Built-Out Medical Office
For Sale
$395,000
4856 N Damen Avenue Unit GU-1, Chicago, IL 60625
Ground-floor medical office condo with treatment rooms, ADA access, and prominent window exposure along two streets.
Property Size1,645 SF
Price / SF$240.12
Days on Market402
Property Features for 4856 N Damen Avenue Unit GU-1
General Information
Standard status
Active
Size
1,645 SF
Property subtype
COMMERCIAL
Zoning
B3-2
Site & Location
Corner Location
Yes
Traffic Count
6,600 vehicles/day
Public Transit
Yes
Additional Details
Floor
Ground Floor
Taxes and HOA fees
Annual Taxes
$12,669
Amenities
lobby waiting room
signage area
Building Details
Building Size
1,645 SF
Year Built
2006
Construction
masonry
Listing Agency:
@properties Commercial
Listed By:
Michael Levin · License #475123263
(312) 506-0200
Source:
Dawnmckennagroup
Added: Aug 27, 2025
Changed: Sep 19
Last Checked: Oct 1 at 5:11PM
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 1,645-square-foot ground-floor medical office condominium is configured for professional healthcare use and is located in a masonry building constructed in 2006. The interior includes a lobby and waiting area, four treatment rooms, supply storage, and one large modern ADA restroom. Copper plumbing is new throughout the unit, and the space is accessible from the interior entrance. Approximately 200 amps of power serve the property, and the unit includes a substantial window line along Damen and Ainslie.
The property is positioned at the stop-sign corner of Damen and Ainslie in Chicago’s Lincoln Square area, with 6,600 VPD on Damen. The site is near bus service and the CTA Damen stop, with street parking available nearby. B3-2 zoning supports the existing medical office configuration and other listed professional, healthcare, educational, and retail uses. A building signage area is also available.
The property is positioned at the stop-sign corner of Damen and Ainslie in Chicago’s Lincoln Square area, with 6,600 VPD on Damen. The site is near bus service and the CTA Damen stop, with street parking available nearby. B3-2 zoning supports the existing medical office configuration and other listed professional, healthcare, educational, and retail uses. A building signage area is also available.
Key Highlights
- 1,645 SF ground‑floor medical office condominium
- Four treatment rooms, lobby waiting area, supply storage, and one large modern ADA restroom
- B3‑2 zoning with a professional medical office configuration
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
8.94%
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 8.94%
Second Best
Retail
$325.1K
$284.5K – $379.3K
NOI $22,758 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$775.6K
$678.7K – $904.9K
NOI $54,293 @ 7.0% cap · market cap 13.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6,600 VPD
Traffic count
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 medical office condo with treatment rooms, ADA access, and prominent window exposure along two streets.
Where is this medical office space located?
The property is located at 4856 N Damen Avenue Unit GU-1 Chicago, IL.
What is the asking price?
The asking price for this property is $395,000.
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 one large modern ADA restroom; B3‑2 zoning with a professional medical office configuration
