Northbrook Office Condo For
For Sale
$650,000
666 Dundee Road #900, Northbrook, IL 60062
Single-story office condo in Northbrook, ideal for owner-user or investor.
Property Size5,295 SF
Lot Size11.55 Acres
Price / SF$122.76
Days on Market171
Property Features for 666 Dundee Road #900
General Information
Standard status
Active
Size
5,295 SF
Lot size
11.55 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$30,572
Amenities
Central air
Central Individual Cooling
Building Details
Year Built
1975
Listing Agency:
SPERRY VAN NESS
(312) 676-1866
Listed By:
WAYNE CAPLAN · License #475132248
Source:
Corcoran
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 8 at 6:13AM
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 SPERRY VAN NESS
Investment Insights
Based on property information with market context.
This 5,295 square foot single-story office condo is located in Northbrook, Illinois, as part of a 19-building master plan office development. The property is divided into four suites: 2,171 square feet, 1,100 square feet, and two spaces of 1,012 square feet each. The current leases are mostly shorter term, offering flexibility for a new owner to combine spaces for their own use or re-tenant the spaces. The 2,171 square foot space is occupied by the current owner, who is flexible and can either stay or leave based on the purchaser's needs. This property is suitable for an owner/user seeking a private entry office space or an investor interested in short-term leases in Northbrook. The complex is located near I-94, shops, restaurants, and the Chicago north shore/north suburban market. The 666 Dundee complex features a landscaped setting with shared parking.
Key Highlights
- Located in highly sought‑after Northbrook, IL
- 5,295 SF single‑story office condo with private entry**
- Suited for owner/user or investor
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
$42,032
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
6.47%
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%
$840,640
$840.6K
Cap Rate 7%
$600,457
$600.5K
Cap Rate 9%
$467,022
$467.0K
Market Conditions
NOI Build-Up for 5,295 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
$66.7K $12.60/SF
− Vacancy
−$10.7K −$2.02/SF
EGI
$56.0K $10.58/SF
− OpEx
−$14.0K −$2.65/SF
NOI
$42.0K $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%
$840,640
Cap Rate 7%
$600,457
Cap Rate 9%
$467,022
Alternative Uses
Best Use
Office B
$600.5K
$525.4K – $700.5K
NOI $42,032 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.06M
$925.5K – $1.23M
NOI $74,043 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Single-story office condo in Northbrook, ideal for owner-user or investor.
Where is this office units located?
The property is located at 666 Dundee Road #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: Located in highly sought‑after Northbrook, IL; 5,295 SF single‑story office condo with private entry**; Suited for owner/user or investor
