Street-Level Medical Office
For Sale
$318,000
3615 N Ashland Avenue C1n, Chicago, IL 60613
Ground-floor suite offers four exam rooms, reception, kitchenette, and support space.
Property Size1,036 SF
Price / SF$306.95
Days on Market31
Property Features for 3615 N Ashland Avenue C1n
General Information
Standard status
Active
Size
1,036 SF
Additional Details
Floor
Street Level
Road Access
Yes
Building Details
Year Built
2002
Listing Agency:
Kale Realty
(773) 463-7700
Listed By:
Atala Diaz
Source:
Saladinosells
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 25 at 5:24AM
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 Kale Realty
Investment Insights
Based on property information with market context.
This 1,036 SF commercial condominium is configured as a street-level medical office with a reception and waiting area, four private exam rooms, a semi-private business office, bathroom, kitchenette, and utility/storage area. Two exam rooms include sinks, and the support area has a washer and dryer. Built in 2002, the suite can accommodate a medical spa, medical or dental practice, health and fitness operation, or other service use identified for the space.
The property is located at 3615 N Ashland Avenue C1n in Chicago’s Lakeview neighborhood. Its ground-floor position provides visibility from a busy street and direct street-level presence for client-facing operations.
The property is located at 3615 N Ashland Avenue C1n in Chicago’s Lakeview neighborhood. Its ground-floor position provides visibility from a busy street and direct street-level presence for client-facing operations.
Key Highlights
- 1,036 SF commercial condominium in a street‑level configuration
- Four private exam rooms, including two with sinks
- Reception and client waiting area
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
$22,228
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
6.99%
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%
$444,560
$444.6K
Cap Rate 7%
$317,543
$317.5K
Cap Rate 9%
$246,978
$247.0K
Market Conditions
NOI Build-Up for 1,036 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
$39.8K $38.40/SF
− Vacancy
−$10.1K −$9.79/SF
EGI
$29.6K $28.61/SF
− OpEx
−$7.4K −$7.15/SF
NOI
$22.2K $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%
$444,560
Cap Rate 7%
$317,543
Cap Rate 9%
$246,978
Alternative Uses
Best Use
Office B
$317.5K
$277.9K – $370.5K
NOI $22,228 @ 7.0% cap · market cap 6.99%
Second Best
Healthcare Medical
$196.1K
$171.6K – $228.8K
NOI $13,725 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$488.5K
$427.4K – $569.9K
NOI $34,193 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,185
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
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
- Higgins Animal Clinic — 1705 W Belmont Ave, Chicago, IL 60657
- Roscoe View Animal Clinic — 1705 W Belmont Ave, Chicago, IL 60657
- Petco Vaccination Clinic — 3122 N Ashland Ave, Chicago, IL 60657
- West Wrigley Animal Hospital — 3416 N Ashland Ave, Chicago, IL 60657
- North Center Animal Hospital, A Thrive Pet Healthcare Partner — 1808 W Addison St, Chicago, IL 60613
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor suite offers four exam rooms, reception, kitchenette, and support space.
Where is this medical office space located?
The property is located at 3615 N Ashland Avenue C1n Chicago, IL.
What is the asking price?
The asking price for this property is $318,000.
What are key features of this property?
This property features: 1,036 SF commercial condominium in a street‑level configuration; Four private exam rooms, including two with sinks; Reception and client waiting area
