Built-Out Medical Office
For Sale
$490,000
Pending
2507 N Halsted Street, Chicago, IL 60614
Commercial Sale, Chicago, IL
Property Size1,400 SF
Lot Size0.07 Acres
Days on Market208
Property Features for 2507 N Halsted Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
From Halsted and Fullerton, head north on Halsted, property will be on eastern side
Subdivision
CHI - Lincoln Park
Standard status
Pending
APN
14283110971001
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11402
Utilities
Cooling system
Central Air
Amenities
2 bathrooms
water/sewer in offices
laundry/utility room with hookups
large mechanical room
Building Details
Year built
2006
Floors in Building
4
Number of units
1
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
Aaron Spiro · License #475192695
(773) 325-2800
Added: Jan 26
Changed: Aug 19
Last Checked: Aug 22 at 4:06PM
MLS# 12553897
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,400-square-foot medical office property offers a built-out configuration with 2 bathrooms and water and sewer connections in nearly every office. A laundry and utility room includes washer and dryer hookups, while a separate mechanical room supports the building’s systems. Central Air is installed, and the property was built in 2006.
The property is zoned B1-2 and occupies approximately 0.0717 acres at 2507 N Halsted Street in Chicago. It sits on Halsted Street just north of Fullerton Ave, near Equinox, Philz Coffee, Raising Cane’s, Parsons, Chase Bank, and additional commercial operators.
The property is zoned B1-2 and occupies approximately 0.0717 acres at 2507 N Halsted Street in Chicago. It sits on Halsted Street just north of Fullerton Ave, near Equinox, Philz Coffee, Raising Cane’s, Parsons, Chase Bank, and additional commercial operators.
Key Highlights
- 1,400‑square‑foot built‑out medical office space
- 2 bathrooms and water/sewer connections in nearly every office
- Laundry and utility room with washer and dryer hookups
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
$30,038
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%
$600,760
$600.8K
Cap Rate 7%
$429,114
$429.1K
Cap Rate 9%
$333,756
$333.8K
Market Conditions
NOI Build-Up for 1,400 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
$53.8K $38.40/SF
− Vacancy
−$13.7K −$9.79/SF
EGI
$40.1K $28.61/SF
− OpEx
−$10.0K −$7.15/SF
NOI
$30.0K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$600,760
Cap Rate 7%
$429,114
Cap Rate 9%
$333,756
Alternative Uses
Best Use
Office B
$429.1K
$375.5K – $500.6K
NOI $30,038 @ 7.0% cap · market cap 6.13%
Second Best
Retail
$276.7K
$242.1K – $322.8K
NOI $19,369 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,637
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
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.
Similar Off Market Nearby
- Family Pet Animal Hospital, A Thrive Pet Healthcare Partner — 1401 W Webster Ave, Chicago, IL 60614
- Kriser's Veterinary — 2055 n clybourn ave, chicago, il 60614
- Van Pelt R a DVM — 1401 W Webster Ave, Chicago, IL 60614
- Fourwell - Kriser's Veterinary Clinic — 2055 n clybourn ave, chicago, il 60614
- Vetco Total Care Animal Hospital — 2000 N Clybourn Ave, Chicago, IL 60614
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured medical office with multiple bathrooms, extensive plumbing, and dedicated utility areas.
Where is this medical office space located?
The property is located at 2507 N Halsted Street Chicago, IL.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 1,400‑square‑foot built‑out medical office space; 2 bathrooms and water/sewer connections in nearly every office; Laundry and utility room with washer and dryer hookups
