Net-Leased Medical Asset in
For Sale
Contact for pricing
Pending
1457 W Belmont Ave, Chicago, IL 60657
Irreplaceable medical asset with premier tenant in Chicago's Lakeview.
Property Size4,325 SF
Days on Market180
Property Features for 1457 W Belmont Ave
General Information
Standard status
Pending
Size
4,325 SF
Property subtype
Office, Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Building Details
Year Built
1957
Year Renovated
2023
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap SWM Group
Listed By:
Adrian Mendoza · License #IL 475.147980
Source:
Crexi
Added: Feb 12
Changed: Aug 8
Last Checked: Jul 29 at 1:22PM
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 Marcus & Millichap SWM Group
Investment Insights
Based on property information with market context.
This net-leased medical asset is located in Chicago’s Lakeview neighborhood. The property has 6.59 years of lease term remaining, with scheduled 3% annual rent increases. The tenant, Fulcrum Aesthetics and Surgery, is a plastic surgery and medspa led by Dr. David Hill. The property is located at a signalized intersection with over 17,000 vehicles per day and has connectivity, with proximity to CTA train lines and Interstate 90. The surrounding area includes the most visited Whole Foods in Illinois, a top-ranked Jewel-Osco, and Wrigley Field. The area has an average household income of $194,871 within a 0.5-mile radius and 79,145 residents within a one-mile radius. The property size is 4325 square feet.
Key Highlights
- Long‑term net lease with 6.59 years remaining and 3% annual rent increases.
- Premier tenant: Fulcrum Aesthetics and Surgery, led by a nationally recognized surgeon.
- Located in a dense, affluent Chicago neighborhood with high average household income.
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
$92,797
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
4.39%
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%
$1,855,940
$1.9M
Cap Rate 7%
$1,325,671
$1.3M
Cap Rate 9%
$1,031,078
$1.0M
Market Conditions
NOI Build-Up for 4,325 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
$166.1K $38.40/SF
− Vacancy
−$42.4K −$9.79/SF
EGI
$123.7K $28.61/SF
− OpEx
−$30.9K −$7.15/SF
NOI
$92.8K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$1,855,940
Cap Rate 7%
$1,325,671
Cap Rate 9%
$1,031,078
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $92,797 @ 7.0% cap · market cap 4.39%
Second Best
Healthcare Medical
$818.5K
$716.2K – $955.0K
NOI $57,298 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,746 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,367
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Irreplaceable medical asset with premier tenant in Chicago's Lakeview.
Where is this medical office space located?
The property is located at 1457 W Belmont Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,115,000.
What are key features of this property?
This property features: Long‑term net lease with 6.59 years remaining and 3% annual rent increases.; Premier tenant: **Fulcrum Aesthetics and Surgery**, led by a nationally recognized surgeon.; Located in a dense, affluent Chicago neighborhood with high average household income.
