Medical/Business Space on Rand
For Sale
$850,000
280 N Rand Road, Lake Zurich, IL 60047
Well-maintained medical/office property near Good Shepherd Hospital.
Property Size5,000 SF
Price / SF$170
Days on Market1251
Property Features for 280 N Rand Road
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1995
Listing Agency:
COMPASS
(847) 306-6158
Listed By:
WARD SCHELL
(847) 347-6387
Source:
Corcoran
Added: May 17, 2023
Changed: Oct 16
Last Checked: Oct 16 at 9:29AM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,420
Cap Rate
8.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,448,400
$1.4M
Cap Rate 7%
$1,034,571
$1.0M
Cap Rate 9%
$804,667
$804.7K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$132.0K $26.40/SF
− Vacancy
−$11.3K −$2.26/SF
EGI
$120.7K $24.14/SF
− OpEx
−$48.3K −$9.66/SF
NOI
$72.4K $14.48/SF
Area
Lake County, IL
Vacancy
8.56%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,448,400
Cap Rate 7%
$1,034,571
Cap Rate 9%
$804,667
Alternative Uses
Best Use
Healthcare Medical
$1.03M
$905.3K – $1.21M
NOI $72,420 @ 7.0% cap · market cap 8.52%
Second Best
Office B
$984.9K
$861.8K – $1.15M
NOI $68,942 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,839 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60047, IL
43,944
Population
15,877
Households
2.8
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
34.9 sq mi
ZIP Area
1,259
Density / Sq Mi
$173,043
Median Household Income
$82,803
Median Earnings
$1,817
Median Rent
$510,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
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 $850,000.
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.
