Multi-Unit Office
For Sale
$1,999,900
402 W Boughton Road, Bolingbrook, IL 60440
Two ranch-style office buildings provide separately entered suites with private restrooms, individual utilities, heating, and central air.
Property Size14,560 SF
Lot Size2.68 Acres
Price / SF$137.36
Days on Market249
Property Features for 402 W Boughton Road
General Information
Standard status
Active
Size
14,560 SF
Net Rentable
12,400 SF
Lot size
2.68 Acres
Property subtype
Commercial
Zoning
OFFIC
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
12
Taxes and HOA fees
Annual Taxes
$33,936
Amenities
separate entrances
gas forced heating
central air
private restrooms
unfinished basement
expansive parking lot
Building Details
Building Size
14,560 SF
Year Built
1974
Buildings
2
Stories
1
Units
12
Construction
brick and cedar
Tenancy
Multi
Listing Agency:
RE/MAX Professionals
(630) 759-2850
Listed By:
Edward Lukasik · License #471020258
(630) 759-2850
Source:
Midwestrealestate
Added: Dec 13, 2025
Changed: Aug 17
Last Checked: Aug 17 at 11:55PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
Constructed in 1974, this office property includes two ranch-style brick and cedar buildings with 12,400 rentable square feet and 14,560 total building square footage. The 12 office units each have a separate entrance, private restroom, individual utilities, gas-forced heating, and central air. Building 2 includes an unfinished basement suitable for storage, while the site provides an expansive parking lot.
The property is located at 402 W Boughton Road in Bolingbrook along the Boughton Road corridor, where traffic exceeds 30,000 cars per day. It is zoned OFFIC, and the parking lot was resurfaced in 2018. The configuration supports a multi-suite office environment with distinct entrances and building services.
The property is located at 402 W Boughton Road in Bolingbrook along the Boughton Road corridor, where traffic exceeds 30,000 cars per day. It is zoned OFFIC, and the parking lot was resurfaced in 2018. The configuration supports a multi-suite office environment with distinct entrances and building services.
Key Highlights
- 12,400 rentable SF across two office buildings
- 14,560 total building SF with 12 office units
- Separate entrances, private restrooms, individual utilities, gas‑forced heating, and central air
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
$174,912
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
8.75%
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%
$3,498,240
$3.5M
Cap Rate 7%
$2,498,743
$2.5M
Cap Rate 9%
$1,943,467
$1.9M
Market Conditions
NOI Build-Up for 14,560 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
$328.5K $22.56/SF
− Vacancy
−$95.3K −$6.54/SF
EGI
$233.2K $16.02/SF
− OpEx
−$58.3K −$4.00/SF
NOI
$174.9K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /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%
$3,498,240
Cap Rate 7%
$2,498,743
Cap Rate 9%
$1,943,467
Alternative Uses
Best Use
Office B
$2.50M
$2.19M – $2.92M
NOI $174,912 @ 7.0% cap · market cap 8.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,155 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 60440, IL
52,031
Population
17,750
Households
2.9
Avg Household Size
37
Median Age
31%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
3,446
Density / Sq Mi
$95,120
Median Household Income
$45,021
Median Earnings
$1,648
Median Rent
$262,100
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 building - Two ranch-style office buildings provide separately entered suites with private restrooms, individual utilities, heating, and central air.
Where is this office building located?
The property is located at 402 W Boughton Road Bolingbrook, IL.
What is the asking price?
The asking price for this property is $1,999,900.
What are key features of this property?
This property features: 12,400 rentable SF across two office buildings; 14,560 total building SF with 12 office units; Separate entrances, private restrooms, individual utilities, gas‑forced heating, and central air
