Rented Medical Office
For Sale
$798,000
217 S Park Avenue, Herrin, IL 62948
Newer medical office building near the hospital, currently rented for ongoing income.
Property Size3,972 SF
Days on Market167
Property Features for 217 S Park Avenue
General Information
Standard status
Active
Size
3,972 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$22,913
Building Details
Building Size
3,972 SF
Year Built
2016
Stories
1
Listing Agency:
PROPERTY WITH TLC, LLC
(618) 988-1739
Listed By:
Teresa Camarato · License #471001948
(618) 988-1739
Source:
Allinonerealestateco
Added: Mar 10
Changed: Aug 23
Last Checked: Aug 23 at 6:54AM
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 PROPERTY WITH TLC, LLC
Investment Insights
Based on property information with market context.
This newer medical office building is currently rented. It offers office space suited to medical use, with the property’s current occupancy in place.
The building is located near the hospital, positioning it for tenants that benefit from proximity to healthcare services.
For investors or owner-users, this offering combines a medical office configuration with existing rental operations.
The building is located near the hospital, positioning it for tenants that benefit from proximity to healthcare services.
For investors or owner-users, this offering combines a medical office configuration with existing rental operations.
Key Highlights
- Newer medical office building near the hospital
- Currently rented
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
$55,030
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
6.90%
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%
$1,100,600
$1.1M
Cap Rate 7%
$786,143
$786.1K
Cap Rate 9%
$611,444
$611.4K
Market Conditions
NOI Build-Up for 3,972 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
$102.5K $25.80/SF
− Vacancy
−$10.8K −$2.71/SF
EGI
$91.7K $23.09/SF
− OpEx
−$36.7K −$9.24/SF
NOI
$55.0K $13.85/SF
Area
Williamson County, IL
Vacancy
10.50%
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%
$1,100,600
Cap Rate 7%
$786,143
Cap Rate 9%
$611,444
Alternative Uses
Best Use
Healthcare Medical
$786.1K
$687.9K – $917.2K
NOI $55,030 @ 7.0% cap · market cap 6.90%
Second Best
Office B
$628.1K
$549.6K – $732.8K
NOI $43,970 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$837.4K
$732.7K – $976.9K
NOI $58,615 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62948, IL
12,536
Population
6,177
Households
2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
20.0 sq mi
ZIP Area
627
Density / Sq Mi
$59,031
Median Household Income
$40,633
Median Earnings
$1,010
Median Rent
$112,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Parton J D DVM — IL-148, Herrin, IL 62948
Frequently Asked Questions
What type of property is this?
Medical Office Space - Newer medical office building near the hospital, currently rented for ongoing income.
Where is this medical office space located?
The property is located at 217 S Park Avenue Herrin, IL.
What is the asking price?
The asking price for this property is $798,000.
What are key features of this property?
This property features: Newer medical office building near the hospital; Currently rented
