Medical Center For
For Sale
$659,000
3439 West North Avenue, Chicago, IL 60647
Healthcare property listed for sale, totaling 2,880 square feet at 3439 West North Avenue in Chicago.
Property Size2,880 SF
Price / SF$228.82
Days on Market164
Property Features for 3439 West North Avenue
General Information
Standard status
Active
Size
2,880 SF
Zoning
RTAIL
Net Operating Income
$29,167
Taxes and HOA fees
Annual Taxes
$7,053
Building Details
Year Built
1911
Stories
2
Listing Agency:
Baird & Warner
(847) 627-0039
Listed By:
Rosemarie Hoffmann · License #471006249
(847) 627-0039
Source:
Compass
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 22 at 2:52PM
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.
This medical center/healthcare property is offered for sale and totals 2,880 square feet. The asset is presented as a dedicated healthcare use within the commercial real estate category, suitable for buyers seeking a medical-focused property footprint.
The property is located at 3439 West North Avenue in Chicago, Illinois. The listing is structured as a For Sale transaction.
The property is located at 3439 West North Avenue in Chicago, Illinois. The listing is structured as a For Sale transaction.
Key Highlights
- Healthcare property for sale at 3439 West North Avenue, Chicago
- Built in 1911
- Total building size: 2,880 SF
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
$38,154
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
5.79%
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%
$763,080
$763.1K
Cap Rate 7%
$545,057
$545.1K
Cap Rate 9%
$423,933
$423.9K
Market Conditions
NOI Build-Up for 2,880 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
$69.1K $24.00/SF
− Vacancy
−$5.5K −$1.92/SF
EGI
$63.6K $22.08/SF
− OpEx
−$25.4K −$8.83/SF
NOI
$38.2K $13.25/SF
Area
Chicago, IL
Vacancy
8.00%
Lease Rate
$24.00 /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%
$763,080
Cap Rate 7%
$545,057
Cap Rate 9%
$423,933
Alternative Uses
Best Use
Healthcare Medical
$545.1K
$476.9K – $635.9K
NOI $38,154 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $95,054 @ 7.0% cap · market cap 14.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,614
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Healthcare property listed for sale, totaling 2,880 square feet at 3439 West North Avenue in Chicago.
Where is this medical center located?
The property is located at 3439 West North Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Healthcare property for sale at 3439 West North Avenue, Chicago; Built in 1911; Total building size: 2,880 SF
