Medical Office
For Sale
Contact for pricing
104 Airway Drive, Marion, IL 62959
Medical office property in Marion, Illinois, supporting home health care operations.
Property Size3,750 SF
Price / SF$142.67
Days on Market53
Property Features for 104 Airway Drive
General Information
Standard status
Active
Size
3,750 SF
Property subtype
Office
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Net Lease
Net Operating Income
$49,474
Building Details
Tenancy
Single
Listing Agency:
Sands Investment Group
(773) 352-8784
Listed By:
Henry Mikula · License #IL Lic. # 475217054
Source:
Crexi
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 30 at 3:16AM
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 Sands Investment Group
Investment Insights
Based on property information with market context.
This medical office property encompasses 3,750 square feet at 104 Airway Drive in Marion, Illinois. The stated use is connected to home health care services, providing a healthcare-oriented commercial setting at the listed address.
Key Highlights
- 3,750 square feet of medical office space
- Located at 104 Airway Drive, Marion, IL 62959
- Property use connected to home health care services
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
$41,513
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
7.76%
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%
$830,260
$830.3K
Cap Rate 7%
$593,043
$593.0K
Cap Rate 9%
$461,256
$461.3K
Market Conditions
NOI Build-Up for 3,750 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
$67.5K $18.00/SF
− Vacancy
−$12.2K −$3.24/SF
EGI
$55.4K $14.76/SF
− OpEx
−$13.8K −$3.69/SF
NOI
$41.5K $11.07/SF
Area
Williamson County, IL
Vacancy
18.00%
Lease Rate
$18.00 /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%
$830,260
Cap Rate 7%
$593,043
Cap Rate 9%
$461,256
Alternative Uses
Best Use
Healthcare Medical
$742.2K
$649.4K – $865.9K
NOI $51,955 @ 7.0% cap · market cap 9.71%
Second Best
Office B
$593.0K
$518.9K – $691.9K
NOI $41,513 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$790.6K
$691.7K – $922.3K
NOI $55,339 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62959, IL
27,629
Population
12,997
Households
2.1
Avg Household Size
43
Median Age
28%
College-Educated
92%
High-School Grad
143.0 sq mi
ZIP Area
193
Density / Sq Mi
$69,914
Median Household Income
$44,145
Median Earnings
$895
Median Rent
$166,200
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 - Medical office property in Marion, Illinois, supporting home health care operations.
Where is this medical office space located?
The property is located at 104 Airway Drive Marion, IL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 3,750 square feet of medical office space; Located at 104 Airway Drive, Marion, IL 62959; Property use connected to home health care services
