Former Medical Office
For Sale
$525,000
2220 W Belmont, Chicago, IL 60618
Former ankle and foot medical office condo with street visibility and signage along Belmont Avenue.
Property Size1,420 SF
Price / SF$372.34
Days on Market48
Property Features for 2220 W Belmont
General Information
Standard status
Active
Size
1,420 SF
Property subtype
Office
Building Details
Building Size
1,420 SF
Listing Agency:
Joseph Rossi & Associates, Inc (JRA) - Corporate
Listed By:
Scott Fitzgerald · License #471014248
(312) 523-3176
Source:
Jrossiandassociates
Added: Jul 22
Changed: Sep 6
Last Checked: Sep 6 at 4:23AM
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 Joseph Rossi & Associates, Inc (JRA) - Corporate
Investment Insights
Based on property information with market context.
This former ankle and foot medical office condominium is available for sale and totals approximately 1,410 square feet. The space is suited for medical, dental, wellness, or professional office use and includes street-facing visibility with signage along Belmont Avenue.
Located in Chicago’s Roscoe Village neighborhood, the property is surrounded by a mix of retail, restaurants, and dense residential areas, supporting a walk-in and neighborhood-serving profile.
As a condominium office unit, the layout is intended for clinical or professional workflows, making it a straightforward option for an owner-operator looking for a prominent street presence in an established commercial corridor.
Located in Chicago’s Roscoe Village neighborhood, the property is surrounded by a mix of retail, restaurants, and dense residential areas, supporting a walk-in and neighborhood-serving profile.
As a condominium office unit, the layout is intended for clinical or professional workflows, making it a straightforward option for an owner-operator looking for a prominent street presence in an established commercial corridor.
Key Highlights
- Former ankle and foot medical office condominium in Chicago’s Roscoe Village
- ±1,410 SF space suited for medical, dental, wellness, or professional office use
- Street visibility and signage along Belmont Avenue
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
$31,244
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
5.95%
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%
$624,880
$624.9K
Cap Rate 7%
$446,343
$446.3K
Cap Rate 9%
$347,156
$347.2K
Market Conditions
NOI Build-Up for 1,410 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
$54.3K $38.52/SF
− Vacancy
−$12.7K −$8.98/SF
EGI
$41.7K $29.54/SF
− OpEx
−$10.4K −$7.39/SF
NOI
$31.2K $22.16/SF
Area
ZIP 60618
Vacancy
23.30%
Lease Rate
$38.52 /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%
$624,880
Cap Rate 7%
$446,343
Cap Rate 9%
$347,156
Alternative Uses
Best Use
Office B
$446.3K
$390.6K – $520.7K
NOI $31,244 @ 7.0% cap · market cap 5.95%
Second Best
Healthcare Medical
$266.9K
$233.5K – $311.3K
NOI $18,680 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$616.1K
$539.1K – $718.7K
NOI $43,124 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,301
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
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?
Medical Office Space - Former ankle and foot medical office condo with street visibility and signage along Belmont Avenue.
Where is this medical office space located?
The property is located at 2220 W Belmont Chicago, IL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Former ankle and foot medical office condominium in Chicago’s Roscoe Village; ±1,410 SF space suited for medical, dental, wellness, or professional office use; Street visibility and signage along Belmont Avenue
