Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    333 Hammes Ave Joliet, IL 60435
    Back to Search
    Property profile & analytics

    333 Hammes Ave, Joliet, IL 60435

    View on Map
    • Office Spaces
    • 12,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bashir Qasim MD / Physician / Medical Clinic
    • Dr. Raymond G. Orenic, MD / Physician
    • Dr. Lynn Mcdonald / Physician
    • Dr. Roland A. Borrasi, MD / Physician
    • Elizabeth Kurnat / Physician

    Property Details for 333 Hammes Ave

    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This Class A, 12,000 square foot office building in Joliet, IL, offers flexible suites ranging from 250 to 1,820 contiguous square feet. Currently, 1,820 square feet are vacant, perfect for a single tenant or divisible for multiple occupants. The building, renovated in 2024, boasts 12-foot ceilings, floor-to-ceiling windows in select units, and ample parking (45 spaces). Individual HVAC and metered utilities are included in a gross modified lease. Amenities include a breakroom/storage area, shared bathrooms, and potential for basement storage. The property is ideally situated near a hospital and the business district, zoned B in Will County. The building features three window offices, two interior offices, and a reception area in the available space. New flooring and paint complete the modern aesthetic. A separate single office may also be possible.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.132
    Latitude
    41.5278

    Comparable in this City

    • Value Estimation by Request
      11,842 SF

      1513 Essington Rd

      Medical Office Space
      1513 Essington Rd, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      20,400 SF

      903 129Th Infantry Dr

      Office Spaces
      903 129Th Infantry Dr, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      170,928 SF

      2004 Jefferson St

      Retail properties & Spaces
      2004 Jefferson St, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      16,303 SF

      251 Center St

      Office Spaces
      251 Center St, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      1.35 Acres

      251 Center St

      Land
      251 Center St, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      6,000 SF

      32 Uno Cir

      Office Spaces
      32 Uno Cir, Joliet, IL 60435
      View Details

    Similar Nearby for Sale

    • $1,050,000
      5,527 SF

      Freestanding Office Building Near Hospital

      Turnkey office building near Ascension St. Joseph Medical Center.
      2439 Glenwood Ave, Joliet, IL 60435
      View Details
    • New
      $1,900,000
      1.47 Acres

      Single-Story Office and Medical Building

      Single-story multi-tenant office/medical building on a corner lot with strong frontage and substantial parking.
      1640 Willow Circle Dr, Crest Hill, IL 60435
      View Details
    • $3,750,000
      20,400 SF

      Prime Joliet Medical Office Building

      Fully Leased, High-Demand Location
      903 129Th Infantry Dr, Joliet, IL 60435
      View Details
    • $2,495,000
      11,842 SF

      Joliet Office Complex For Sale

      Fully leased office complex with expansion potential in Joliet, Illinois.
      1523 Essington Rd, Joliet, IL 60435
      View Details
    • Contact for pricing

      Freestanding Office Building Near I-80

      Turnkey office building with high-quality construction and professional image.
      2439 Glenwood Ave, Joliet, IL 60435
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      39,901 SF

      Prime Commercial Space in Joliet

      High-visibility location near major retailers and hospital.
      90 Barney Dr, Joliet, IL 60435
      View Details
    • Contact for pricing
      35,988 SF

      Medical Office Space For Lease

      Medical office space available across from Ascension Saint Joseph Hospital.
      330 N Madison St, Joliet, IL 60435
      View Details
    • Contact for pricing
      2,918 SF

      Built-Out Oral Surgery Office

      Turnkey medical office space in a thriving medical hub.
      302 N Hammes Ave, Joliet, IL 60435
      View Details
    • Contact for pricing
      5,529 SF

      Medical Office Sublease Opportunity

      5,529 SF medical office space for sublease near hospital.
      2400 Glenwood Ave, Joliet, IL 60435
      View Details
    • Contact for pricing
      71,003 SF

      Medical Suite Near St. Joseph

      Ground-level medical suite near St. Joseph Hospital in Joliet.
      2201 Glenwood Ave, Joliet, IL 60435
      View Details
    • Contact for pricing

      Joliet Medical Office Suite

      Turnkey medical office in established Joliet healthcare setting.
      1445 Essington Rd, Joliet, IL 60435
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    333 Hammes Ave
    Joliet, IL 60435
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    333 Hammes Ave, Joliet, IL, 60435
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!