Storefront Property with Rear
New
For Sale
$1,350,000
94 Barney Dr, Joliet, IL 60435
Fresh paint, accessible restrooms, rear loading access, and on-site parking support varied commercial uses.
Property Size5,500 SF
Price / SF$245.45
Days on Market2
Property Features for 94 Barney Dr
General Information
Standard status
Active
Size
5,500 SF
Total Parking Spaces
37
Additional Details
Highway Access
Yes
Amenities
handicap-accessible bathrooms
loading access
green space
Building Details
Year Built
1999
Listing Agency:
Coldwell Banker Real Estate Group
Listed By:
Bonnie Willis · License #475157605
(708) 301-4700
Source:
Amyboston.realtopiare
Added: Sep 7
Last Checked: Sep 7 at 3:10PM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This storefront property offers individual spaces ranging from approximately 1,300 SF to 5,500 SF. The building has been freshly painted, and select units include new flooring. Each unit is equipped with its own handicap-accessible bathroom. Rear doors provide access for loading and unloading, while the property also includes additional rear parking and green space. The parking lot has been newly sealed and striped, with approximately 37 spaces positioned at the front and rear.
The property is located across from Walmart, Menards, and a major auto dealership, with access to I-55, the airport, and a nearby golf course. Presence Hospital is approximately 0.7 mile away. Potential uses identified for the property include medical or professional offices, service businesses, salon or spa operations, daycare, retail, restaurant, and bar uses, subject to zoning and municipal approval.
The property is located across from Walmart, Menards, and a major auto dealership, with access to I-55, the airport, and a nearby golf course. Presence Hospital is approximately 0.7 mile away. Potential uses identified for the property include medical or professional offices, service businesses, salon or spa operations, daycare, retail, restaurant, and bar uses, subject to zoning and municipal approval.
Key Highlights
- Individual units range from approximately 1,300 SF to 5,500 SF
- Approximately 37 parking spaces in the front and rear of the building
- Rear doors provide loading and unloading access
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
$83,160
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
6.16%
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%
$1,663,200
$1.7M
Cap Rate 7%
$1,188,000
$1.2M
Cap Rate 9%
$924,000
$924.0K
Market Conditions
NOI Build-Up for 5,500 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
$132.0K $24.00/SF
− Vacancy
−$21.1K −$3.84/SF
EGI
$110.9K $20.16/SF
− OpEx
−$27.7K −$5.04/SF
NOI
$83.2K $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%
$1,663,200
Cap Rate 7%
$1,188,000
Cap Rate 9%
$924,000
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.39M
NOI $83,160 @ 7.0% cap · market cap 6.16%
Second Best
Retail
$763.1K
$667.7K – $890.3K
NOI $53,419 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,520 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,805
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - Fresh paint, accessible restrooms, rear loading access, and on-site parking support varied commercial uses.
Where is this storefront property located?
The property is located at 94 Barney Dr Joliet, IL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Individual units range from approximately 1,300 SF to 5,500 SF; Approximately 37 parking spaces in the front and rear of the building; Rear doors provide loading and unloading access
