Two-Story Medical Office Building and Retail
For Sale
Contact for pricing
1530 N Randall Rd, Elgin, IL 60123
Two-story medical office on 3.77 acres with a potential retail outlot at a signalized intersection.
Property Size19,034 SF
Lot Size3.77 Acres
Price / SF$210.15
Days on Market954
Property Features for 1530 N Randall Rd
General Information
Standard status
Active
Size
19,034 SF
Lot size
3.77 Acres
Property subtype
OFFICE
Site & Location
Traffic Count
41,800 vehicles/day
Road Access
Yes
Additional Details
Land Use
medical
Building Details
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Troy Companies
(630) 816-5532
Listed By:
George Iliopoulos
(630) 816-5532
Source:
Moodyscre
Added: Dec 28, 2023
Changed: Jul 31
Last Checked: Aug 7 at 4:03AM
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 Troy Companies
Investment Insights
Based on property information with market context.
Two-story medical office building totaling 19,034 square feet situated on 3.77 acres. The property also includes a 74,176 out lot intended for a potential retail outlot development. Most leases are described as short term, which may support a variety of near-term operating plans.
The site is located at a stop light intersection of Randall and Holmes. Vehicle traffic along Randall is cited at 41,800 VPD, which can be beneficial for visibility and customer access.
For owners and operators evaluating redevelopment or repositioning, the combination of an in-place medical building and an additional out lot may offer flexibility in how the land is ultimately utilized.
The site is located at a stop light intersection of Randall and Holmes. Vehicle traffic along Randall is cited at 41,800 VPD, which can be beneficial for visibility and customer access.
For owners and operators evaluating redevelopment or repositioning, the combination of an in-place medical building and an additional out lot may offer flexibility in how the land is ultimately utilized.
Key Highlights
- Two‑story medical office building totaling 19,034 SF
- Situated on 3.77 acres
- Includes a 74,176 out lot for a potential retail outlot
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
$262,448
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
6.56%
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%
$5,248,960
$5.2M
Cap Rate 7%
$3,749,257
$3.7M
Cap Rate 9%
$2,916,089
$2.9M
Market Conditions
NOI Build-Up for 19,034 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
$466.0K $24.48/SF
− Vacancy
−$116.0K −$6.10/SF
EGI
$349.9K $18.38/SF
− OpEx
−$87.5K −$4.60/SF
NOI
$262.4K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$5,248,960
Cap Rate 7%
$3,749,257
Cap Rate 9%
$2,916,089
Alternative Uses
Best Use
Office B
$3.75M
$3.28M – $4.37M
NOI $262,448 @ 7.0% cap · market cap 6.56%
Second Best
Healthcare Medical
$3.60M
$3.15M – $4.20M
NOI $252,162 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$6.57M
$5.75M – $7.67M
NOI $460,010 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
41,800 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60123, IL
47,932
Population
18,129
Households
2.6
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
14.0 sq mi
ZIP Area
3,424
Density / Sq Mi
$86,762
Median Household Income
$40,288
Median Earnings
$1,226
Median Rent
$242,200
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 - Two-story medical office on 3.77 acres with a potential retail outlot at a signalized intersection.
Where is this medical office space located?
The property is located at 1530 N Randall Rd Elgin, IL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Two‑story medical office building totaling 19,034 SF; Situated on 3.77 acres; Includes a 74,176 out lot for a potential retail outlot
