1513 Essington RdJoliet, IL 60435

For Sale
$2,495,000

Joliet, IL Medical Office Building

Overview

Added:
Dec 11, 2024
Days on market:
94
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.

Highlights

  • Strong, diversified income streams provide investment stability and flexibility.
  • Excellent returns with existing, reliable tenants; a truly passive investment opportunity.
  • Currently configured as four units, offering potential for significant income growth by subdividing back to the original eight units.
  • Future expansion and income enhancement possible by reverting to the original eight-unit layout, should tenant needs change.

Property Details for 1513 Essington Rd

Property type
Other office properties, Medical offices
Square Feet
11,842 SF
Class
B
Year Built
2006
Units
8

Location Insight

City
Joliet
County
Will
State
Illinois
Latitude
41.550081738628
Longitude
-88.161182801586
1513 Essington Rd, Joliet, Illinois

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1513 Essington Rd
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