Medical Office Building For
For Sale
Contact for pricing
Pending
9118 N Lindbergh Dr, Peoria, IL
4,193 SF medical office building, fully occupied, Peoria, Illinois.
Property Size4,193 SF
Lot Size1.35 Acres
Days on Market2291
Property Features for 9118 N Lindbergh Dr
General Information
Standard status
Pending
Size
4,193 SF
Lot size
1.35 Acres
Property subtype
OFFICE
Listing Agency:
Maloof Commercial
(309) 693-3000
Listed By:
Dan Maloof · License ##475.122647
Source:
Moodyscre
Added: May 13, 2020
Changed: Aug 8
Last Checked: Aug 20 at 7:12AM
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 Maloof Commercial
Investment Insights
Based on property information with market context.
This is a 4,193 square foot brick office building currently occupied by Phynet Dermatology. The property features multiple exam rooms, a reception area, private offices, ample parking, a covered entry, and a storage/maintenance room. The property is fully occupied and leased through April 2025, with one 5-year option to extend.
Key Highlights
- Fully occupied 4,193 sf medical office space.
- Leased through April 2025, providing immediate income.
- Includes a 5‑year option to extend.
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
$54,341
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
7.76%
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%
$1,086,820
$1.1M
Cap Rate 7%
$776,300
$776.3K
Cap Rate 9%
$603,789
$603.8K
Market Conditions
NOI Build-Up for 4,193 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
$100.6K $24.00/SF
− Vacancy
−$10.1K −$2.40/SF
EGI
$90.6K $21.60/SF
− OpEx
−$36.2K −$8.64/SF
NOI
$54.3K $12.96/SF
Area
Peoria, IL
Vacancy
10.00%
Lease Rate
$24.00 /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%
$1,086,820
Cap Rate 7%
$776,300
Cap Rate 9%
$603,789
Alternative Uses
Best Use
Healthcare Medical
$776.3K
$679.3K – $905.7K
NOI $54,341 @ 7.0% cap · market cap 7.76%
Second Best
Office B
$773.6K
$676.9K – $902.6K
NOI $54,153 @ 7.0% cap · market cap 7.74%
Theoretical Best
Multifamily LT 5
$3.67M
$3.21M – $4.28M
NOI $256,760 @ 7.0% cap · market cap 36.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 4,193 SF medical office building, fully occupied, Peoria, Illinois.
Where is this medical office space located?
The property is located at 9118 N Lindbergh Dr Peoria, IL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Fully occupied 4,193 sf medical office space.; Leased through April 2025, providing immediate income.; Includes a 5‑year option to extend.
