Medical Office Condo with Treatment
For Sale
$425,000
4856 N Damen Avenue Gu-1, Chicago, IL 60625
Ground-floor commercial condo with an open layout, treatment rooms, ADA features, and B3-2 zoning.
Property Size1,645 SF
Price / SF$258.36
Days on Market50
Property Features for 4856 N Damen Avenue Gu-1
General Information
Standard status
Active
Size
1,645 SF
Zoning
B3-2
Site & Location
Corner Location
Yes
Traffic Count
6,600 vehicles/day
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Floor
Ground Floor
Building Details
Year Built
2006
Construction
Masonry
Tenancy
Single
Listing Agency:
@properties Commercial
Listed By:
Michael Levin · License #475123263
(312) 506-0200
Source:
Grandviewrealtyservices
Added: Jul 17
Changed: Sep 4
Last Checked: Sep 4 at 8:21AM
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 @properties Commercial
Investment Insights
Based on property information with market context.
This ground-floor medical office condominium at 4856 N Damen Avenue Gu-1 offers 1,645 square feet of built-out space in a 2006 building. The layout includes an open office area, lobby and waiting room, four treatment rooms, supply storage, and a modern ADA restroom. Interior access is handicap accessible, and the unit has approximately 200 amps of power plus new commercial-grade copper plumbing throughout.
The property occupies the stop-sign corner of Damen and Ainslie, with approximately 6,600 VPD on Damen and a large window line facing both streets. A dedicated building signage area is available. Bus service and the CTA Damen stop are nearby, while surrounding retail includes CVS, Subway, Wendy’s, Mariano’s, Sweet Moon Coffee, The Perfect Cup Coffee, and Golden Nugget Restaurant.
B3-2 zoning supports the stated professional, medical, retail, office, educational, and training uses, among others. Assessment coverage includes water, rubbish, scavenger service, and maintenance. Nearby street parking is available.
The property occupies the stop-sign corner of Damen and Ainslie, with approximately 6,600 VPD on Damen and a large window line facing both streets. A dedicated building signage area is available. Bus service and the CTA Damen stop are nearby, while surrounding retail includes CVS, Subway, Wendy’s, Mariano’s, Sweet Moon Coffee, The Perfect Cup Coffee, and Golden Nugget Restaurant.
B3-2 zoning supports the stated professional, medical, retail, office, educational, and training uses, among others. Assessment coverage includes water, rubbish, scavenger service, and maintenance. Nearby street parking is available.
Key Highlights
- 1,645 SF ground‑floor medical office condominium
- Four treatment rooms, lobby waiting area, supply storage, and open office layout
- B3‑2 zoning with stated professional, medical, retail, educational, and training uses
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
$35,295
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
8.30%
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%
$705,900
$705.9K
Cap Rate 7%
$504,214
$504.2K
Cap Rate 9%
$392,167
$392.2K
Market Conditions
NOI Build-Up for 1,645 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
$63.2K $38.40/SF
− Vacancy
−$16.1K −$9.79/SF
EGI
$47.1K $28.61/SF
− OpEx
−$11.8K −$7.15/SF
NOI
$35.3K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$705,900
Cap Rate 7%
$504,214
Cap Rate 9%
$392,167
Alternative Uses
Best Use
Office B
$504.2K
$441.2K – $588.3K
NOI $35,295 @ 7.0% cap · market cap 8.30%
Second Best
Retail
$325.1K
$284.5K – $379.3K
NOI $22,758 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$775.6K
$678.7K – $904.9K
NOI $54,293 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6,600 VPD
Traffic count
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,099
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60625, IL
76,525
Population
33,932
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
87%
High-School Grad
3.8 sq mi
ZIP Area
20,138
Density / Sq Mi
$85,299
Median Household Income
$48,314
Median Earnings
$1,455
Median Rent
$396,700
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor commercial condo with an open layout, treatment rooms, ADA features, and B3-2 zoning.
Where is this medical office space located?
The property is located at 4856 N Damen Avenue Gu-1 Chicago, IL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,645 SF ground‑floor medical office condominium; Four treatment rooms, lobby waiting area, supply storage, and open office layout; B3‑2 zoning with stated professional, medical, retail, educational, and training uses
