Medical Office Building with MRI
For Sale
$1,200,000
60 S Greenleaf Street, Gurnee, IL 60031
Established medical-office property with private offices, exam rooms, reception, and dedicated support areas.
Property Size6,359 SF
Price / SF$188.71
Days on Market10
Property Features for 60 S Greenleaf Street
General Information
Standard status
Active
Size
6,359 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$42,069
Building Details
Building Size
6,359 SF
Year Built
1991
Stories
1
Listing Agency:
Berkshire Hathaway HomeServices Chicago
(847) 362-6200
Listed By:
Jessica Armstrong
(847) 362-6200
Source:
Gia-sells
Added: Jul 31
Changed: Aug 8
Last Checked: Aug 9 at 1:40PM
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 Berkshire Hathaway HomeServices Chicago
Investment Insights
Based on property information with market context.
Located at 60 S Greenleaf Street in Gurnee, this medical office property was built in 1991 and previously operated as a medical facility. The interior includes multiple private offices, exam rooms, medical records areas, imaging and MRI space, reception, administrative areas, a staff kitchen, and additional support rooms.
The property is zoned COMMR and includes a generously sized parking lot. It is positioned among established medical offices, healthcare providers, and professional businesses, offering a setting suited to medical or professional office use.
The property is zoned COMMR and includes a generously sized parking lot. It is positioned among established medical offices, healthcare providers, and professional businesses, offering a setting suited to medical or professional office use.
Key Highlights
- Medical office property at 60 S Greenleaf Street, Gurnee, IL 60031
- Imaging and MRI space included
- Multiple private offices and exam rooms
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
$92,104
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
7.68%
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%
$1,842,080
$1.8M
Cap Rate 7%
$1,315,771
$1.3M
Cap Rate 9%
$1,023,378
$1.0M
Market Conditions
NOI Build-Up for 6,359 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
$167.9K $26.40/SF
− Vacancy
−$14.4K −$2.26/SF
EGI
$153.5K $24.14/SF
− OpEx
−$61.4K −$9.66/SF
NOI
$92.1K $14.48/SF
Area
Lake County, IL
Vacancy
8.56%
Lease Rate
$26.40 /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%
$1,842,080
Cap Rate 7%
$1,315,771
Cap Rate 9%
$1,023,378
Alternative Uses
Best Use
Healthcare Medical
$1.32M
$1.15M – $1.54M
NOI $92,104 @ 7.0% cap · market cap 7.68%
Second Best
Office B
$1.25M
$1.10M – $1.46M
NOI $87,680 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$2.20M
$1.92M – $2.56M
NOI $153,683 @ 7.0% cap · market cap 12.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
945
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60031, IL
37,650
Population
14,796
Households
2.5
Avg Household Size
42
Median Age
54%
College-Educated
95%
High-School Grad
19.0 sq mi
ZIP Area
1,982
Density / Sq Mi
$114,008
Median Household Income
$56,770
Median Earnings
$1,601
Median Rent
$322,300
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 - Established medical-office property with private offices, exam rooms, reception, and dedicated support areas.
Where is this medical office space located?
The property is located at 60 S Greenleaf Street Gurnee, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Medical office property at 60 S Greenleaf Street, Gurnee, IL 60031; Imaging and MRI space included; Multiple private offices and exam rooms
