Current Use by Public Records
- Midwest Neurological Associates / Medical Clinic
- Grazyna M Piekos, MD / Physician / Medical Clinic
- Genesis Orthopedics & Sports Medicine / Medical Clinic
Property Details for 1513 Essington Rd
- Year built
- 2006
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This 11,842 square foot Class B medical office building in Joliet, Illinois, presents a compelling investment opportunity. Located at 1513 Essington Rd, 60435, the property features eight units currently occupied by four tenants, three of whom are medical professionals. The building boasts 100% occupancy with a strong net operating income (NOI) of $236,800, yielding a 9.49% cap rate. The asking price is $2,495,000, translating to $210.69 per square foot. Built in 2006, the property sits on a 55,335 square foot lot and offers ample parking (60 spaces per 1,000 sq ft). Leases are gross, with 3% annual rent bumps. The property is zoned for commercial use and offers significant upside potential. Originally designed for eight individual units, the current configuration of four tenants allows for future expansion and increased revenue streams should existing tenants downsize or vacate. This presents a unique opportunity to maximize income potential and adapt to changing market demands. The property's strong tenant base and favorable financial metrics make it an attractive investment for discerning buyers.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Joliet
- County
- Will
- State
- Illinois
- Longitude
- -88.1612
- Latitude
- 41.5501
