Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Freestanding Commercial Building on High-Traffic Corridor Title is generated by Realmo AI

    2071 Irving Park Road, Hanover Park, IL 60133

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Versatile commercial building suitable for investors or owner-users.

    Type:Office
    Property size:
    6,048 SF
    Price / SF:
    $123/SF
    Added:
    May 11, 2026
    Days on Market:
    17
    Last Refresh:
    May 14 at 9:24 pm

    Property Features for 2071 Irving Park Road

    General Information

    Standard status
    Active
    Size
    6,048 SF
    Property subtype
    Office

    Building Details

    Year Built
    1979

    We can help!

    Listing Contact
    Paul Proano
    Paul Proano

    Listing agent Paul Proano License #IL 475.170890

    Listing office Coldwell Banker Commercial

    Listing date May 11, 2026

    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 Coldwell Banker Commercial

    HighLights

    • High‑traffic location with approximately 25,000 vehicles per day exposure
    • Versatile building suitable for medical, dental, professional office, wellness, and service‑oriented businesses
    • Existing plumbing and electrical infrastructure from a former dental practice
    • Ample on‑site parking
    • Potential for multi‑tenant occupancy or single‑user conversion
    • Fully sprinklered building

    Overview

    This freestanding commercial building offers approximately 6,048 square feet, with an estimated 5,528 square feet of usable or leasable area. Situated along a high-traffic commercial corridor, the property benefits from exposure to nearly 25,000 vehicles per day. The property offers visibility, signage potential, accessibility, and on-site parking. The building is fully sprinklered and configured for medical, dental, professional office, wellness, and service-oriented businesses, with flexible suite layouts. One of the units previously operated as a dental practice and contains plumbing and electrical infrastructure. The property can support multi-tenant occupancy or a single-user conversion, presenting an opportunity for investors seeking lease-up potential and future appreciation, while also offering owner-occupants the ability to operate their business and generate supplemental rental income from additional suites.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    • VCA Schaumburg Animal Hospital — 1614 W Wise Rd, Schaumburg, IL 60193
    • Schaumburg Veterinary Hospital: Bloomberg Katie DVM — 1614 W Wise Rd, Schaumburg, IL 60193

    Location Insight

    • Map
    • Local Demand
    City
    Hanover Park
    County
    Cook
    State
    Illinois
    Longitude
    -88.1561109
    Latitude
    42.008295

    Nearby Similar for Sale

    • $99,900

      Turn-Key Restaurant Hanover Park

      Fully equipped restaurant for sale on busy Barrington Road.
      6602 N Barrington Road, Hanover Park, IL 60133
      View Details
    • $169,000

      Hanover Park Commercial C-Store

      C-Store for sale, excluding gas sales, low rent.
      7401 Jensen Boulevard, Hanover Park, IL 60133
      View Details
    • Contact for pricing

      Retail Investment Opportunity in Hanover Park

      Corporate-backed, two-tenant retail property with upside potential.
      1557-1559 Irving Park Rd, Hanover Park, IL 60133
      View Details
    • $3,200,000

      24-Unit Multifamily Property For Sale

      Well-maintained 24-unit multifamily property in Hanover Park, Illinois.
      2460 Leslie Ln, Hanover Park, IL 60133
      View Details
    • $1,600,000
      13,500 SF

      Tenant-Occupied Office Building For Sale

      Tenant-occupied office building with an 8.5% cap rate.
      1060 E Lake St, Hanover Park, IL 60133
      View Details
    • $989,500
      6,600 SF

      Hanover Park Medical/Office Building

      6,600 SF building with move-in ready dental space.
      2071 Irving Park Rd, Hanover Park, IL
      View Details
    • Contact for pricing
      4,860 SF

      Freestanding NNN Restaurant Investment Opportunity

      NNN leased freestanding Neehee’s Restaurant in Hanover Park, Illinois.
      1850 Army Trail Rd, Hanover Park, IL
      View Details
    • $3,200,000

      Hanover Park Multifamily Investment Opportunity

      24-unit multifamily property in Hanover Park, Illinois for sale.
      2460 Leslie Ln, Hanover Park, IL 60133
      View Details
    • Contact for pricing
      5,200 SF

      Prime Retail Outlot with Drive-Thru

      Build-to-suit outlot opportunity in dynamic Bartlett retail location.
      810-892 Route 59, Bartlett, IL 60103
      View Details
    • $3,481,000
      24,696 SF

      Retail Building with Major Retailers

      Multi-tenant retail building featuring Harbor Freight and Dollar Tree.
      1557-1559 Irving Park Rd, Hanover Park, IL
      View Details
    • $989,500
      6,600 SF

      Move-In Ready Dental Space

      Dental space available for sale with signage opportunities.
      2071 Irving Park Rd, Hanover Park, IL 60133
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Versatile commercial building suitable for investors or owner-users.
    Where is this medical office space located?
    The property is located at 2071 Irving Park Road Hanover Park, IL.
    What is the asking price?
    The asking price for this property is $749,000.
    What are key features of this property?
    This property features: High‑traffic location with approximately **25,000 vehicles per day exposure**; Versatile building suitable for medical, dental, professional office, wellness, and service‑oriented businesses; Existing plumbing and electrical infrastructure from a former dental practice
    (312) 860-4043 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Paul Proano
    Paul Proano
    Real Estate License ID: IL 475.170890
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2071 Irving Park Road, Hanover Park, IL 60133
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!