Remodeled Flex Space with Overhead
For Sale
$899,000
300 W Joliet St, Ottawa, IL 61350
Multi-unit industrial space combines climate-controlled areas, offices, and variable clear heights for manufacturing or distribution uses.
Property Size11,475 SF
Price / SF$78.34
Days on Market41
Property Features for 300 W Joliet St
General Information
Standard status
Active
Size
11,475 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1985
Year Renovated
2017
Listing Agency:
Caton Residential Realty LLC
(815) 436-5700
Listed By:
Joan Caton
Source:
Bktchicago
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 4:08AM
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 Caton Residential Realty LLC
Investment Insights
Based on property information with market context.
This 11,475-square-foot flex property is configured for multiple occupants and includes a 3,947-square-foot climate-controlled unit available for lease. The building offers overhead doors, functional office improvements, and clear heights ranging from 14 to 16 feet by unit. A full interior remodel was completed in 2017, followed by a new HVAC system in 2023, a new roof in 2025, and exterior updates.
Located at 300 W Joliet St in Ottawa, the property provides immediate access to IL Route 23 and is minutes from I-80 and I-39. Its setting within an established industrial corridor supports convenient truck access and regional movement. The configuration accommodates owner-users, investors, and businesses seeking manufacturing, warehousing, or distribution space, with one unit available for occupancy and another offering a potential sale-leaseback structure.
Located at 300 W Joliet St in Ottawa, the property provides immediate access to IL Route 23 and is minutes from I-80 and I-39. Its setting within an established industrial corridor supports convenient truck access and regional movement. The configuration accommodates owner-users, investors, and businesses seeking manufacturing, warehousing, or distribution space, with one unit available for occupancy and another offering a potential sale-leaseback structure.
Key Highlights
- 11,475‑square‑foot multi‑unit flex property
- 3,947‑square‑foot climate‑controlled unit available for lease
- 14'-16' clear height, varying by unit, with overhead doors
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
$73,782
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
8.21%
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%
$1,475,640
$1.5M
Cap Rate 7%
$1,054,029
$1.1M
Cap Rate 9%
$819,800
$819.8K
Market Conditions
NOI Build-Up for 11,475 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
$111.5K $9.72/SF
− Vacancy
−$6.1K −$0.53/SF
EGI
$105.4K $9.19/SF
− OpEx
−$31.6K −$2.76/SF
NOI
$73.8K $6.43/SF
Area
LaSalle, IL
La Salle County, LA
Vacancy
5.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$1,475,640
Cap Rate 7%
$1,054,029
Cap Rate 9%
$819,800
Alternative Uses
Best Use
Warehouse
$1.28M
$1.12M – $1.49M
NOI $89,592 @ 7.0% cap · market cap 9.97%
Second Best
Industrial
$1.05M
$922.3K – $1.23M
NOI $73,782 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $201,042 @ 7.0% cap · market cap 22.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
641
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61350, IL
23,997
Population
10,853
Households
2.2
Avg Household Size
43
Median Age
22%
College-Educated
93%
High-School Grad
152.5 sq mi
ZIP Area
157
Density / Sq Mi
$77,562
Median Household Income
$43,042
Median Earnings
$940
Median Rent
$157,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-unit industrial space combines climate-controlled areas, offices, and variable clear heights for manufacturing or distribution uses.
Where is this flex space located?
The property is located at 300 W Joliet St Ottawa, IL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 11,475‑square‑foot multi‑unit flex property; 3,947‑square‑foot climate‑controlled unit available for lease; 14'-16' clear height, varying by unit, with overhead doors
