Single-Story Medical Office
For Sale
$329,000
9629 SOUTHWEST Highway, Oak Lawn, IL 60453
Commercial Sale, Oak Lawn, IL
Property Size1,200 SF
Lot Size0.20 Acres
Price / SF$274.17
Days on Market114
Property Features for 9629 SOUTHWEST Highway
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
95TH ST. TO SOUTHWEST HIGHWAY,SOUTH TO ADDRESS
Subdivision
Oak Lawn
Standard status
Active
APN
24081210040000
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
13028
Utilities
Cooling system
Central Air
Building Details
Year built
1980
Floors in Building
1
Number of units
1
Flooring type
Wood, Tile, Carpet
Building materials
Brick, Concrete
Roof type
Rubber
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: May 5
Changed: Aug 20
Last Checked: Aug 26 at 6:06AM
MLS# 12638601
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 single-story medical office space is in immaculate condition and currently configured for professional medical use. The interior includes a reception area, three private exam rooms, two restrooms, a dedicated office, and storage. Wood, tile, and carpet flooring are complemented by central air and three skylights that bring natural light into the building. Brick and concrete construction, a rubber roof, and a 1980 build year complete the physical profile.
The property is positioned at Southwest Highway and 95th Avenue in Oak Lawn, within a dense mixed-use business corridor. Little Company of Mary and Advocate Christ Hospital are nearby, while Target, K Mart, and Jewel Foods provide surrounding retail anchors. Front and rear parking areas are provided, with access to major roads and interstates within a short distance. Zoning is identified as OFFIC.
The property is positioned at Southwest Highway and 95th Avenue in Oak Lawn, within a dense mixed-use business corridor. Little Company of Mary and Advocate Christ Hospital are nearby, while Target, K Mart, and Jewel Foods provide surrounding retail anchors. Front and rear parking areas are provided, with access to major roads and interstates within a short distance. Zoning is identified as OFFIC.
Key Highlights
- Medical office configured with reception, 3 private exam rooms, 2 restrooms, office, and storage
- Single‑story 1980 building with brick and concrete construction
- 3 skylights provide natural light throughout the interior
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
$16,546
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
5.03%
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%
$330,920
$330.9K
Cap Rate 7%
$236,371
$236.4K
Cap Rate 9%
$183,844
$183.8K
Market Conditions
NOI Build-Up for 1,200 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
$29.4K $24.48/SF
− Vacancy
−$7.3K −$6.10/SF
EGI
$22.1K $18.38/SF
− OpEx
−$5.5K −$4.60/SF
NOI
$16.5K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$330,920
Cap Rate 7%
$236,371
Cap Rate 9%
$183,844
Alternative Uses
Best Use
Office B
$236.4K
$206.8K – $275.8K
NOI $16,546 @ 7.0% cap · market cap 5.03%
Second Best
Healthcare Medical
$227.1K
$198.7K – $265.0K
NOI $15,898 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$414.3K
$362.5K – $483.4K
NOI $29,001 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60453, IL
58,362
Population
23,115
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
6,866
Density / Sq Mi
$82,493
Median Household Income
$48,810
Median Earnings
$1,310
Median Rent
$267,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Oak Village Animal Hospital — 9748 SW Hwy, Oak Lawn, IL 60453
- Petco Vaccination Clinic — 6220 W 95th St, Oak Lawn, IL 60453
- Paws — 6200 95th St, Oak Lawn, IL 60453
Frequently Asked Questions
What type of property is this?
Medical Office Space - Brick building with reception, private exam rooms, restrooms, storage, and natural light from skylights.
Where is this medical office space located?
The property is located at 9629 SOUTHWEST Highway Oak Lawn, IL.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Medical office configured with reception, 3 private exam rooms, 2 restrooms, office, and storage; Single‑story 1980 building with brick and concrete construction; 3 skylights provide natural light throughout the interior
