Northbrook Office Building Investment
1220 Meadow Rd, Northbrook, IL 60062
Three-story office building in downtown Northbrook, 94% occupied.
Type:Retail, Office
Property size:
16,659 SFLot size:
1.00 AcrePrice / SF:
$177/SF- Added:
- Jul 11, 2024
- Days on Market:
- 726
- Last Refresh:
- Jun 23 at 5:38 pm
Property Features for 1220 Meadow Rd
General Information
- Standard status
- Active
- Size
- 16,659 SF
- Lot size
- 1.00 Acre
- Property subtype
- Retail, Office
Building Details
- Year Built
- 1979
Listing office Marcus & Millichap - Chicago Downtown
Listing date Jul 11, 2024
Source Crexi
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 Marcus & Millichap - Chicago Downtown
HighLights
- Prime downtown Northbrook location, steps from commuter rail, village hall, library, restaurants and retailers.
- Strong and stable tenant base with longstanding dental/orthodontic practices and a Huntington Bank branch.
- High occupancy rate of 94% with potential to reach 100% occupancy with a new tenant for the vacant medical suite.
- Significant land value as a long‑term covered land play in a desirable downtown location.
- Ample parking available for tenants and customers.
- 18,000 SF, 3‑story office building built in 1979 on almost a full acre.
Overview
This three-story office building, totaling 18,000 square feet, is situated on almost one acre of land in downtown Northbrook, Illinois. Currently 94% occupied, the building features a diverse tenant mix, including five dental and orthodontic practices, a Huntington Bank retail lobby, and a local jewelry store. The property is located steps away from the Northbrook commuter rail station, village hall, the Northbrook library, and various restaurants and retailers. Ample parking is available on the north, west, and south sides of the building, with additional parking along the eastern Meadow Road frontage. Basement storage is available for rent to the building’s tenants. The single vacant suite, comprising 6% of the leasable area, is move-in-ready medical space with sinks and corner windows. Ownership is currently entertaining RFPs for a potential new tenant, which would make the building 100% occupied. The location in downtown Northbrook may also be viewed as a long-term covered land play.
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $433.8k | $26.04 |
| − Vacancy | −$45.5k | −$2.73 |
| EGI | $388.3k | $23.31 |
| − OpEx | −$155.3k | −$9.32 |
| NOI | $233.0k | $13.98 |
16,659 SF · lease $26.04/SF/yr · vacancy 10.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$3.33M
$2.91M – $3.88M
NOI $232,951 @ 7.0% cap · market cap 7.90%
Second Best
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,415 @ 7.0% cap · market cap 7.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Office buildings
Location Insight
- Map
- Local Demand
- City
- Northbrook
- County
- Adams
- State
- Illinois
- Longitude
- -87.8406
- Latitude
- 42.1255
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Three-story office building in downtown Northbrook, 94% occupied.
Where is this office building located?
The property is located at 1220 Meadow Rd Northbrook, IL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Prime downtown Northbrook location, steps from commuter rail, village hall, library, restaurants and retailers.; Strong and stable tenant base with longstanding dental/orthodontic practices and a Huntington Bank branch.; High occupancy rate of 94% with potential to reach 100% occupancy with a new tenant for the vacant medical suite.
