Medical Office Condominiums with Treatment
New
For Sale
$698,000
2219-23 W BELMONT Avenue, Chicago, IL 60618
Two ground-level medical office condominiums include established clinical and administrative areas for professional-service use.
Property Size1,227 SF
Days on Market6
Property Features for 2219-23 W BELMONT Avenue
General Information
Standard status
Active
Size
1,227 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Public Transit
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$20,543
Building Details
Building Size
1,227 SF
Year Built
2007
Stories
4
Units
1
Listing Agency:
Baird & Warner
(312) 242-1000
Listed By:
Vincent Anzalone · License #475167321
(312) 242-1000
Source:
Exit2newbeginningz
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 11:32AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
Two commercial condominiums comprise an operating medical-office configuration with reception and waiting areas, private treatment rooms, administrative work areas, laboratory and sterilization spaces, storage, and restrooms. The property measures 1,227 square feet and features 12-foot ceilings, existing medical-office infrastructure, and ground-level entry. The units may be acquired separately or together.
The condominiums occupy frontage along Belmont Avenue in Chicago, near Roscoe Village, Lakeview, and North Center. The surrounding setting includes neighborhood businesses, restaurants, public transportation, and densely populated residential areas. Constructed in 2007, the property offers an established layout for medical, dental, wellness, or other professional-service operations.
The condominiums occupy frontage along Belmont Avenue in Chicago, near Roscoe Village, Lakeview, and North Center. The surrounding setting includes neighborhood businesses, restaurants, public transportation, and densely populated residential areas. Constructed in 2007, the property offers an established layout for medical, dental, wellness, or other professional-service operations.
Key Highlights
- Two commercial condominiums with a combined medical‑office configuration
- 1,227 square feet with 12‑foot ceilings
- Reception, waiting, treatment, administrative, laboratory, sterilization, storage, and restroom areas
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
$27,189
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
3.90%
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%
$543,780
$543.8K
Cap Rate 7%
$388,414
$388.4K
Cap Rate 9%
$302,100
$302.1K
Market Conditions
NOI Build-Up for 1,227 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
$47.3K $38.52/SF
− Vacancy
−$11.0K −$8.98/SF
EGI
$36.3K $29.54/SF
− OpEx
−$9.1K −$7.39/SF
NOI
$27.2K $22.16/SF
Area
ZIP 60618
Vacancy
23.30%
Lease Rate
$38.52 /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%
$543,780
Cap Rate 7%
$388,414
Cap Rate 9%
$302,100
Alternative Uses
Best Use
Office B
$388.4K
$339.9K – $453.2K
NOI $27,189 @ 7.0% cap · market cap 3.90%
Second Best
Healthcare Medical
$232.2K
$203.2K – $270.9K
NOI $16,255 @ 7.0% cap · market cap 2.33%
Theoretical Best
Office A
$536.1K
$469.1K – $625.5K
NOI $37,527 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
2,301
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two ground-level medical office condominiums include established clinical and administrative areas for professional-service use.
Where is this medical office space located?
The property is located at 2219-23 W BELMONT Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $698,000.
What are key features of this property?
This property features: Two commercial condominiums with a combined medical‑office configuration; 1,227 square feet with 12‑foot ceilings; Reception, waiting, treatment, administrative, laboratory, sterilization, storage, and restroom areas
