Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1351 Larkin Ave Joliet, IL 60435-3753

    • Commercial real estate
    • 1.52 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5706098
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Orthodontic Experts / Dental Office
    • Cuong Dao DDS, MS / Dental Office
    • Dr. Patel DMD, MS / Dental Office

    Property Details for 1351 Larkin Ave

    Year built
    1988
    Lot size
    1.52 lot acres
    Property type
    Commercial real estate
    APN
    30-07-06-205-002
    APU
    300706205002

    Description

    Joliet Plaza offers exceptional retail space in a thriving Will County location. This 14,230 square foot strip center, built in 1960, boasts a prime position in one of the nation's fastest-growing cities. Currently, 6,530 square feet of space is available, divisible into units as small as 2,530 square feet, with a maximum contiguous space of 4,000 square feet. The property benefits from high visibility and traffic counts, with 36,000 vehicles passing daily. Its strategic location offers easy access to major expressways, I-55 and I-80, ensuring convenient access for customers and employees. The center enjoys a strong retail synergy, situated near established businesses such as Walgreens and Jewel-Osco. Furthermore, its proximity to Joliet Catholic Academy and Hufford Jr. High School provides a consistent flow of foot traffic. The asking rent is $14 per square foot, NNN. This presents a unique opportunity for businesses seeking high-traffic exposure in a rapidly expanding market. The available space is ideal for a variety of retail uses, offering a chance to establish a strong presence in a vibrant community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.1266
    Latitude
    41.5467
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $31,222
    $79,404
    $270,596
    $350,000
    -
    $238,212
    $811,788
    $1,050,000

    Comparable in this City

    • Value Estimation by Request
      3,927 SF

      368 Jefferson St

      Commercial real estate • 3,927 SF
      368 Jefferson St, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      0.05 Acres

      Waverly Pl

      COMMERCIAL (GENERAL) • 0.05 Acres
      Waverly Pl, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      0.08 Acres

      Waverly Pl

      COMMERCIAL (GENERAL) • 0.08 Acres
      Waverly Pl, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      0.13 Acres

      William St

      COMMERCIAL (GENERAL) • 0.13 Acres
      William St, Joliet, IL 60435
      View Details
    • Value Estimation by Request
      8.91 Acres

      2701 Plainfield Rd

      COMMERCIAL (GENERAL) • 8.91 Acres
      2701 Plainfield Rd, Joliet, IL 60435-1166
      View Details
    • Value Estimation by Request
      0.44 Acres

      211 Hammes Ave Ste, Unit 2

      COMMERCIAL (GENERAL) • 0.44 Acres
      211 Hammes Ave Ste, Joliet, IL 60435-8113
      View Details

    Similar Nearby for Sale

    • $300,000
      3,927 SF

      Joliet Retail Trio: High Traffic Location

      Three Retail Spaces, Strong Cash Flow
      368 Jefferson St, Joliet, IL 60435
      View Details
    • $1,690,000
      11,200 SF

      Joliet Multi-Use Building

      11,200 SF, 1.46 Acres, Prime Location
      1214-1222 Essington Rd, Joliet, IL 60435
      View Details
    • $775,000
      0.60 Acres

      Joliet Commercial Property For Sale

      Well-maintained building on 0.6 acres with redevelopment potential.
      810 Plainfield Rd, Joliet, IL 60435
      View Details
    • $369,000
      0.21 Acres

      Commercial Building on High Volume Road

      Commercially zoned building with parking on Route 30 in Joliet.
      918 Plainfield Rd, Joliet, IL 60435
      View Details
    • Contact for pricing
      0.24 Acres

      Commercial Land in Joliet, IL

      Prime commercial land, ready for development in Joliet, Illinois.
      524 N Broadway St, Joliet, IL 60435
      View Details
    • Contact for pricing
      0.08 Acres

      Residential Lot in Joliet, IL

      Residential lot with new fence, seller financing available.
      320 N Hickory St, Joliet, IL 60435
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Regional Power Center Retail Space

      Retail space available in dominant regional power center.
      2811 Plainfield Rd, 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
      1,382 SF

      Retail Space Available For Rent

      Retail space for rent with ample parking in Crest Hill.
      1701 N Larkin Ave, Crest Hill, IL 60435
      View Details
    • Contact for pricing

      High-Visibility Commercial Space on Plainfield Road

      Front-facing unit on Plainfield Road, ideal for diverse businesses.
      1405 Plainfield Rd, Joliet, IL 60435
      View Details
    • $25 SF/Yr
      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
      5,061 SF

      Former Restaurant Building on Jefferson

      5,061 SF building suitable for redevelopment or reuse.
      2211 W Jefferson St, 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.
    1351 Larkin Ave
    Joliet, IL 60435-3753
    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

    Google sign-in failed. Please try again or use another login method.