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    6502 Joliet Rd Countryside, IL 60525

    Sponsored
    For Sale
    $1,649,900

    18-unit multi-tenant office building

    Property size:
    14,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 14,500-square-foot office building, located at 6502 Joliet Road in Countryside, Illinois (zip code 60525), presents a lucrative investment opportunity. The two-story, solid brick structure, built in 1968, sits on a 25,000-square-foot lot and is zoned B-7. The property boasts 18 built-out spaces, including 10 office suites on the second floor and 8 on the first floor (including two main retail spaces). Amenities include a common area conference room, two remodeled bathrooms, a reception and waiting area, and a common kitchen. All utilities, two phone lines, Wi-Fi, and janitorial services are included in the rental rates. A significant upgrade of over $100,000 in new electrical work has been completed throughout the building. Tenants enjoy 24-hour access, secured doors, and excellent street visibility. Ample parking is available, with 37 spaces total, including over 18 in the rear. A large 3,200-square-foot attached garage with high ceilings offers additional income potential. Each office suite features its own bathroom. The asking price is $1,649,900, translating to $634.58 per square foot. This meticulously maintained property, professionally landscaped and featuring great signage, is ideal for both investors and owner-occupants. The property's APN is 18202020090000. This is a gross lease, multi-tenant property.

    Property Features for 6502 Joliet Rd

    General Information

    Property type
    Medical offices
    Square Feet
    14,500 SF

    Building Details

    Year Built
    1968
    Stories
    2
    Units
    18

    HighLights

    • 14,500 SF office building on a 25,000 SF lot in Countryside, IL (60525).
    • Two‑story brick building with 18 built‑out suites (10 second floor, 8 first floor, including 2 retail spaces).
    • Amenities include a conference room, remodeled bathrooms, reception area, common kitchen, and ample parking (37 spaces).
    • Recent $100,000+ electrical upgrade. Includes 24‑hour access, secured doors, and great street visibility.
    • 3,200 SF attached garage offers additional income potential. Each suite has its own bathroom. Gross lease, multi‑tenant property.
    • Asking price: $1,649,900 ($113.79/SF). APN: 18202020090000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    Map

    City
    Countryside
    County
    Cook
    State
    Illinois
    Longitude
    -87.8841984
    Latitude
    41.7707904

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    FAQs

    What type of property is this?
    Medical office - 18-unit multi-tenant office building
    Where is this medical office located?
    The property is located at 6502 Joliet Rd Countryside, IL.
    What is the asking price?
    The asking price for this property is $1,649,900.
    What are key features of this property?
    This property features: 14,500 SF office building on a 25,000 SF lot in Countryside, IL (60525).; Two-story brick building with 18 built-out suites (10 second floor, 8 first floor, including 2 retail spaces).; Amenities include a conference room, remodeled bathrooms, reception area, common kitchen, and ample parking (37 spaces).
    Request Owner's contact information
    6502 Joliet Rd Countryside, IL 60525
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    Countryside, IL 60525
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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.

    More about this property
    6502 Joliet Rd Countryside, IL 60525
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