Medical Office Building with New
For Sale
$1,285,000
1048-1054 Norwood Ln, Bartlett, IL 60103
Single-story medical facility with full occupancy, three AC units, and recent building improvements.
Property Size5,239 SF
Price / SF$245.28
Days on Market387
Property Features for 1048-1054 Norwood Ln
General Information
Standard status
Active
Size
5,239 SF
Property subtype
Commercial
Occupancy
100%
Building Details
Year Built
1996
Buildings
1
Stories
1
Building Size
5,239 SF
Tenancy
Multi
Listing Agency:
Keller Williams Inspire
(630) 201-4130
Listed By:
Rudolph Johnson · License #475139695
Source:
Searchillinoishomesforsale
Added: Aug 9, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:47PM
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 Keller Williams Inspire
Investment Insights
Based on property information with market context.
This 5,239-square-foot medical office property is configured as a single-story building completed in 1996. The facility is fully occupied by long-term tenants, including Advocate Medical, and includes three AC units. Recent capital work includes a new roof installed in 2023.
The property is located at 1048-1054 Norwood Ln in Bartlett, along the Rt 59 Corridor. Its setting includes surrounding commercial and residential development, with the site positioned within an established growth area. The existing occupancy, medical-office configuration, and completed roof replacement provide a clear physical and operational profile for an owner evaluating the asset.
The property is located at 1048-1054 Norwood Ln in Bartlett, along the Rt 59 Corridor. Its setting includes surrounding commercial and residential development, with the site positioned within an established growth area. The existing occupancy, medical-office configuration, and completed roof replacement provide a clear physical and operational profile for an owner evaluating the asset.
Key Highlights
- 5,239‑square‑foot single‑story medical office building
- Fully occupied by long‑term tenants, including Advocate Medical
- New roof installed in 2023
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
$72,237
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
5.62%
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%
$1,444,740
$1.4M
Cap Rate 7%
$1,031,957
$1.0M
Cap Rate 9%
$802,633
$802.6K
Market Conditions
NOI Build-Up for 5,239 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
$128.3K $24.48/SF
− Vacancy
−$31.9K −$6.10/SF
EGI
$96.3K $18.38/SF
− OpEx
−$24.1K −$4.60/SF
NOI
$72.2K $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%
$1,444,740
Cap Rate 7%
$1,031,957
Cap Rate 9%
$802,633
Alternative Uses
Best Use
Office B
$1.03M
$903.0K – $1.20M
NOI $72,237 @ 7.0% cap · market cap 5.62%
Second Best
Healthcare Medical
$991.5K
$867.6K – $1.16M
NOI $69,406 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,615 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60103, IL
41,740
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
48%
College-Educated
95%
High-School Grad
18.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$131,552
Median Household Income
$64,113
Median Earnings
$1,851
Median Rent
$353,300
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-story medical facility with full occupancy, three AC units, and recent building improvements.
Where is this medical office space located?
The property is located at 1048-1054 Norwood Ln Bartlett, IL.
What is the asking price?
The asking price for this property is $1,285,000.
What are key features of this property?
This property features: 5,239‑square‑foot single‑story medical office building; Fully occupied by long‑term tenants, including Advocate Medical; New roof installed in 2023
