Office Condo Building with Flex
For Sale
$650,000
666 Dundee Rd Building 900, Northbrook, IL 60062
Vacant office condo building offers flexible unit configuration within an office park with shared parking and managed common areas.
Property Size5,295 SF
Price / SF$125
Days on Market81
Property Features for 666 Dundee Rd Building 900
General Information
Standard status
Active
Size
5,295 SF
Class
B
Property subtype
Office
Additional Details
Highway Access
Yes
Office Units
3
Building Details
Building Size
5,295 SF
Year Built
1975
Tenancy
Multi
Listing Agency:
SVN | Chicago - Corporate
Listed By:
Wayne Caplan · License #475132248
(312) 529-5791
Source:
Svn
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 4 at 4:17AM
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 SVN | Chicago - Corporate
Investment Insights
Based on property information with market context.
This 5,200-square-foot office condo building is currently divided into three separate units, and it is fully vacant. The space is suited to an investor or operator who wants the option to keep the units as-is or combine them into a single larger office. As part of the Northbrook Office Court, the property benefits from condo association support for common area operations.
The building is located within an office park that provides shared parking and associated condo benefits. Monthly assessments cover repairs and maintenance, insurance, snow removal, landscaping, scavenger service, management fees, common area utilities, and parking lot maintenance. The business park is in a North Shore office district with proximity to I-94, and it is close to the intersection of Skokie Blvd. and Dundee Rd.
From a tenant or buyer perspective, the current three-unit configuration can support multiple occupants, while vacancy and the ability to combine units may work well for a single-tenant plan. With assessments tied to maintenance of the common areas and parking lot, the property supports a more managed day-to-day environment within the office court.
The building is located within an office park that provides shared parking and associated condo benefits. Monthly assessments cover repairs and maintenance, insurance, snow removal, landscaping, scavenger service, management fees, common area utilities, and parking lot maintenance. The business park is in a North Shore office district with proximity to I-94, and it is close to the intersection of Skokie Blvd. and Dundee Rd.
From a tenant or buyer perspective, the current three-unit configuration can support multiple occupants, while vacancy and the ability to combine units may work well for a single-tenant plan. With assessments tied to maintenance of the common areas and parking lot, the property supports a more managed day-to-day environment within the office court.
Key Highlights
- 5,200 SF office condo building currently divided into three units
- Fully vacant—can potentially be combined into a single unit or leased to multiple tenants
- Located in the Northbrook Office Court office park with shared parking
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
$41,278
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
6.35%
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%
$825,560
$825.6K
Cap Rate 7%
$589,686
$589.7K
Cap Rate 9%
$458,644
$458.6K
Market Conditions
NOI Build-Up for 5,200 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
$65.5K $12.60/SF
− Vacancy
−$10.5K −$2.02/SF
EGI
$55.0K $10.58/SF
− OpEx
−$13.8K −$2.65/SF
NOI
$41.3K $7.94/SF
Area
Adams County, IL
Vacancy
16.00%
Lease Rate
$12.60 /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%
$825,560
Cap Rate 7%
$589,686
Cap Rate 9%
$458,644
Alternative Uses
Best Use
Office B
$589.7K
$516.0K – $688.0K
NOI $41,278 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.04M
$908.9K – $1.21M
NOI $72,714 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 60062, IL
42,751
Population
17,892
Households
2.4
Avg Household Size
48
Median Age
71%
College-Educated
96%
High-School Grad
18.9 sq mi
ZIP Area
2,262
Density / Sq Mi
$142,759
Median Household Income
$77,188
Median Earnings
$1,921
Median Rent
$625,800
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?
Office units - Vacant office condo building offers flexible unit configuration within an office park with shared parking and managed common areas.
Where is this office units located?
The property is located at 666 Dundee Rd Building 900 Northbrook, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5,200 SF office condo building currently divided into three units; Fully vacant—can potentially be combined into a single unit or leased to multiple tenants; Located in the Northbrook Office Court office park with shared parking
