Medical/Business Space on Rand
280 N Rand Road Lake Zurich, IL 60047
280 N Rand Road, Lake Zurich, IL, 60047
$925,000
For Sale
$925,000
Well-maintained medical/office property near Good Shepherd Hospital.
Property Size5,000 SF
Price / SF$185
Days on Market1160
Property Features for 280 N Rand Road
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1995
Listing Agency
COMPASS
(847) 306-6158
Listed by
WARD SCHELL
Source
Corcoran
Added: May 17, 2023 Checked: Jul 19 at 4:21 am
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 COMPASS
Investment Insights
Based on property information with market context.
This well-maintained medical or business space is located on a prime corridor with frontage on Rand Road (Route 22). The property, suitable for medical, dental, tech, or office use, is available for purchase. The north half of the approximately 5000 square foot property is plumbed and wired for a dental or medical practice, featuring four private restrooms, a reception area, private offices and/or examination rooms, a kitchenette, file rooms, and conference rooms. The adjoining south side of the building offers approximately 2500 square feet with one full and one half bath, large storage, a file room, two large offices, a reception desk, a conference room, and several workspaces. Ample parking is available to accommodate a large client, employee, or patient base. The property is near Good Shepherd Hospital, the Lake Zurich Commercial Corridor, Barrington, and Kildeer. It is move-in ready.
Key Highlights
- Prime location with frontage on Rand Rd (Rte 22).
- Plumbed and wired for medical/dental practice (north half).
- Two tenant spaces (north and south) for medical, dental, tech, or office use.
Local Financial Insights For Office B
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 | $122.4k | $24.48 |
| − Vacancy | −$30.5k | −$6.10 |
| EGI | $91.9k | $18.38 |
| − OpEx | −$23.0k | −$4.60 |
| NOI | $68.9k | $13.79 |
5,000 SF · lease $24.48/SF/yr · vacancy 24.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$984.9K
$861.8K – $1.15M
NOI $68,942 @ 7.0% cap · market cap 7.45%
Second Best
Healthcare Medical
$946.3K
$828.0K – $1.10M
NOI $66,240 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,839 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Medical Office Space
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Similar Off Market Nearby
- Happy Paws Animal Hospital Lake Zurich IL — 187 S Rand Rd, Lake Zurich, IL 60047
FAQs
What type of property is this?
Medical Office Space - Well-maintained medical/office property near Good Shepherd Hospital.
Where is this medical office space located?
The property is located at 280 N Rand Road Lake Zurich, IL.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Prime location with frontage on Rand Rd (Rte 22).; Plumbed and wired for medical/dental practice (north half).; Two tenant spaces (north and south) for medical, dental, tech, or office use.
