Move-In Ready Medical Office
For Sale
Contact for pricing
111 N Wabash Ave, Chicago, IL 60602
Move-in ready suite with extensive plumbing and power infrastructure for medical, aesthetic, or wellness use.
Property Size2,875 SF
Price / SF$241.74
Days on Market208
Property Features for 111 N Wabash Ave
General Information
Standard status
Active
Size
2,875 SF
Property subtype
OFFICE
Listing Agency:
Joseph Rossi & Associates, Inc (JRA) - Corporate
(630) 353-1190
Listed By:
Dominic Rossi III · License #475156976
(630) 768-6769
Source:
Moodyscre
Added: Feb 16
Changed: Sep 10
Last Checked: Sep 11 at 6:55AM
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 move-in ready medical office suite is fully equipped with extensive plumbing and power infrastructure, designed to support a range of medical, aesthetic, or wellness uses. The space is positioned for straightforward occupancy and operation, with a configuration intended to provide a seamless transition for an incoming operator.
The Garland Building is located just steps from Michigan Avenue, Millennium Park, and the Chicago lakefront, placing it near dining, retail, and public transportation options.
As part of a historic, well-maintained property, the suite offers an established setting for healthcare and medspa professionals seeking convenience and day-to-day accessibility.
The Garland Building is located just steps from Michigan Avenue, Millennium Park, and the Chicago lakefront, placing it near dining, retail, and public transportation options.
As part of a historic, well-maintained property, the suite offers an established setting for healthcare and medspa professionals seeking convenience and day-to-day accessibility.
Key Highlights
- Move‑in ready suite with extensive plumbing and power infrastructure
- Designed for a wide range of medical, aesthetic, or wellness uses
- Located steps from Michigan Avenue, Millennium Park, and the Chicago lakefront
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
$61,686
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
8.88%
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%
$1,233,720
$1.2M
Cap Rate 7%
$881,229
$881.2K
Cap Rate 9%
$685,400
$685.4K
Market Conditions
NOI Build-Up for 2,875 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
$110.4K $38.40/SF
− Vacancy
−$28.2K −$9.79/SF
EGI
$82.2K $28.61/SF
− OpEx
−$20.6K −$7.15/SF
NOI
$61.7K $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%
$1,233,720
Cap Rate 7%
$881,229
Cap Rate 9%
$685,400
Alternative Uses
Best Use
Office B
$881.2K
$771.1K – $1.03M
NOI $61,686 @ 7.0% cap · market cap 8.88%
Second Best
Healthcare Medical
$544.1K
$476.1K – $634.8K
NOI $38,088 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $94,889 @ 7.0% cap · market cap 13.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready suite with extensive plumbing and power infrastructure for medical, aesthetic, or wellness use.
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 $695,000.
What are key features of this property?
This property features: Move‑in ready suite with extensive plumbing and power infrastructure; Designed for a wide range of medical, aesthetic, or wellness uses; Located steps from Michigan Avenue, Millennium Park, and the Chicago lakefront
