Medical Office Building with Finished
For Sale
$990,000
200 N Gary Avenue, Carol Stream, IL 60188
Multi-suite professional property with a remodeled primary care suite, dental tenancy, and dedicated on-site parking.
Property Size4,400 SF
Price / SF$225
Days on Market109
Property Features for 200 N Gary Avenue
General Information
Standard status
Active
Size
4,400 SF
Total Parking Spaces
24
Property subtype
Commercial
Zoning
OFFIC
Additional Details
Road Access
Yes
Sprinkler System
Yes
Office Units
4
Taxes and HOA fees
Annual Taxes
$16,459
Building Details
Building Size
4,400 SF
Year Built
1986
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
United Real Estate - Chicago
(630) 748-4660
Listed By:
Harun Ajmeri · License #475176446
(630) 748-4660
Source:
Gia-sells
Added: Apr 24
Changed: Aug 9
Last Checked: Aug 9 at 10:18AM
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 United Real Estate - Chicago
Investment Insights
Based on property information with market context.
This 4,400-square-foot office building contains four separate units and an additional 1,640 square feet of finished basement area. Three units are leased to dental practices, while the fourth was remodeled in 2023 for primary care use. That suite includes four exam rooms, a reception area, waiting room, laboratory, and restroom. The basement adds two rooms, a bathroom, and storage space.
Building systems include three HVAC systems, consisting of three A/C units and three furnaces, along with a full sprinkler system and a roof replaced in 2023. The site provides 24 parking spaces for tenants and visitors. Built in 1986, the property is zoned OFFIC and is located in Carol Stream, Illinois. Its configuration supports medical, dental, legal, and other professional office uses identified in the property information.
Building systems include three HVAC systems, consisting of three A/C units and three furnaces, along with a full sprinkler system and a roof replaced in 2023. The site provides 24 parking spaces for tenants and visitors. Built in 1986, the property is zoned OFFIC and is located in Carol Stream, Illinois. Its configuration supports medical, dental, legal, and other professional office uses identified in the property information.
Key Highlights
- 4,400 SF office building with 1,640 SF of finished basement space
- Four separate units; three are leased to dental practices
- 2023‑remodeled primary care suite with four exam rooms
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
$60,669
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
6.13%
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%
$1,213,380
$1.2M
Cap Rate 7%
$866,700
$866.7K
Cap Rate 9%
$674,100
$674.1K
Market Conditions
NOI Build-Up for 4,400 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
$107.7K $24.48/SF
− Vacancy
−$26.8K −$6.10/SF
EGI
$80.9K $18.38/SF
− OpEx
−$20.2K −$4.60/SF
NOI
$60.7K $13.79/SF
Area
DuPage County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$1,213,380
Cap Rate 7%
$866,700
Cap Rate 9%
$674,100
Alternative Uses
Best Use
Office B
$866.7K
$758.4K – $1.01M
NOI $60,669 @ 7.0% cap · market cap 6.13%
Second Best
Healthcare Medical
$832.7K
$728.6K – $971.5K
NOI $58,291 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,338 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 60188, IL
43,053
Population
15,710
Households
2.7
Avg Household Size
39
Median Age
44%
College-Educated
90%
High-School Grad
10.1 sq mi
ZIP Area
4,263
Density / Sq Mi
$107,560
Median Household Income
$47,343
Median Earnings
$1,465
Median Rent
$311,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-suite professional property with a remodeled primary care suite, dental tenancy, and dedicated on-site parking.
Where is this office building located?
The property is located at 200 N Gary Avenue Carol Stream, IL.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: 4,400 SF office building with 1,640 SF of finished basement space; Four separate units; three are leased to dental practices; 2023‑remodeled primary care suite with four exam rooms
