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

    3231 Norman Ave Joliet, IL 60431-9100

    • Commercial real estate
    • 1.41 lot acres
    OFF-MARKET
    Last Sale
    Sep 25, 2023
    $2,065,000
    Value Estimations
    $2,040,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0432591
    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

    • Best Western Plus North Joliet / Hotel & Motel
    • WW Studio @ Best Western Plus North Joliet / Weight Loss Service

    Property Details for 3231 Norman Ave

    Lot size
    1.41 lot acres
    Property type
    Commercial real estate
    APN
    06-03-23-476-003
    APU
    60323476003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,985,000
      ML approach
      $1,875,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.1641
    Latitude
    41.5824
    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
    $43,350
    $111,957
    $455,043
    $567,000
    -
    $335,871
    $1,365,129
    $1,701,000

    Comparable in this City

    • Value Estimation by Request
      1.66 Acres

      4095 Hennepin Dr

      COMMERCIAL (GENERAL) • 1.66 Acres
      4095 Hennepin Dr, Joliet, IL 60431-8808
      View Details
    • Value Estimation
      $1,625,000
      13,000 SF

      1356 Houbolt Rd

      COMMERCIAL (GENERAL) • 13,000 SF
      1356 Houbolt Rd, Joliet, IL 60431-9215
      View Details
    • Value Estimation by Request
      5.01 Acres

      3128 Voyager Ln

      COMMERCIAL (GENERAL) • 5.01 Acres
      3128 Voyager Ln, Joliet, IL 60431-1175
      View Details
    • Value Estimation by Request
      1.69 Acres

      1306 Houbolt Rd

      COMMERCIAL (GENERAL) • 1.69 Acres
      1306 Houbolt Rd, Joliet, IL 60431-9215
      View Details
    • Value Estimation
      $2,250,000
      67,691 SF

      4220 Jefferson St

      COMMERCIAL (GENERAL) • 67,691 SF
      4220 Jefferson St, Joliet, IL 60431-4722
      View Details
    • Value Estimation by Request
      4,200 SF

      4300 Enterprise Dr Ste C

      COMMERCIAL (GENERAL) • 4,200 SF
      4300 Enterprise Dr Ste C, Joliet, IL 60431-8840
      View Details

    Similar Nearby for Sale

    • $895,000
      5.03 Acres

      5.03 Acres Joliet Commercial Land

      Prime Joliet acreage, agricultural zoning. Development potential.
      0 Manhattan Rd, Joliet, IL 60431
      View Details
    • Contact for pricing
      4.54 Acres

      Prime Joliet Commercial Land

      4.54 acres near Westfield Louis-Joliet Mall.
      0 Mall Loop Dr, Joliet, IL 60431
      View Details
    • $1,225,000
      10,986 SF

      1611 Rock Creek Blvd, Joliet, IL 60431

      Commercial real estate • 10,986 SF
      1611 Rock Creek Blvd, Joliet, IL 60431
      View Details
    • $6,795,000
      54.00 Acres

      Prime Joliet Commercial Land

      54 Acres, B-3 Zoning, High Traffic
      0 Swc Rdg & Black Rds, Joliet, IL 60431
      View Details
    • $400,000
      0.90 Acres

      Joliet Commercial Land - $400K

      0.9-acre lot, prime Joliet location.
      0 Of Black Rd, Joliet, IL 60431
      View Details
    • Contact for pricing
      8.77 Acres

      Joliet Industrial Land - 8.77 Acres

      Prime Will County industrial site, I-55 access.
      0 Frontage Rd & Rte 52, Joliet, IL 60431
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      408,932 SF

      Joliet Logistics Facility For Rent

      Industrial warehouse with easy access to I-80 and I-55.
      3501 Corporate Dr, Joliet, IL 60431
      View Details
    • Contact for pricing

      Joliet Warehouse Space Available

      30,962 SF warehouse space available for immediate lease.
      1600 Rock Creek Blvd, Joliet, IL 60431
      View Details
    • Contact for pricing
      221,541 SF

      Joliet Industrial Facility For Lease

      Class A industrial facility with interstate access, ideal for distribution.
      4300 Olympic Blvd, Joliet, IL 60431
      View Details
    • Contact for pricing

      Versatile Office Space in Joliet

      1,500 SF office space suitable for medical or professional uses.
      3587 Hennepin Dr, Joliet, IL 60431
      View Details
    • $2,400 /Mo
      2,250 SF

      Joliet Duplex with Master Suite

      Spacious 3-bed, 2.5-bath duplex with in-unit laundry and lawncare.
      902 Bluebell Cir, Joliet, IL 60431
      View Details
    • Contact for pricing
      10,162 SF

      Retail Space Available for Lease

      Retail property with 10,162 square feet available for lease.
      2317-2323 Il Rt. 59, Joliet, IL 60431
      View Details

    Property Visit Statistics

    • Visits by month
      3.3k
    • Visitors by month
      1.0k
    • Avg Time on site
      583 min
    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.
    3231 Norman Ave
    Joliet, IL 60431-9100
    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.