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    Countryside Commercial Building For Sale Title is generated by Realmo AI

    6502 Joliet Rd, Countryside, IL 60525

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    Immaculate, well-maintained commercial building in a desirable Countryside location.

    Type:Office
    Property size:
    14,500 SF
    Price / SF:
    $113/SF
    Added:
    May 27, 2024
    Days on Market:
    739
    Last Refresh:
    May 12 at 10:00 pm

    Property Features for 6502 Joliet Rd

    General Information

    Standard status
    Active
    Size
    14,500 SF
    Property subtype
    Office

    Building Details

    Year Built
    1968

    We can help!

    Listing Contact
    Rima Odeh

    Listing agent Rima Odeh License #475102798

    Listing office Better Homes & Gardens Real Estate

    Listing date May 27, 2024

    Source Crexi

    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 Better Homes & Gardens Real Estate

    HighLights

    • High‑income producing property with 18 built‑out spaces (10 office suites, 2 retail spaces, and 6 private office suites).
    • Large 3200 Sqft attached garage with high ceiling for added income.
    • Prime location on busy Joliet Road with great exposure and visible signage.
    • Recent $100,000 electrical upgrade throughout the building.
    • Comprehensive amenities including a common conference room, remodeled bathrooms, kitchen, utilities, phone lines, WiFi, and janitorial services.
    • Ample parking with a total of 37 spaces (front and back).

    Overview

    This 14,500 square foot solid brick building is located in a desirable commercial district of Countryside. The building features a total of 18 built-out spaces. The second floor includes 10 built-out office suites, a common area conference room, two remodeled bathrooms, a reception and waiting area, and a common kitchen. Rentals include all utilities, two phone lines, WiFi, and janitorial services. The first floor features two main retail spaces on Joliet Road, providing great exposure, plus six private built-out office suites. A 3,200 square foot attached garage with a high ceiling offers added income potential. Each office has its own bathroom. There is ample parking in front of the building and over 18 spaces in the back, totaling 37 parking spaces. The property is suitable for investors or owner-occupiers. The building has new electrical throughout. Tenants have 24-hour access to the building, secured doors, and visible signage in front. The property is professionally landscaped.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Countryside
    County
    DuPage
    State
    Illinois
    Longitude
    -87.8717
    Latitude
    41.7814

    Nearby Similar for Sale

    • $1,649,900

      Commercial Building in Countryside, IL

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      6502 Joliet Road, Countryside, IL 60525
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    • $695,900
      2,974 SF

      Updated Duplex in Lyons Township

      Two-unit building in Lyons Township School District with modern updates.
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    FAQs

    What type of property is this?
    Office building - Immaculate, well-maintained commercial building in a desirable Countryside location.
    Where is this office building 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: High‑income producing property with **18 built‑out spaces** (10 office suites, 2 retail spaces, and 6 private office suites).; **Large 3200 Sqft attached garage with high ceiling** for added income.; Prime location on busy Joliet Road with **great exposure and visible signage**.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Rima Odeh
    Real Estate License ID: 475102798
    Learn More
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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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