Medical Office Space with 13 Exam
For Sale
Contact for pricing
735 N Logan Ave, Danville, IL 61832
Medical office with 13 exam rooms, reception and check-in, lab area, and full basement with break room and office space.
Property Size8,296 SF
Price / SF$117.53
Days on Market578
Property Features for 735 N Logan Ave
General Information
Standard status
Active
Size
8,296 SF
Property subtype
OFFICE
Building Details
Year Built
1978
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 918-0871
Listed By:
Larry Kuchefski, CCIM · License #471008990
(217) 918-0871
Source:
Moodyscre
Added: Jan 9, 2025
Changed: Jul 29
Last Checked: Aug 9 at 10:47AM
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 Coldwell Banker Commercial Devonshire Realty
Investment Insights
Based on property information with market context.
This medical office space includes 13 exam rooms, a large reception area, and a dedicated check-in and check-out station. The interior also features a records office, three additional offices, and a lab area designed for clinical workflows. A full basement adds operational flexibility with a break room, additional office space, exam rooms, and a file room.
The original building was built in 1978 and was expanded in 2010. Located at 735 N Logan Ave in Danville, IL, the property is being offered for sale.
FF&E is negotiable, which may simplify tenant or operator customization following occupancy. The available room count and basement program can support healthcare teams seeking dedicated exam and administrative space.
The original building was built in 1978 and was expanded in 2010. Located at 735 N Logan Ave in Danville, IL, the property is being offered for sale.
FF&E is negotiable, which may simplify tenant or operator customization following occupancy. The available room count and basement program can support healthcare teams seeking dedicated exam and administrative space.
Key Highlights
- 13 exam rooms plus large reception area
- Lab area and records office included
- Dedicated check‑in and check‑out station
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
$83,437
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
8.56%
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%
$1,668,740
$1.7M
Cap Rate 7%
$1,191,957
$1.2M
Cap Rate 9%
$927,078
$927.1K
Market Conditions
NOI Build-Up for 8,296 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
$149.3K $18.00/SF
− Vacancy
−$38.1K −$4.59/SF
EGI
$111.2K $13.41/SF
− OpEx
−$27.8K −$3.35/SF
NOI
$83.4K $10.06/SF
Area
Vermilion County, IL
Vacancy
25.50%
Lease Rate
$18.00 /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%
$1,668,740
Cap Rate 7%
$1,191,957
Cap Rate 9%
$927,078
Alternative Uses
Best Use
Healthcare Medical
$1.44M
$1.26M – $1.68M
NOI $100,563 @ 7.0% cap · market cap 10.31%
Second Best
Office B
$1.19M
$1.04M – $1.39M
NOI $83,437 @ 7.0% cap · market cap 8.56%
Theoretical Best
Specialty Retail
$1.62M
$1.41M – $1.89M
NOI $113,132 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61832, IL
32,878
Population
16,390
Households
2
Avg Household Size
40
Median Age
17%
College-Educated
90%
High-School Grad
27.3 sq mi
ZIP Area
1,204
Density / Sq Mi
$45,264
Median Household Income
$37,288
Median Earnings
$805
Median Rent
$78,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office with 13 exam rooms, reception and check-in, lab area, and full basement with break room and office space.
Where is this medical office space located?
The property is located at 735 N Logan Ave Danville, IL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 13 exam rooms plus large reception area; Lab area and records office included; Dedicated check‑in and check‑out station
