Established Medical Office Park
For Sale
$375,000
404 Rushing Drive, Herrin, IL 62848
Medical office building for sale in established medical park.
Property Size2,600 SF
Lot Size0.73 Acres
Price / SF$144.23
Days on Market171
Property Features for 404 Rushing Drive
General Information
Standard status
Active
Size
2,600 SF
Lot size
0.73 Acres
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$12,714
Building Details
Building Size
2,600 SF
Year Built
2002
Stories
1
Units
1
Listing Agency:
C21 HOUSE OF REALTY, INC.
(618) 997-6495
Listed By:
Dave Thompson · License #471005854
(618) 997-6495
Source:
Midwestrealestate
Added: Mar 6
Changed: Aug 23
Last Checked: Aug 22 at 10:28AM
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 C21 HOUSE OF REALTY, INC.
Investment Insights
Based on property information with market context.
This property is located within an established medical office park, surrounded by other healthcare practices. Situated on 0.73 acres, the property includes approximately 25 parking spots. Its location along the frontage road provides exposure to traffic moving along Rt 13. The 2,600 square foot layout is designed for medical use, featuring a reception and waiting area at the front, with several exam and office rooms. A lab area supports clinical work, and a kitchen/lunch room provides space for staff breaks. The building includes two restrooms. The property is currently under a long-term lease, offering stable income for an investor or future owner-occupant. With its visibility, functional design, and established tenancy, it presents an income-producing opportunity in a well-traveled corridor.
Key Highlights
- Located in an established Medical Office Park, ideal for healthcare‑related businesses
- Currently under a long‑term lease, providing stable income
- High visibility location on a frontage road with consistent traffic along Rt 13
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
$28,782
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
7.68%
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%
$575,640
$575.6K
Cap Rate 7%
$411,171
$411.2K
Cap Rate 9%
$319,800
$319.8K
Market Conditions
NOI Build-Up for 2,600 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
$46.8K $18.00/SF
− Vacancy
−$8.4K −$3.24/SF
EGI
$38.4K $14.76/SF
− OpEx
−$9.6K −$3.69/SF
NOI
$28.8K $11.07/SF
Area
Williamson County, IL
Vacancy
18.00%
Lease Rate
$18.00 /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%
$575,640
Cap Rate 7%
$411,171
Cap Rate 9%
$319,800
Alternative Uses
Best Use
Healthcare Medical
$514.6K
$450.3K – $600.4K
NOI $36,022 @ 7.0% cap · market cap 9.61%
Second Best
Office B
$411.2K
$359.8K – $479.7K
NOI $28,782 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$548.1K
$479.6K – $639.5K
NOI $38,369 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62848, IL
564
Population
245
Households
2.3
Avg Household Size
45
Median Age
10%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
209
Density / Sq Mi
$70,556
Median Household Income
$38,929
Median Earnings
$811
Median Rent
$89,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Central Hospital For Animals - Herrin — 300 Rushing Dr, Herrin, IL 62948
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building for sale in established medical park.
Where is this medical office space located?
The property is located at 404 Rushing Drive Herrin, IL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Located in an established Medical Office Park, ideal for healthcare‑related businesses; Currently under a long‑term lease, providing stable income; High visibility location on a frontage road with consistent traffic along Rt 13
