Medical Office Complex with 9
For Sale
$2,850,000
475 Brown Boulevard, Bourbonnais, IL 60914
One-story, handicap-accessible facility with shared common areas and a professional office configuration.
Property Size20,508 SF
Lot Size2.70 Acres
Price / SF$138.97
Days on Market208
Property Features for 475 Brown Boulevard
General Information
Standard status
Active
Size
20,508 SF
Lot size
2.70 Acres
Property subtype
Commercial
Zoning
COMMR
Additional Details
Road Access
Yes
Sprinkler System
Yes
Office Units
9
Taxes and HOA fees
Annual Taxes
$32,165
Amenities
common area
front canopy
Building Details
Building Size
20,508 SF
Year Built
1991
Buildings
1
Stories
1
Units
9
Tenancy
Multi
Listing Agency:
Lincoln-Way Realty, Inc
(708) 479-6355
Listed By:
Joseph Siwinski · License #IL471007163
(708) 479-6355
Source:
Gia-sells
Added: Jan 19
Changed: Aug 14
Last Checked: Aug 14 at 5:25AM
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 Lincoln-Way Realty, Inc
Investment Insights
Based on property information with market context.
The Brown Professional Centre is a one-story medical office property containing 20,508 square feet across 9 professional suites. Built in 1991, the facility includes a shared common area, front canopy, standard wet system, and handicap-accessible design. A new roof was installed in 2024, and the property provides parking for 100+ vehicles on over 2.7 acres.
Located at 475 Brown Boulevard in Bourbonnais, the complex is positioned along William Latham Drive within an active commercial corridor. Its long-term tenant history and high occupancy support continued use as a multi-suite medical, dental, or professional office property. The zoning information is not presented consistently in the source data and is therefore omitted.
Located at 475 Brown Boulevard in Bourbonnais, the complex is positioned along William Latham Drive within an active commercial corridor. Its long-term tenant history and high occupancy support continued use as a multi-suite medical, dental, or professional office property. The zoning information is not presented consistently in the source data and is therefore omitted.
Key Highlights
- 20,508‑square‑foot one‑story medical office complex
- 9 professional suites within a shared facility
- Over 2.7 acres with parking for 100+ vehicles
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
$225,399
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
7.91%
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%
$4,507,980
$4.5M
Cap Rate 7%
$3,219,986
$3.2M
Cap Rate 9%
$2,504,433
$2.5M
Market Conditions
NOI Build-Up for 20,508 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
$349.5K $17.04/SF
− Vacancy
−$48.9K −$2.39/SF
EGI
$300.5K $14.65/SF
− OpEx
−$75.1K −$3.66/SF
NOI
$225.4K $10.99/SF
Area
Kankakee County, IL
Vacancy
14.00%
Lease Rate
$17.04 /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%
$4,507,980
Cap Rate 7%
$3,219,986
Cap Rate 9%
$2,504,433
Alternative Uses
Best Use
Office B
$3.22M
$2.82M – $3.76M
NOI $225,399 @ 7.0% cap · market cap 7.91%
Second Best
Healthcare Medical
$2.56M
$2.24M – $2.98M
NOI $179,035 @ 7.0% cap · market cap 6.28%
Theoretical Best
Multifamily LT 5
$16.54M
$14.48M – $19.30M
NOI $1,158,114 @ 7.0% cap · market cap 40.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Office units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60914, IL
28,894
Population
10,763
Households
2.7
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
48.9 sq mi
ZIP Area
591
Density / Sq Mi
$88,688
Median Household Income
$42,150
Median Earnings
$1,206
Median Rent
$240,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - One-story, handicap-accessible facility with shared common areas and a professional office configuration.
Where is this medical office space located?
The property is located at 475 Brown Boulevard Bourbonnais, IL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 20,508‑square‑foot one‑story medical office complex; 9 professional suites within a shared facility; Over 2.7 acres with parking for 100+ vehicles
