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

    248 Republic Ave, Unit 1 Joliet, IL 60435-6518

    • Commercial real estate
    • 0.30 lot acres
    OFF-MARKET
    Last Sale
    Feb 22, 2021
    $200,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3453487
    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

    • Domino's Pizza / Take-out & Catering

    Property Details for 248 Republic Ave

    Year built
    1969
    Lot size
    0.30 lot acres
    Property type
    Commercial real estate
    APN
    30-07-07-301-022
    APU
    300707301022

    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
    -88.1387
    Latitude
    41.5255
    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
    $7,981
    $24,190
    $65,277
    $89,467
    -
    $72,570
    $195,831
    $268,401

    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
    • $239,000
      2,675 SF

      Prime Joliet Condo Office Space

      Move-in Ready Office Condo in Joliet
      109 129Th Infantry Dr, Joliet, IL 60435
      View Details
    • $1,304,240
      16,303 SF

      16,303 SF Office Building For Sale

      16,303 SF Office Building For Sale
      251 N Center St, Joliet, IL 60435
      View Details
    • $179,900

      Joliet Condo with Private Balcony

      Move-in ready 2-bedroom condo with modern amenities and convenient location.
      3119 Ingalls Ave, Joliet, IL 60435
      View Details
    • $329,900

      Lakewood Duplex with Modern Updates

      Updated duplex in Lakewood, Joliet, with modern features and amenities.
      3724 Adesso Ln, Joliet, IL 60435
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      170,928 SF

      Jefferson St Retail Space

      Joliet, IL retail space available.
      2004 Jefferson St, Joliet, IL 60435
      View Details
    • $13 SF/Yr
      1,800 SF

      Prime Joliet Office Space

      1800 sq ft, Fully Renovated Office
      2401 Jefferson St, Joliet, IL 60435
      View Details
    • Contact for pricing
      1,851 SF

      Retail Space in Joliet

      Retail space available for lease in Joliet, Illinois.
      121 Springfield Ave, Joliet, IL 60435
      View Details
    • Contact for pricing
      5,219 SF

      Retail Space at Essington Road

      Retail space available at a prominent corner location.
      2410 Essington Rd, Joliet, IL 60435
      View Details
    • Contact for pricing

      Move-in Ready Office Space Available

      Up to 3821 SF of office space for lease.
      2401 W Jefferson St, Joliet, IL 60435
      View Details
    • Contact for pricing

      Updated Office Suite Near Hospital

      Move-in ready office suite near Provena St. Joseph Medical Center.
      300 N Hammes Ave, 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.
    248 Republic Ave, Unit 1
    Joliet, IL 60435-6518
    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.