Medical Office Condo with Rehab
For Sale
Contact for pricing
4647 W 103RD ST, Oak Lawn, IL 60453
Turnkey medical office condo with 12 private offices, reception, and a large rehab gym area in an ADA-access elevator building.
Property Size2,400 SF
Price / SF$166.25
Days on Market53
Property Features for 4647 W 103RD ST
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Office
Additional Details
Business Included
Yes
Amenities
elevator
ADA access
Building Details
Year Built
1973
Buildings
1
Units
12
Listing Agency:
Keller Williams Infinity
Listed By:
Omar Tharani · License #IL 475171491
(630) 412-1642
Source:
Crexi
Added: Jul 23
Changed: Sep 7
Last Checked: Sep 13 at 7:43AM
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 Keller Williams Infinity
Investment Insights
Based on property information with market context.
This 2,400-square-foot medical office condo was created by combining five units and is offered as a well-maintained, turnkey space. The layout includes 12 private offices, a reception area with a waiting room, a dedicated storage area, and a large open area currently used as a rehab gym. The interior configuration can also be reconfigured or divided in the future to support different operational needs.
Located at 4647 W 103rd St in Oak Lawn, the unit is in an elevator building with ADA access, providing convenient entry for both staff and clients.
The space is described as ready for immediate occupancy, with an existing chiropractor business included in the sale offering.
Located at 4647 W 103rd St in Oak Lawn, the unit is in an elevator building with ADA access, providing convenient entry for both staff and clients.
The space is described as ready for immediate occupancy, with an existing chiropractor business included in the sale offering.
Key Highlights
- 2,400 SF medical office condo at 4647 W 103rd St, Oak Lawn, IL 60453
- Created by combining five units and offering a flexible layout that can be reconfigured or divided
- Includes 12 private offices, reception area with waiting room, dedicated storage, and a large open rehab gym 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
$33,092
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
8.29%
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%
$661,840
$661.8K
Cap Rate 7%
$472,743
$472.7K
Cap Rate 9%
$367,689
$367.7K
Market Conditions
NOI Build-Up for 2,400 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
$58.8K $24.48/SF
− Vacancy
−$14.6K −$6.10/SF
EGI
$44.1K $18.38/SF
− OpEx
−$11.0K −$4.60/SF
NOI
$33.1K $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%
$661,840
Cap Rate 7%
$472,743
Cap Rate 9%
$367,689
Alternative Uses
Best Use
Office B
$472.7K
$413.7K – $551.5K
NOI $33,092 @ 7.0% cap · market cap 8.29%
Second Best
Healthcare Medical
$454.2K
$397.4K – $529.9K
NOI $31,795 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$828.6K
$725.0K – $966.7K
NOI $58,003 @ 7.0% cap · market cap 14.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60453, IL
58,362
Population
23,115
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
6,866
Density / Sq Mi
$82,493
Median Household Income
$48,810
Median Earnings
$1,310
Median Rent
$267,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey medical office condo with 12 private offices, reception, and a large rehab gym area in an ADA-access elevator building.
Where is this medical office space located?
The property is located at 4647 W 103RD ST Oak Lawn, IL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,400 SF medical office condo at 4647 W 103rd St, Oak Lawn, IL 60453; Created by combining five units and offering a flexible layout that can be reconfigured or divided; Includes 12 private offices, reception area with waiting room, dedicated storage, and a large open rehab gym area
