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    Class A Medical Office Building Title is generated by Realmo AI

    1600 N Randall Rd, Elgin, IL 60124

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    Four-story medical office building with modern finishes and ample parking.

    Type:Office
    Property size:
    100,000 SF
    Added:
    Oct 19, 2023
    Days on Market:
    961
    Last Refresh:
    May 12 at 9:11 pm

    Property Features for 1600 N Randall Rd

    General Information

    Standard status
    Active
    Size
    100,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    2009

    Spaces For Lease

    at 1600 N Randall Rd Contact us

    Suite 205 $17/Mo

    Size
    2,852 SF
    Type
    Office
    Negotiable lease rate
    Contact us

    Suite 222 $17/Mo

    Size
    6,980 SF
    Type
    Office
    Negotiable lease rate
    Contact us

    Suite 405 $17/Mo

    Size
    5,458 SF
    Type
    Office
    Negotiable lease rate
    Contact us

    Suite 300 $17/Mo

    Size
    20,339 SF
    Type
    Office
    Negotiable lease rate
    Contact us

    Suite 105 $17/Mo

    Size
    2,132 SF
    Type
    Office
    Negotiable lease rate
    Contact us

    Suite 115 $17/Mo

    Size
    1,659 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Lina Adamis
    Lina Adamis

    Listing agent Lina Adamis License #IL 475213076

    Listing office SVN | Chicago Commercial

    Listing date Oct 19, 2023

    Source Crexi

    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 SVN | Chicago Commercial

    HighLights

    • Class A medical office building with modern finishes and abundant parking.
    • Excellent tenant roster including Northwestern Medicine & Derick Dermatology.
    • Conveniently located directly on Randall Road, just 1/4 mile off of I‑90.
    • Mix of finished, move‑in ready suites and build‑to‑suit options.
    • Generous tenant improvement allowances or turn‑key buildouts available.
    • Located near the 255‑bed Sherman Hospital.

    Overview

    Randall Medical Pavilion is a four-story, 100,000 square foot Class A medical office building featuring modern finishes and abundant parking. The property offers a mix of finished, move-in ready suites, build-to-suit options, and full floor options of 20,339 rentable square feet. Custom-designed suites are available, along with generous tenant improvement allowances or turn-key buildouts. The property is owned and managed by RX Health & Science Trust. The tenant roster includes Northwestern Medicine & Derick Dermatology. Located directly on Randall Road, the property is a quarter of a mile from I-90. Downtown Chicago is 40 miles to the southeast, and O’Hare International Airport is 29 miles east. Elgin, located in Cook and Kane counties, is the 6th largest city in Illinois. Downtown Elgin is experiencing an economic turnaround with new multi-family housing projects, a River Walk along the Fox River, and a growing number of shops, restaurants, and galleries. The Metra Train Station enhances accessibility. The 255-bed Sherman Hospital, rebuilt in 2009, has driven additional medical business in the area.
    Location Intelligence

    Current Use by Public Records

    Northwestern Medicine Endocrinology ... Physician Comprehensive Urologic Care Medical Clinic Cranial Technologies Orthotics & Prosthetics Service 1600 Randall Road ... Real Estate Agency Suburban Orthopaedics Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Hair Salon Big Box & Wholesale Store Auto Repair Shop Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Just Animals Shelter: Pet Wellness Clinic — 36W514 Foothill Rd, Elgin, IL 60123
    • Dundee Animal Hospital of Elgin — 11N250 Gale St, Elgin, IL 60123

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Cook
    State
    Illinois
    Longitude
    -88.3367389
    Latitude
    42.0744276

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    FAQs

    What type of property is this?
    Medical Office Space - Four-story medical office building with modern finishes and ample parking.
    Where is this medical office space located?
    The property is located at 1600 N Randall Rd Elgin, IL.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: Class A medical office building with modern finishes and abundant parking.; Excellent tenant roster including Northwestern Medicine & Derick Dermatology.; Conveniently located directly on Randall Road, just 1/4 mile off of I‑90.
    (312) 676-1862 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Lina Adamis
    Lina Adamis
    Real Estate License ID: IL 475213076
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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