Medical Office
For Sale
$299,900
112 Park Ridge Ln, Pekin, IL 61554
Brick office property with multiple workrooms, kitchens, conference space, and on-site parking.
Property Size2,380 SF
Price / SF$126.01
Days on Market54
Property Features for 112 Park Ridge Ln
General Information
Standard status
Active
Size
2,380 SF
Total Parking Spaces
13
Building Details
Year Built
1997
Construction
brick
Listing Agency:
RE/MAX Traders Unlimited
Listed By:
Mary Ann Ladendorf · License #475099545
(309) 241-5610
Source:
Schaublerealty
Added: Aug 2
Changed: Sep 17
Last Checked: Sep 24 at 1:30PM
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 RE/MAX Traders Unlimited
Investment Insights
Based on property information with market context.
This brick medical office building was constructed in 1997 and configured for clinical or professional office use. The interior includes five offices, a glass-entry foyer, four half baths, a shower, two kitchens, and a conference room. The lower level adds three bedrooms and substantial storage space. The property is offered as-is with inspections.
OS-1 zoning supports the property’s office classification. On-site parking includes 13 spaces, providing dedicated parking for occupants and visitors. The existing layout combines private offices, shared meeting space, service areas, and basement storage within a single office building.
OS-1 zoning supports the property’s office classification. On-site parking includes 13 spaces, providing dedicated parking for occupants and visitors. The existing layout combines private offices, shared meeting space, service areas, and basement storage within a single office building.
Key Highlights
- Five offices, most with water connections
- Four half baths plus a shower
- Two kitchens and a conference room
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
$25,612
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
8.54%
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%
$512,240
$512.2K
Cap Rate 7%
$365,886
$365.9K
Cap Rate 9%
$284,578
$284.6K
Market Conditions
NOI Build-Up for 2,380 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
$47.7K $20.04/SF
− Vacancy
−$5.0K −$2.10/SF
EGI
$42.7K $17.94/SF
− OpEx
−$17.1K −$7.17/SF
NOI
$25.6K $10.76/SF
Area
Tazewell County, IL
Vacancy
10.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
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%
$512,240
Cap Rate 7%
$365,886
Cap Rate 9%
$284,578
Alternative Uses
Best Use
Office B
$626.9K
$548.6K – $731.4K
NOI $43,884 @ 7.0% cap · market cap 14.63%
Second Best
Healthcare Medical
$365.9K
$320.2K – $426.9K
NOI $25,612 @ 7.0% cap · market cap 8.54%
Theoretical Best
Office A
$931.3K
$814.9K – $1.09M
NOI $65,193 @ 7.0% cap · market cap 21.74%
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
269
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61554, IL
40,854
Population
18,788
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
90%
High-School Grad
73.8 sq mi
ZIP Area
554
Density / Sq Mi
$62,484
Median Household Income
$41,718
Median Earnings
$814
Median Rent
$123,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Peterson Craig a DVM — 2234 Autumn Dr, Pekin, IL 61554
Frequently Asked Questions
What type of property is this?
Medical Office Space - Brick office property with multiple workrooms, kitchens, conference space, and on-site parking.
Where is this medical office space located?
The property is located at 112 Park Ridge Ln Pekin, IL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Five offices, most with water connections; Four half baths plus a shower; Two kitchens and a conference room
