Medical Office Space with X-Ray
For Sale
$1,100,000
609 35TH Avenue, Moline, IL 61265
O-1-zoned office property with divided workspaces, clinical rooms, conference facilities, and multiple restrooms.
Property Size11,160 SF
Days on Market446
Property Features for 609 35TH Avenue
General Information
Standard status
Active
Size
11,160 SF
Property subtype
Commercial
Zoning
O-1
Taxes and HOA fees
Annual Taxes
$30,698
Building Details
Building Size
11,160 SF
Year Built
1985
Listing Agency:
Hawkeye Commercial Real Estate
(563) 344-4295
Listed By:
David Levin · License #475.081178/B27165000
(563) 344-4295
Source:
Perillorealestategroup
Added: May 23, 2025
Changed: Aug 5
Last Checked: Aug 10 at 12:25PM
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 Hawkeye Commercial Real Estate
Investment Insights
Based on property information with market context.
This 1985 medical office property at 609 35th Avenue in Moline includes a defined reception area, multiple private offices, a conference room, and substantial storage. Existing clinical and operational improvements include an X-ray room, laboratory room, infusion room, shower, server room, kitchenette, and three restrooms.
The property is positioned near John Deere Road and Trinity Hospital East Campus. Its existing configuration supports medical office operations while also accommodating chiropractic and other office uses identified for the space. The property is zoned O-1 and is offered for sale.
The property is positioned near John Deere Road and Trinity Hospital East Campus. Its existing configuration supports medical office operations while also accommodating chiropractic and other office uses identified for the space. The property is zoned O-1 and is offered for sale.
Key Highlights
- O‑1 zoning for the medical office property
- 1985 construction year
- X‑ray, laboratory, and infusion rooms in place
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
$94,012
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
8.55%
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%
$1,880,240
$1.9M
Cap Rate 7%
$1,343,029
$1.3M
Cap Rate 9%
$1,044,578
$1.0M
Market Conditions
NOI Build-Up for 11,160 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
$160.7K $14.40/SF
− Vacancy
−$35.4K −$3.17/SF
EGI
$125.3K $11.23/SF
− OpEx
−$31.3K −$2.81/SF
NOI
$94.0K $8.42/SF
Area
Rock Island County, IL
Vacancy
22.00%
Lease Rate
$14.40 /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%
$1,880,240
Cap Rate 7%
$1,343,029
Cap Rate 9%
$1,044,578
Alternative Uses
Best Use
Healthcare Medical
$1.90M
$1.66M – $2.22M
NOI $133,043 @ 7.0% cap · market cap 12.09%
Second Best
Office B
$1.34M
$1.18M – $1.57M
NOI $94,012 @ 7.0% cap · market cap 8.55%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61265, IL
44,342
Population
20,396
Households
2.2
Avg Household Size
40
Median Age
28%
College-Educated
89%
High-School Grad
19.2 sq mi
ZIP Area
2,309
Density / Sq Mi
$63,910
Median Household Income
$38,960
Median Earnings
$890
Median Rent
$142,300
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 - O-1-zoned office property with divided workspaces, clinical rooms, conference facilities, and multiple restrooms.
Where is this medical office space located?
The property is located at 609 35TH Avenue Moline, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: O‑1 zoning for the medical office property; 1985 construction year; X‑ray, laboratory, and infusion rooms in place
