Veterinary Portfolio in Chicago
For Sale
Contact for pricing
477 Briargate Dr, South Elgin, IL 60177
Three properties, 100% leased to Mission Pet Health.
Property Size19,500 SF
Price / SF$386.63
Days on Market138
Property Features for 477 Briargate Dr
General Information
Standard status
Active
Size
19,500 SF
Class
C
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$527,751
Building Details
Buildings
3
Stories
3
Units
3
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Rahul Chhajed · License #CA 01986299
Source:
Crexi
Added: Mar 27
Changed: Aug 8
Last Checked: Aug 10 at 8:08AM
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 Matthews
Investment Insights
Based on property information with market context.
This portfolio comprises three veterinary properties totaling approximately 19,500 square feet, situated in the Chicago suburbs. The properties are 100% leased to Mission Pet Health under absolute NNN leases. The leases have approximately 9.7 years remaining, with annual rent increases of 2%. The portfolio is offered at $7,539,300, reflecting a 7.00% capitalization rate and a net operating income of $527,751. The investment offers minimal landlord responsibilities and benefits from a strong tenant credit profile, presenting a stable, passive income opportunity.
Key Highlights
- 100% leased to Mission Pet Health, providing stable income.
- Absolute NNN leases minimize landlord responsibilities.
- Approximately 9.7 years remaining on leases ensures long‑term cash flow.
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
$270,958
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
3.59%
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%
$5,419,160
$5.4M
Cap Rate 7%
$3,870,829
$3.9M
Cap Rate 9%
$3,010,644
$3.0M
Market Conditions
NOI Build-Up for 19,500 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
$491.4K $25.20/SF
− Vacancy
−$39.8K −$2.04/SF
EGI
$451.6K $23.16/SF
− OpEx
−$180.6K −$9.26/SF
NOI
$271.0K $13.90/SF
Area
Kane County, IL
Vacancy
8.10%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$5,419,160
Cap Rate 7%
$3,870,829
Cap Rate 9%
$3,010,644
Alternative Uses
Best Use
Healthcare Medical
$3.87M
$3.39M – $4.52M
NOI $270,958 @ 7.0% cap · market cap 3.59%
Second Best
Office B
$3.84M
$3.36M – $4.48M
NOI $268,873 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$6.73M
$5.89M – $7.85M
NOI $471,272 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
639
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60177, IL
24,361
Population
8,700
Households
2.8
Avg Household Size
37
Median Age
38%
College-Educated
91%
High-School Grad
8.9 sq mi
ZIP Area
2,737
Density / Sq Mi
$123,700
Median Household Income
$59,266
Median Earnings
$1,612
Median Rent
$296,200
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
- South Town Animal Hospital — 1944 Gyorr Ave, South Elgin, IL 60177
- Banfield Pet Hospital — 428 S Randall Rd, South Elgin, IL 60177
- ACC of Randall Pointe — 477 Briargate Dr, South Elgin, IL 60177
- Anderson Humane Veterinary Clinic — 309 S Randall Rd, South Elgin, IL 60177
- Petco Vaccination Clinic — 364 S Randall Rd, South Elgin, IL 60177
Frequently Asked Questions
What type of property is this?
Medical Office Space - Three properties, 100% leased to Mission Pet Health.
Where is this medical office space located?
The property is located at 477 Briargate Dr South Elgin, IL.
What is the asking price?
The asking price for this property is $7,539,295.
What are key features of this property?
This property features: 100% leased to Mission Pet Health, providing stable income.; Absolute NNN leases minimize landlord responsibilities.; Approximately 9.7 years remaining on leases ensures long‑term cash flow.
