Medical Office Condominium with Natural
For Sale
$589,000
900 Technology Way Unit 220, Libertyville, IL 60048
Leased medical suite in a 2010 office building with elevator service and access to major regional roads.
Property Size2,700 SF
Price / SF$218.15
Days on Market47
Property Features for 900 Technology Way Unit 220
General Information
Standard status
Active
Size
2,700 SF
Elevators
Yes
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
professional lobby
ample parking
Building Details
Year Built
2010
Buildings
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Redfin Corporation
Listed By:
Nathan Freeborn
(224) 699-5002
Source:
Realtopiare
Added: Aug 20
Changed: Oct 4
Last Checked: Oct 4 at 3:28PM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
This 2,700-square-foot medical office condominium occupies space in an architecturally distinctive office building completed in 2010. The suite receives substantial daylight through expansive windows and includes panoramic views, while the property’s professional lobby supports a polished arrival experience. Two elevators serve the building, and on-site parking is available.
The property is on the west side of Libertyville with access to Route 45, Route 137, Winchester Road, Condell Medical Center, and I-94. The suite has operated continuously as medical office space since 2010 and has been occupied by Advocate Health Care since 2021. The current lease extends through December 2029.
The property is on the west side of Libertyville with access to Route 45, Route 137, Winchester Road, Condell Medical Center, and I-94. The suite has operated continuously as medical office space since 2010 and has been occupied by Advocate Health Care since 2021. The current lease extends through December 2029.
Key Highlights
- 2,700‑square‑foot medical office condominium
- Leased to Advocate Health Care through December 2029
- Medical office use has continued without interruption since 2010
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,107
Cap Rate
6.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$782,140
$782.1K
Cap Rate 7%
$558,671
$558.7K
Cap Rate 9%
$434,522
$434.5K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$71.3K $26.40/SF
− Vacancy
−$6.1K −$2.26/SF
EGI
$65.2K $24.14/SF
− OpEx
−$26.1K −$9.66/SF
NOI
$39.1K $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 Rate 5%
$782,140
Cap Rate 7%
$558,671
Cap Rate 9%
$434,522
Alternative Uses
Best Use
Healthcare Medical
$558.7K
$488.8K – $651.8K
NOI $39,107 @ 7.0% cap · market cap 6.64%
Second Best
Office B
$531.8K
$465.4K – $620.5K
NOI $37,229 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$932.2K
$815.7K – $1.09M
NOI $65,253 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
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 - Leased medical suite in a 2010 office building with elevator service and access to major regional roads.
Where is this medical office space located?
The property is located at 900 Technology Way Unit 220 Libertyville, IL.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 2,700‑square‑foot medical office condominium; Leased to Advocate Health Care through December 2029; Medical office use has continued without interruption since 2010
