Updated Office Suite with Eight
For Sale
Contact for pricing
2541 Division Street, Joliet, IL 60431
Combined office unit offers multiple private offices, conference room, and updated improvements with ample parking.
Property Size2,000 SF
Price / SF$192.45
Days on Market74
Property Features for 2541 Division Street
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
25
Property subtype
Retail, Office
Building Details
Year Built
2002
Listing Agency:
NTEG Realty LLC
(708) 428-5778
Listed By:
Richard Gorecki · License #471004260
Source:
Crexi
Added: Jun 8
Changed: Aug 7
Last Checked: Aug 19 at 8:01PM
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 NTEG Realty LLC
Investment Insights
Based on property information with market context.
This property consists of two units combined into one larger office suite. The space features eight private offices, a conference room, reception area, and a kitchen area. Additional interior utility and support areas include a storage closet and a utility room, along with a flex room for adaptable use. There are two bathrooms, providing convenience for office operations.
The offering includes recent exterior and interior updates. The roof was installed approximately four years ago, and cosmetic updates were completed over the past couple of years. Plenty of parking is available on site, supporting straightforward access for employees and visitors.
Designed for professional tenants seeking a ready-to-occupy office configuration, the suite’s office count, reception setup, and conference room support day-to-day workflow and client meetings. The included kitchen and two-bathroom layout can support longer workdays and team use, while the flex room adds flexibility for additional functions within an office environment.
The offering includes recent exterior and interior updates. The roof was installed approximately four years ago, and cosmetic updates were completed over the past couple of years. Plenty of parking is available on site, supporting straightforward access for employees and visitors.
Designed for professional tenants seeking a ready-to-occupy office configuration, the suite’s office count, reception setup, and conference room support day-to-day workflow and client meetings. The included kitchen and two-bathroom layout can support longer workdays and team use, while the flex room adds flexibility for additional functions within an office environment.
Key Highlights
- Year built 2002 office space with 8 private offices plus a conference room
- Includes reception area, kitchen area, 2 bathrooms, storage closet, utility room, and flex room
- Recently updated with a roof installed about 4 years ago
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
$30,240
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
7.86%
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%
$604,800
$604.8K
Cap Rate 7%
$432,000
$432.0K
Cap Rate 9%
$336,000
$336.0K
Market Conditions
NOI Build-Up for 2,000 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
$48.0K $24.00/SF
− Vacancy
−$7.7K −$3.84/SF
EGI
$40.3K $20.16/SF
− OpEx
−$10.1K −$5.04/SF
NOI
$30.2K $15.12/SF
Area
Joliet, IL
Vacancy
16.00%
Lease Rate
$24.00 /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%
$604,800
Cap Rate 7%
$432,000
Cap Rate 9%
$336,000
Alternative Uses
Best Use
Office B
$432.0K
$378.0K – $504.0K
NOI $30,240 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$589.7K
$516.0K – $688.0K
NOI $41,280 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 60431, IL
26,853
Population
9,368
Households
2.9
Avg Household Size
36
Median Age
31%
College-Educated
94%
High-School Grad
12.8 sq mi
ZIP Area
2,098
Density / Sq Mi
$114,098
Median Household Income
$51,980
Median Earnings
$1,408
Median Rent
$275,100
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 - Combined office unit offers multiple private offices, conference room, and updated improvements with ample parking.
Where is this office units located?
The property is located at 2541 Division Street Joliet, IL.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Year built 2002 office space with 8 private offices plus a conference room; Includes reception area, kitchen area, 2 bathrooms, storage closet, utility room, and flex room; Recently updated with a roof installed about 4 years ago
