Medical Office with Operating
For Sale
Contact for pricing
111 N Wabash Ave, Chicago, IL 60602
Second-generation office space with four plumbed, fully equipped operating rooms and robust power and plumbing systems.
Property Size1,506 SF
Price / SF$282.20
Days on Market381
Property Features for 111 N Wabash Ave
General Information
Standard status
Active
Size
1,506 SF
Property subtype
OFFICE
Listing Agency:
Joseph Rossi & Associates, Inc (JRA) - Corporate
(630) 768-6769
Listed By:
Dominic Rossi III · License #475156976
(630) 768-6769
Source:
Moodyscre
Added: Jul 25, 2025
Changed: Jul 26
Last Checked: Aug 9 at 11:37AM
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 Joseph Rossi & Associates, Inc (JRA) - Corporate
Investment Insights
Based on property information with market context.
This second-generation office space is designed for medical use and offers flexible buildout options for healthcare providers. The facility features four plumbed and fully equipped operating rooms, supported by robust power and plumbing infrastructure intended to support a range of medical requirements.
Located at 111 N Wabash Ave in Chicago, the property presents a ready-to-adapt medical setup within an office setting.
With multiple operating rooms already in place and utilities built out, the space is particularly suited for practices including orthopedics, dermatology, and dentistry, with additional versatility suggested by the available infrastructure.
Located at 111 N Wabash Ave in Chicago, the property presents a ready-to-adapt medical setup within an office setting.
With multiple operating rooms already in place and utilities built out, the space is particularly suited for practices including orthopedics, dermatology, and dentistry, with additional versatility suggested by the available infrastructure.
Key Highlights
- Second‑generation office space designed for a medical practice
- Four plumbed, fully equipped operating rooms
- Operating rooms suited for specialties including orthopedics, dermatology, and dentistry
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
$32,313
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
7.60%
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%
$646,260
$646.3K
Cap Rate 7%
$461,614
$461.6K
Cap Rate 9%
$359,033
$359.0K
Market Conditions
NOI Build-Up for 1,506 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
$57.8K $38.40/SF
− Vacancy
−$14.7K −$9.79/SF
EGI
$43.1K $28.61/SF
− OpEx
−$10.8K −$7.15/SF
NOI
$32.3K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$646,260
Cap Rate 7%
$461,614
Cap Rate 9%
$359,033
Alternative Uses
Best Use
Office B
$461.6K
$403.9K – $538.6K
NOI $32,313 @ 7.0% cap · market cap 7.60%
Second Best
Healthcare Medical
$285.0K
$249.4K – $332.5K
NOI $19,951 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$710.1K
$621.3K – $828.4K
NOI $49,705 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
39,284
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60602, IL
1,261
Population
551
Households
2.3
Avg Household Size
39
Median Age
49%
College-Educated
97%
High-School Grad
0.1 sq mi
ZIP Area
12,610
Density / Sq Mi
$123,047
Median Household Income
$43,500
Median Earnings
$2,775
Median Rent
$383,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Second-generation office space with four plumbed, fully equipped operating rooms and robust power and plumbing systems.
Where is this medical office space located?
The property is located at 111 N Wabash Ave Chicago, IL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Second‑generation office space designed for a medical practice; Four plumbed, fully equipped operating rooms; Operating rooms suited for specialties including orthopedics, dermatology, and dentistry
