Medical Office Condo with Exam
For Sale
$950,000
1600 S Indiana Ave # P 2, Chicago, IL 60616
Clinical layout includes reception, treatment rooms, administrative space, and essential staff support areas.
Property Size3,000 SF
Price / SF$316.67
Days on Market193
Property Features for 1600 S Indiana Ave # P 2
General Information
Standard status
Active
Size
3,000 SF
Class
B
Total Parking Spaces
4
Property subtype
Medical/Healthcare
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Building Size
3,000 SF
Year Built
2008
Listing Agency:
Jameson Commercial
(312) 929-1597
Listed By:
Brent Burden · License #475128699
(312) 929-1597
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 12:29PM
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 Jameson Commercial
Investment Insights
Based on property information with market context.
Located at 1600 S Indiana Ave # P 2 in Chicago, this medical office condo offers approximately 3,000 SF in a purpose-oriented clinical layout. The interior includes a reception and waiting area, 12 exam or treatment rooms, dedicated office space, a kitchenette and break room, two washrooms, and storefront-facing exposure with signage opportunity. The property was built in 2008 and includes four parking spaces.
The South Loop setting places the property within walking distance of McCormick Place, Motor Row, and Printer's Row, with access to nearby CTA Red and Orange Line stations and CTA bus routes. I-90 and Lake Shore Drive are a short drive away. A sale/leaseback opportunity is also identified for the property.
The South Loop setting places the property within walking distance of McCormick Place, Motor Row, and Printer's Row, with access to nearby CTA Red and Orange Line stations and CTA bus routes. I-90 and Lake Shore Drive are a short drive away. A sale/leaseback opportunity is also identified for the property.
Key Highlights
- Approximately ~3,000 SF medical office condo
- 12 exam/treatment rooms with reception and waiting area
- Four parking spaces included
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
$64,368
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
6.78%
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%
$1,287,360
$1.3M
Cap Rate 7%
$919,543
$919.5K
Cap Rate 9%
$715,200
$715.2K
Market Conditions
NOI Build-Up for 3,000 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
$115.2K $38.40/SF
− Vacancy
−$29.4K −$9.79/SF
EGI
$85.8K $28.61/SF
− OpEx
−$21.5K −$7.15/SF
NOI
$64.4K $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%
$1,287,360
Cap Rate 7%
$919,543
Cap Rate 9%
$715,200
Alternative Uses
Best Use
Office B
$919.5K
$804.6K – $1.07M
NOI $64,368 @ 7.0% cap · market cap 6.78%
Second Best
Healthcare Medical
$567.8K
$496.8K – $662.4K
NOI $39,744 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,751
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
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 - Clinical layout includes reception, treatment rooms, administrative space, and essential staff support areas.
Where is this medical office space located?
The property is located at 1600 S Indiana Ave # P 2 Chicago, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately ~3,000 SF medical office condo; 12 exam/treatment rooms with reception and waiting area; Four parking spaces included
