Medical Office with
For Sale
$369,900
10346 S Kedzie Ave, Chicago, IL 60655
Dental office layout, separate storage space, and a sizable yard support multiple practical property uses subject to permitting.
Property Size3,000 SF
Price / SF$123.30
Days on Market9
Property Features for 10346 S Kedzie Ave
General Information
Standard status
Active
Size
3,000 SF
Building Details
Year Built
1955
Listing Agency:
HRE Real Estate Services
(708) 220-7613
Listed By:
Ken Houbolt · License #471016227
Source:
Grandviewrealtyservices
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 30 at 7:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HRE Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1955, the property combines a 1,500-square-foot dental office with a separate 1,500-square-foot storage building for 3,000 square feet overall. The office layout includes 3 operatories, 2 labs, 1 private office, and a staff room. The storage building does not have heat and is occupied by a month-to-month renter.
A large yard provides space for storage or parking, while additional structures may be considered with proper permitting. The property is located at 10346 S Kedzie Avenue in Chicago, Illinois, with an existing configuration that includes both medical-office and storage improvements.
A large yard provides space for storage or parking, while additional structures may be considered with proper permitting. The property is located at 10346 S Kedzie Avenue in Chicago, Illinois, with an existing configuration that includes both medical-office and storage improvements.
Key Highlights
- 3,000‑square‑foot property combining a 1,500‑square‑foot dental office and 1,500‑square‑foot storage building
- Dental office includes 3 operatories, 2 labs, 1 private office, and a staff room
- Separate storage building is unheated and has a month‑to‑month renter
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
$22,724
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
6.14%
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%
$454,480
$454.5K
Cap Rate 7%
$324,629
$324.6K
Cap Rate 9%
$252,489
$252.5K
Market Conditions
NOI Build-Up for 3,000 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
$28.3K $9.43/SF
− Vacancy
−$1.6K −$0.52/SF
EGI
$26.7K $8.91/SF
− OpEx
−$4.0K −$1.34/SF
NOI
$22.7K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$454,480
Cap Rate 7%
$324,629
Cap Rate 9%
$252,489
Alternative Uses
Best Use
Office B
$919.5K
$804.6K – $1.07M
NOI $64,368 @ 7.0% cap · market cap 17.40%
Second Best
Healthcare Medical
$567.8K
$496.8K – $662.4K
NOI $39,744 @ 7.0% cap · market cap 10.74%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 26.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60655, IL
27,837
Population
11,277
Households
2.5
Avg Household Size
39
Median Age
47%
College-Educated
97%
High-School Grad
4.4 sq mi
ZIP Area
6,327
Density / Sq Mi
$114,443
Median Household Income
$72,169
Median Earnings
$1,468
Median Rent
$303,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hilltop Animal Hospital — 10042 S Kedzie Ave, Evergreen Park, IL 60805
Frequently Asked Questions
What type of property is this?
Medical Office Space - Dental office layout, separate storage space, and a sizable yard support multiple practical property uses subject to permitting.
Where is this medical office space located?
The property is located at 10346 S Kedzie Ave Chicago, IL.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 3,000‑square‑foot property combining a 1,500‑square‑foot dental office and 1,500‑square‑foot storage building; Dental office includes 3 operatories, 2 labs, 1 private office, and a staff room; Separate storage building is unheated and has a month‑to‑month renter
