditions
NOI Build-Up for 1,816 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
$46.9K $25.80/SF
− Vacancy
−$5.9K −$3.23/SF
EGI
$41.0K $22.58/SF
− OpEx
−$16.4K −$9.03/SF
NOI
$24.6K $13.55/SF
Area
Will County, IL
Vacancy
12.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
40.00%
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%
$491,960
Cap Rate 7%
$351,400
Cap Rate 9%
$273,311
Alternative Uses
Best Use
Healthcare Medical
$351.4K
$307.5K – $410.0K
NOI $24,598 @ 7.0% cap · market cap 3.79%
Second Best
Office B
$311.7K
$272.7K – $363.6K
NOI $21,816 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$411.9K
$360.4K – $480.5K
NOI $28,831 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
430
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Impeccably remodeled office condo in Plainfield's Riverwalk Court.
Where is this office units located?
The property is located at 24020 W Riverwalk Court #114 Plainfield, IL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Impeccably remodeled with over $200,000 in high‑end upgrades; Move‑in‑ready, modern professional suite suitable for medical, legal, financial, or executive office users; Prime location off Plainfield‑Naperville Rd, minutes from Route 59, Downtown Plainfield, and I‑55
