Single-Story Medical Office
For Sale
$1,900,000
1640 Willow Circle Drive, Crest Hill, IL 60435
Multi-tenant professional property with flexible suite configurations and access to major regional routes.
Property Size10,062 SF
Lot Size1.47 Acres
Price / SF$188.83
Days on Market118
Property Features for 1640 Willow Circle Drive
General Information
Standard status
Active
Size
10,062 SF
Total Parking Spaces
55
Lot size
1.47 Acres
Property subtype
Commercial
Zoning
COMMR
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$26,151
Building Details
Building Size
10,062 SF
Year Built
2004
Buildings
1
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Real Estate Group
(630) 844-2222
Listed By:
Leah Erickson · License #475204597
(630) 844-2222
Source:
Gia-sells
Added: Apr 16
Changed: Aug 10
Last Checked: Aug 10 at 7:04AM
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 Coldwell Banker Commercial Real Estate Group
Investment Insights
Based on property information with market context.
This 10,062-square-foot medical office property occupies a 1.47-acre corner lot and contains a single-story, multi-tenant building constructed in 2004. Suite configurations range from approximately 500 square feet to 9,562 square feet, supporting both smaller occupants and larger users. The building includes 55 parking spaces and is zoned COMMR.
Frontage along Larkin Ave (IL-7) provides direct exposure, with access to I-55 and I-80. The property is adjacent to a 55+ community, placing it within walking distance of that residential population. Prior occupants have included medical practices such as cardiology, family practice, geriatrics, internal medicine, pain management, nuclear medicine, physical therapy, podiatry, and chiropractic care. The building is scheduled to be fully vacant by 6/30/26.
Frontage along Larkin Ave (IL-7) provides direct exposure, with access to I-55 and I-80. The property is adjacent to a 55+ community, placing it within walking distance of that residential population. Prior occupants have included medical practices such as cardiology, family practice, geriatrics, internal medicine, pain management, nuclear medicine, physical therapy, podiatry, and chiropractic care. The building is scheduled to be fully vacant by 6/30/26.
Key Highlights
- 10,062 SF single‑story medical office building on a 1.47‑acre corner lot
- Flexible suites from approximately 500 SF to 9,562 SF
- 55 parking spaces and COMMR zoning
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
$136,290
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
7.17%
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%
$2,725,800
$2.7M
Cap Rate 7%
$1,947,000
$1.9M
Cap Rate 9%
$1,514,333
$1.5M
Market Conditions
NOI Build-Up for 10,062 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
$259.6K $25.80/SF
− Vacancy
−$32.4K −$3.23/SF
EGI
$227.1K $22.58/SF
− OpEx
−$90.9K −$9.03/SF
NOI
$136.3K $13.55/SF
Area
Will County, IL
Vacancy
12.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
40.00%
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%
$2,725,800
Cap Rate 7%
$1,947,000
Cap Rate 9%
$1,514,333
Alternative Uses
Best Use
Healthcare Medical
$1.95M
$1.70M – $2.27M
NOI $136,290 @ 7.0% cap · market cap 7.17%
Second Best
Office B
$1.73M
$1.51M – $2.01M
NOI $120,877 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,744 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60435, IL
48,927
Population
20,162
Households
2.4
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
4,530
Density / Sq Mi
$74,967
Median Household Income
$41,201
Median Earnings
$1,145
Median Rent
$217,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-tenant professional property with flexible suite configurations and access to major regional routes.
Where is this medical office space located?
The property is located at 1640 Willow Circle Drive Crest Hill, IL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 10,062 SF single‑story medical office building on a 1.47‑acre corner lot; Flexible suites from approximately 500 SF to 9,562 SF; 55 parking spaces and COMMR zoning
