Medical Office Space For
For Sale
$1,499,000
845 S Route 51, Forsyth, IL 62535
7200 SF medical office on 1.28 acres, Forsyth, Illinois.
Property Size7,200 SF
Lot Size1.28 Acres
Price / SF$208.19
Days on Market750
Property Features for 845 S Route 51
General Information
Standard status
Active
Size
7,200 SF
Lot size
1.28 Acres
Taxes and HOA fees
Annual Taxes
$28,868
Listing Agency:
Vieweg RE/Better Homes & Gardens Real Estate-Service First
(217) 454-4037
Listed By:
Tim Vieweg · License #471018186
(217) 454-4037
Source:
Exprealty
Added: Aug 1, 2024
Changed: Aug 19
Last Checked: Aug 20 at 1:58PM
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 Vieweg RE/Better Homes & Gardens Real Estate-Service First
Investment Insights
Based on property information with market context.
This 7200 square foot medical office building is for sale. Situated on a 1.28 acre parcel directly off of US Route 51 in Forsyth, Illinois, the property is a dual tenant facility. A local pharmacy is a current tenant. The property is located on a high visibility intersection with a traffic count of over 20,000 vehicles per day. The lot has a drive through for the pharmacy and a parking lot with 75 spaces. There is currently no vacancy in this facility with extremely high demand in the area. The space includes a dual sided lobby area, four restrooms, a receptionist area, break room, office, nurse bullpen area, a lead X-RAY room, and multiple exam rooms. Space B is built out as a pharmacy.
Key Highlights
- High‑visibility location directly off US Route 51 with over 20,000 vehicles per day.
- Fully leased dual‑tenant facility with a pharmacy already in place.
- 7,200 square foot building on a 1.28‑acre parcel.
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
$84,655
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
5.65%
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%
$1,693,100
$1.7M
Cap Rate 7%
$1,209,357
$1.2M
Cap Rate 9%
$940,611
$940.6K
Market Conditions
NOI Build-Up for 7,200 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
$122.7K $17.04/SF
− Vacancy
−$9.8K −$1.36/SF
EGI
$112.9K $15.68/SF
− OpEx
−$28.2K −$3.92/SF
NOI
$84.7K $11.76/SF
Area
Macon County, IL
Vacancy
8.00%
Lease Rate
$17.04 /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%
$1,693,100
Cap Rate 7%
$1,209,357
Cap Rate 9%
$940,611
Alternative Uses
Best Use
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,655 @ 7.0% cap · market cap 5.65%
Second Best
Retail
$923.8K
$808.3K – $1.08M
NOI $64,665 @ 7.0% cap · market cap 4.31%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 62535, IL
3,745
Population
1,346
Households
2.8
Avg Household Size
44
Median Age
59%
College-Educated
97%
High-School Grad
3.6 sq mi
ZIP Area
1,040
Density / Sq Mi
$113,456
Median Household Income
$69,632
Median Earnings
$1,207
Median Rent
$289,800
Median Home Value
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 - 7200 SF medical office on 1.28 acres, Forsyth, Illinois.
Where is this medical office space located?
The property is located at 845 S Route 51 Forsyth, IL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: High‑visibility location directly off US Route 51 with over 20,000 vehicles per day.; Fully leased dual‑tenant facility with a pharmacy already in place.; 7,200 square foot building on a 1.28‑acre parcel.
