Medical Office Space with Treatment
For Sale
$650,000
208 parkinson Street, Normal, IL 61761
Commercial Sale, Normal, IL
Property Size3,700 SF
Lot Size0.56 Acres
Price / SF$175.68
Days on Market147
Property Features for 208 parkinson Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
South on Linden East on Parkinson
Subdivision
Normal
Standard status
Active
APN
1427302001
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14352
Utilities
Utilities
Water Available
Cooling system
Central Air
Building Details
Year built
2010
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Revolution · Keller Williams Realty
(309) 834-3400
Listed By:
Adrianne Cornejo · License #475170027
(309) 834-3400
Added: Apr 9
Changed: Aug 19
Last Checked: Sep 2 at 3:06AM
MLS# 12614758
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,700-square-foot commercial property includes 2,700 square feet of rentable space arranged for flexible office use. The interior includes a reception area, four treatment rooms, two office areas, a break room with washer/dryer hookup, two restrooms, and a large closet. The space was formerly used as a medical office and features central air, vinyl and carpet flooring, and vinyl siding. Constructed in 2010, the property also has water available and is zoned COMMR.
The property is near Uptown Normal and includes 11 allotted parking spaces. Its existing room configuration and support areas provide a defined layout for continued office or medical office use.
The property is near Uptown Normal and includes 11 allotted parking spaces. Its existing room configuration and support areas provide a defined layout for continued office or medical office use.
Key Highlights
- 3,700‑square‑foot property with 2,700 sq ft of rentable space
- Four treatment rooms, two office areas, reception, break room, and large closet
- Two restrooms and washer/dryer hookup in the break room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,356
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$887,120
$887.1K
Cap Rate 7%
$633,657
$633.7K
Cap Rate 9%
$492,844
$492.8K
Market Conditions
NOI Build-Up for 3,700 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$82.1K $22.20/SF
− Vacancy
−$8.2K −$2.22/SF
EGI
$73.9K $19.98/SF
− OpEx
−$29.6K −$7.99/SF
NOI
$44.4K $11.99/SF
Area
McLean County, IL
Vacancy
10.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$887,120
Cap Rate 7%
$633,657
Cap Rate 9%
$492,844
Alternative Uses
Best Use
Healthcare Medical
$633.7K
$554.5K – $739.3K
NOI $44,356 @ 7.0% cap · market cap 6.82%
Second Best
Office B
$632.7K
$553.6K – $738.2K
NOI $44,289 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$771.3K
$674.9K – $899.8K
NOI $53,990 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61761, IL
53,045
Population
22,037
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
98%
High-School Grad
42.6 sq mi
ZIP Area
1,245
Density / Sq Mi
$66,642
Median Household Income
$28,606
Median Earnings
$976
Median Rent
$200,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible commercial layout includes reception, private rooms, offices, and two restrooms.
Where is this medical office space located?
The property is located at 208 parkinson Street Normal, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,700‑square‑foot property with 2,700 sq ft of rentable space; Four treatment rooms, two office areas, reception, break room, and large closet; Two restrooms and washer/dryer hookup in the break room
