Midlothian Commercial District Medical
For Sale
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4417 147th Street, Midlothian, IL 60445
Medical office in Midlothian's commercial district with ample parking.
Property Size912 SF
Price / SF$169.96
Days on Market174
Property Features for 4417 147th Street
General Information
Standard status
Active
Size
912 SF
Property subtype
Office
Zoning
B-1
Listing Agency:
CENTURY 21 Harthside Realtors
Listed By:
Leonard Feil · License #IL 471005412
Source:
Crexi
Added: Feb 28
Changed: Aug 8
Last Checked: Aug 8 at 6:27AM
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 CENTURY 21 Harthside Realtors
Investment Insights
Based on property information with market context.
Located in the heart of the Midlothian Commercial District, this 912-square-foot property was previously used as a podiatry office. The layout includes a reception area, an office management area, and up to three patient service areas. The property features a large parking lot with space for up to 20 cars. The roof, furnace, and central air conditioning system are less than 10 years old. The windows and siding are reported to be in good condition. The building has three entrances, offering the potential to rent space to two different businesses. The Village of Midlothian may offer TIF Financed Assistance for improvements to the building and parking lot.
Key Highlights
- Prime location in the heart of the Midlothian Commercial District.
- Large parking lot with space for up to 20 cars.
- Roof, furnace, and central air are all under 10 years old.
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
$12,575
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
8.11%
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%
$251,500
$251.5K
Cap Rate 7%
$179,643
$179.6K
Cap Rate 9%
$139,722
$139.7K
Market Conditions
NOI Build-Up for 912 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
$22.3K $24.48/SF
− Vacancy
−$5.6K −$6.10/SF
EGI
$16.8K $18.38/SF
− OpEx
−$4.2K −$4.60/SF
NOI
$12.6K $13.79/SF
Area
Cook County, IL
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%
$251,500
Cap Rate 7%
$179,643
Cap Rate 9%
$139,722
Alternative Uses
Best Use
Office B
$179.6K
$157.2K – $209.6K
NOI $12,575 @ 7.0% cap · market cap 8.11%
Second Best
Healthcare Medical
$172.6K
$151.0K – $201.4K
NOI $12,082 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$314.9K
$275.5K – $367.4K
NOI $22,041 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60445, IL
14,692
Population
6,228
Households
2.4
Avg Household Size
37
Median Age
19%
College-Educated
88%
High-School Grad
4.3 sq mi
ZIP Area
3,417
Density / Sq Mi
$68,385
Median Household Income
$46,480
Median Earnings
$1,202
Median Rent
$201,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Midlothian Animal Hospital: Martin Teresita DVM — 4554 147th St, Midlothian, IL 60445
- Midlothian Animal Clinic — 4554 147th St, Midlothian, IL 60445
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office in Midlothian's commercial district with ample parking.
Where is this medical office space located?
The property is located at 4417 147th Street Midlothian, IL.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Prime location in the heart of the Midlothian Commercial District.; Large parking lot with space for up to 20 cars.; Roof, furnace, and central air are all under 10 years old.
