Furnished Dental Medical
For Sale
$200,000
111 N Wabash Avenue #1220, Chicago, IL 60602
Configured for dental operations with equipment, three chairs, private offices, and an on-site waiting area.
Property Size344,000 SF
Price / SF$329.49
Days on Market368
Property Features for 111 N Wabash Avenue #1220
General Information
Standard status
Active
Size
344,000 SF
Property subtype
Commercial
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,448
Amenities
shared conference room
Building Details
Building Size
344,000 SF
Year Built
1922
Buildings
1
Stories
22
Listing Agency:
Compass
(630) 974-6750
Listed By:
Ann Pancotto · License #475121718
(630) 974-6750
Source:
Cavanaghrealty
Added: Aug 18, 2025
Changed: Aug 18
Last Checked: Aug 19 at 3:05PM
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 Compass
Investment Insights
Based on property information with market context.
Suite 1220 at the Garland Building is configured for dental practice use and is offered furnished with operating equipment. The layout includes a waiting room, private bathroom, private offices, a work room, and 3 dental chairs. The space is suited to an established practice, expansion, or a new office seeking an existing clinical setup.
The property is located at 111 N Wabash Avenue in downtown Chicago, at the corner of Wabash Avenue and Washington Street. The building is adjacent to the Wabash CTA elevated rail station and near Millennium Park and the Magnificent Mile. Management and ownership are on site. Monthly assessments cover janitorial service five days per week, security, access to a shared conference room, maintenance, and washroom cleaning. The Garland Building was built in 1922.
The property is located at 111 N Wabash Avenue in downtown Chicago, at the corner of Wabash Avenue and Washington Street. The building is adjacent to the Wabash CTA elevated rail station and near Millennium Park and the Magnificent Mile. Management and ownership are on site. Monthly assessments cover janitorial service five days per week, security, access to a shared conference room, maintenance, and washroom cleaning. The Garland Building was built in 1922.
Key Highlights
- Furnished dental suite with operating equipment included
- Waiting room, private bathroom, offices, and work room
- 3 dental chairs included
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
$13,024
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
6.51%
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%
$260,480
$260.5K
Cap Rate 7%
$186,057
$186.1K
Cap Rate 9%
$144,711
$144.7K
Market Conditions
NOI Build-Up for 607 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
$23.3K $38.40/SF
− Vacancy
−$5.9K −$9.79/SF
EGI
$17.4K $28.61/SF
− OpEx
−$4.3K −$7.15/SF
NOI
$13.0K $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%
$260,480
Cap Rate 7%
$186,057
Cap Rate 9%
$144,711
Alternative Uses
Best Use
Office B
$186.1K
$162.8K – $217.1K
NOI $13,024 @ 7.0% cap · market cap 6.51%
Second Best
Healthcare Medical
$114.9K
$100.5K – $134.0K
NOI $8,042 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$286.2K
$250.4K – $333.9K
NOI $20,034 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Heartland Veterinary Partners — 10 South LaSalle, Suite 2120, Chicago, IL 60603
- Partners Animal Hospital South Loop — 550 S Dearborn St, Chicago, IL 60605
- Veterinarian Services — 209 S La Salle St, Chicago, IL 60604
- K9 Bytes, Inc. — 205 W Wacker Dr STE 1320, Chicago, IL 60606
- American Veterinary Med Associates — 55 E Jackson Blvd # 700, Chicago, IL 60604
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for dental operations with equipment, three chairs, private offices, and an on-site waiting area.
Where is this medical office space located?
The property is located at 111 N Wabash Avenue #1220 Chicago, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Furnished dental suite with operating equipment included; Waiting room, private bathroom, offices, and work room; 3 dental chairs included
