Former Therapy Day School
For Sale
$3,850,000
1161 Lake Cook Rd, Deerfield, IL 60015
21,206 SF building ideal for educational, medical, community use.
Property Size21,206 SF
Price / SF$181.55
Days on Market155
Property Features for 1161 Lake Cook Rd
General Information
Standard status
Active
Size
21,206 SF
Property subtype
Office
Building Details
Year Built
1986
Listing Agency:
NAI Hiffman | Oakbrook Terrace
(847) 660-3839
Listed By:
Jason Wurtz · License #475213708
(847) 660-3839
Source:
Naiglobal
Added: Mar 6
Changed: Jul 6
Last Checked: Aug 7 at 2:26AM
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 NAI Hiffman | Oakbrook Terrace
Investment Insights
Based on property information with market context.
A 21,206 square foot building is available for sale. The property was formerly a Therapy Day School and includes ABA focused therapy rooms, life skills education areas, observation areas, and cosmetic upgrades suitable for age-appropriate services. An administrative business area is also present. The property is suitable for educational, medical, or community use. It is located off Frontage Road with accessibility to Lake Cook Road.
Key Highlights
- 21,206 SF available, suitable for various uses.
- Equipped with ABA focused therapy rooms, life skills education area, and observation areas.
- Ideal for educational, medical, or community use.
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
$307,150
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
7.98%
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%
$6,143,000
$6.1M
Cap Rate 7%
$4,387,857
$4.4M
Cap Rate 9%
$3,412,778
$3.4M
Market Conditions
NOI Build-Up for 21,206 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
$559.8K $26.40/SF
− Vacancy
−$47.9K −$2.26/SF
EGI
$511.9K $24.14/SF
− OpEx
−$204.8K −$9.66/SF
NOI
$307.1K $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 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%
$6,143,000
Cap Rate 7%
$4,387,857
Cap Rate 9%
$3,412,778
Alternative Uses
Best Use
Healthcare Medical
$4.39M
$3.84M – $5.12M
NOI $307,150 @ 7.0% cap · market cap 7.98%
Second Best
Office B
$4.18M
$3.65M – $4.87M
NOI $292,396 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$7.32M
$6.41M – $8.54M
NOI $512,503 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60015, IL
28,013
Population
10,657
Households
2.6
Avg Household Size
43
Median Age
80%
College-Educated
98%
High-School Grad
13.6 sq mi
ZIP Area
2,060
Density / Sq Mi
$186,786
Median Household Income
$82,970
Median Earnings
$2,284
Median Rent
$602,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Office space - 21,206 SF building ideal for educational, medical, community use.
Where is this office space located?
The property is located at 1161 Lake Cook Rd Deerfield, IL.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 21,206 SF available, suitable for various uses.; Equipped with ABA focused therapy rooms, life skills education area, and observation areas.; Ideal for educational, medical, or community use.
