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    Joliet Office/Medical Unit For Rent Title is generated by Realmo AI

    302 N Hammes Avenue, Joliet, IL 60435

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    COMMERCIAL - Joliet, IL

    Type:Office
    Lot size:
    0.75 Acres
    Added:
    Jan 13, 2026
    Days on Market:
    123
    Last Refresh:
    May 16 at 7:06 pm

    Property Features for 302 N Hammes Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    OFFIC
    Standard status
    Active
    Lot size
    0.75 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1976
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Carpet, Vinyl
    Building materials
    Brick

    We can help!

    Listing Contact
    Thomas Mulvey

    Listing agent Thomas Mulvey License #471006114

    Listing office Dow Realty 1300 Jefferson St E, Joliet, IL

    Listing date Jan 13, 2026

    MLS# 12535315

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location in the St Joseph Hospital Medical District
    • First‑floor unit with no steps and easy parking lot access
    • Private entrance and prominent signage on Hammes Street
    • Versatile space suitable for medical or professional office use (lawyer, accountant, etc.)
    • Spacious 16 x 22 waiting area with stone wall and gas fireplace
    • Owner offers incentives for lease term, including renovation or reduced rent

    Overview

    Located in the St Joseph Hospital Medical District, this first-floor office/medical unit offers easy access with no steps from the parking lot. The unit features a private entrance from the parking lot and a private customer/client entrance with signage on Hammes Avenue. The area is becoming a popular location for both medical and professional businesses. Previously used as an oral surgery office, the unit is suitable for medical use or professional offices such as lawyers or accountants. The layout includes several private offices and a 16 x 22 waiting area with a stone wall and gas fireplace. There is a reception area, file room, lab room, four exam rooms/private offices, a kitchen, two rooms previously used as operating rooms, a back storage room, and a utility room. The space also includes two half bathrooms and one three-quarter bathroom. The property is situated on a 0.75-acre lot. Depending on the lease term, the owner may provide incentives such as a dollar amount for needed work, renovation of the space to meet tenant needs, or reduced rent. The property is located in Joliet, Illinois, within Will County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Darbandi - Vein ... Physician Vein And Laser Center Physician Michael T. Pink ... Dental Office Don C. Kalant ... Dental Office Kalant, Pink & Associates ... Dental Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • SNIP Society — 2201 Glenwood Ave #401, Joliet, IL 60435
    • Woanleahiek LLC — 2410 w jefferson st, joliet, il 60435

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.1336788
    Latitude
    41.5166827

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    FAQs

    What type of property is this?
    Medical Office Space - First-floor office/medical unit in St. Joseph Hospital Medical District.
    Where is this medical office space located?
    The property is located at 302 N Hammes Avenue Joliet, IL.
    What are key features of this property?
    This property features: Prime location in the St Joseph Hospital Medical District; First‑floor unit with no steps and easy parking lot access; Private entrance and prominent signage on Hammes Street
    (815) 730-1900
    We can help!
    Listing Contact
    Thomas Mulvey
    Real Estate License ID: 471006114
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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