Dental Medical Center
For Sale
Contact for pricing
4020 N Central Ave, Chicago, IL 60634
Two-level, 4,032 SF building suitable for medical or redevelopment.
Property Size4,032 SF
Lot Size0.18 Acres
Price / SF$161.21
Days on Market176
Property Features for 4020 N Central Ave
General Information
Standard status
Active
Size
4,032 SF
Total Parking Spaces
4
Lot size
0.18 Acres
Property subtype
Mixed Use, Office, Retail
Zoning
B3-1
Investment Type
Owner/User
Building Details
Year Built
1952
Buildings
1
Stories
1
Listing Agency:
@properties Commercial
(847) 977-5389
Listed By:
Mike Levin · License #IL
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 19 at 3:16PM
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 @properties Commercial
Investment Insights
Based on property information with market context.
Located at 4020 Central Ave in Chicago, this masonry building presents a great opportunity for a dental or medical center (MOB). Zoned B3-1, the property is directly across the street from Portage Park, north of the intersection of Irving Park Road and Central. The location benefits from high traffic, with 14,100 vehicles per day (VPD) on Central Avenue. The building offers 61 feet of frontage on Central Ave. Currently built out as a dental medical office facility, it features a multi-suite medical and dental build-out, high-security entrance doors, and cameras. The two-level building has a total area of 4,032 square feet and is situated on a 7,660 square foot land site. It includes a one-car garage with one drive-in door (DID). The upper floor features 9 medical suites, while the lower level contains a storage basement, 3 ADA-compliant bathrooms, and multiple storage and supply rooms. The building has an east and west exposure and a wide-open interior space. It utilizes a 200+ amp electric system. Parking is available for 4 cars. In the rear of the property, there is a small one-bedroom, one-bath apartment with a kitchen. The property is suitable for professional dental or medical use, hospice care, a medical center, surgical center, podiatry, law firm, insurance, technology, financial trading, or accounting office. Redevelopment of the parcel is also a possibility. Nearby businesses include Little Caesars Pizza, Sport Express, Biagio Events and Catering, Dairy Queen, McDonald's, Ninja Sushi, Taqueria Amigo, and 7-Eleven.
Key Highlights
- Ideal dental/medical healthcare facility: currently built out as a multi‑suite medical and dental office.
- Excellent location: directly across the street from Portage Park, just north of Irving Park Road and Central Avenue.
- High traffic volume: 14,100 vehicles per day (VPD) on Central Avenue.
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
$55,595
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
8.55%
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%
$1,111,900
$1.1M
Cap Rate 7%
$794,214
$794.2K
Cap Rate 9%
$617,722
$617.7K
Market Conditions
NOI Build-Up for 4,032 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
$98.7K $24.48/SF
− Vacancy
−$24.6K −$6.10/SF
EGI
$74.1K $18.38/SF
− OpEx
−$18.5K −$4.60/SF
NOI
$55.6K $13.79/SF
Area
ZIP 60634
Vacancy
24.90%
Lease Rate
$24.48 /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%
$1,111,900
Cap Rate 7%
$794,214
Cap Rate 9%
$617,722
Alternative Uses
Best Use
Office B
$794.2K
$694.9K – $926.6K
NOI $55,595 @ 7.0% cap · market cap 8.55%
Second Best
Healthcare Medical
$763.1K
$667.7K – $890.3K
NOI $53,416 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$1.10M
$962.0K – $1.28M
NOI $76,961 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,496
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-level, 4,032 SF building suitable for medical or redevelopment.
Where is this medical office space located?
The property is located at 4020 N Central Ave Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Ideal dental/medical healthcare facility: currently built out as a multi‑suite medical and dental office.; Excellent location: directly across the street from Portage Park, just north of Irving Park Road and Central Avenue.; High traffic volume: 14,100 vehicles per day (VPD) on Central Avenue.
