Joliet Office Condo For
For Sale
Contact for pricing
2720 Caton Farm Rd, Joliet, IL 60435
960 SF office condo in prime Joliet location.
Property Size960 SF
Price / SF$234.27
Days on Market99
Property Features for 2720 Caton Farm Rd
General Information
Standard status
Active
Size
960 SF
Property subtype
Office
Zoning
R-B
Building Details
Year Built
2005
Buildings
1
Listing Agency:
john greene Real Estate
(815) 693-3005
Listed By:
Chris Condon · License #IL 471002632
Source:
Crexi
Added: May 26
Changed: Aug 28
Last Checked: Aug 30 at 8:32PM
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 john greene Real Estate
Investment Insights
Based on property information with market context.
This 960± SF office condo, constructed in 2005, features three private offices, a waiting room, a reception area with file storage, a kitchenette, and accessible attic storage. Zoned R-B, the property is suitable for office or office condo use. It includes 200 amp electric service, and furniture is included. The property is located in the northwest Joliet area, offering visibility along Caton Farm Road and convenient access to I-55, Route 59, and Route 30.
Key Highlights
- Prime northwest Joliet location with excellent visibility on Caton Farm Road and convenient access to I‑55, Route 59, and Route 30.
- Turnkey opportunity with included furniture.
- 960± SF office condo with three private offices, waiting room, reception area, kitchenette, and accessible attic storage.
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
$14,515
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
6.45%
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%
$290,300
$290.3K
Cap Rate 7%
$207,357
$207.4K
Cap Rate 9%
$161,278
$161.3K
Market Conditions
NOI Build-Up for 960 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
$23.0K $24.00/SF
− Vacancy
−$3.7K −$3.84/SF
EGI
$19.4K $20.16/SF
− OpEx
−$4.8K −$5.04/SF
NOI
$14.5K $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%
$290,300
Cap Rate 7%
$207,357
Cap Rate 9%
$161,278
Alternative Uses
Best Use
Office B
$207.4K
$181.4K – $241.9K
NOI $14,515 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$283.1K
$247.7K – $330.2K
NOI $19,814 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Explore this area
Business Placement
Demographics for 60435, IL
48,927
Population
20,162
Households
2.4
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
4,530
Density / Sq Mi
$74,967
Median Household Income
$41,201
Median Earnings
$1,145
Median Rent
$217,200
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 - 960 SF office condo in prime Joliet location.
Where is this office units located?
The property is located at 2720 Caton Farm Rd Joliet, IL.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Prime northwest Joliet location with excellent visibility on Caton Farm Road and convenient access to I‑55, Route 59, and Route 30.; Turnkey opportunity with included furniture.; 960± SF office condo with three private offices, waiting room, reception area, kitchenette, and accessible attic storage.
