Medical Suite in Chicago
For Sale
$3,500,000
111 N Wabash Suite 620, Chicago, IL 60602
Turn-key medical suite in the heart of Chicago's Loop.
Property Size259,000 SF
Price / SF$318.18
Days on Market96
Property Features for 111 N Wabash Suite 620
General Information
Standard status
Active
Size
259,000 SF
Property subtype
Office
Building Details
Building Size
259,000 SF
Listing Agency:
Joseph Rossi & Associates, Inc (JRA) - Corporate
(312) 523-3176
Listed By:
Scott Fitzgerald · License #475156976
(312) 523-3176
Source:
Jrossiandassociates
Added: May 19
Changed: Aug 22
Last Checked: Aug 22 at 4:52AM
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.
Located in the heart of Chicago’s Loop, this medical suite is situated within the Garland Building. The 11,000 square-foot space is fully built-out and divided into a primary care clinic and a fully equipped imaging center. It offers a turn-key environment suitable for healthcare users seeking a high-acuity setting. The layout allows for immediate occupancy or flexible reconfiguration.
Key Highlights
- Fully built‑out medical suite, ready for immediate occupancy.
- Located in the heart of Chicago's Loop.
- Includes both a primary care clinic and a fully equipped imaging center.
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
$236,016
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
6.74%
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%
$4,720,320
$4.7M
Cap Rate 7%
$3,371,657
$3.4M
Cap Rate 9%
$2,622,400
$2.6M
Market Conditions
NOI Build-Up for 11,000 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
$422.4K $38.40/SF
− Vacancy
−$107.7K −$9.79/SF
EGI
$314.7K $28.61/SF
− OpEx
−$78.7K −$7.15/SF
NOI
$236.0K $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%
$4,720,320
Cap Rate 7%
$3,371,657
Cap Rate 9%
$2,622,400
Alternative Uses
Best Use
Office B
$3.37M
$2.95M – $3.93M
NOI $236,016 @ 7.0% cap · market cap 6.74%
Second Best
Healthcare Medical
$2.08M
$1.82M – $2.43M
NOI $145,728 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$5.19M
$4.54M – $6.05M
NOI $363,053 @ 7.0% cap · market cap 10.37%
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Turn-key medical suite in the heart of Chicago's Loop.
Where is this medical office space located?
The property is located at 111 N Wabash Suite 620 Chicago, IL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Fully built‑out medical suite, ready for immediate occupancy.; Located in the heart of Chicago's Loop.; Includes both a primary care clinic and a fully equipped imaging center.
