Medical Office Near OSF
For Sale
Contact for pricing
735 N Logan Ave, Danville, IL 61832
Medical office building with exam rooms and basement near hospital.
Property Size5,304 SF
Price / SF$183.82
Days on Market2553
Property Features for 735 N Logan Ave
General Information
Standard status
Active
Size
5,304 SF
Property subtype
Office
Zoning
P-1 Professional Use
Lease Type
NNN
Building Details
Year Built
1978
Year Renovated
2010
Listing Agency:
Realty 54
(217) 918-0871
Listed By:
Larry Kuchefski · License #471.008990
Source:
Crexi
Added: Aug 16, 2019
Changed: Aug 8
Last Checked: Aug 10 at 8:54AM
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 Realty 54
Investment Insights
Based on property information with market context.
The property, originally constructed in 1978 and expanded in 2010, is located across the street from OSF Hospital, surrounded by numerous other medical offices. The office space includes 13 exam rooms, a large reception area, a check-in and check-out station, a records office, three additional offices, and a lab area. The property also features a full basement with a break room, additional office space, exam rooms, and a file room. The total property size is 5304 square feet. Furniture, fixtures, and equipment (FF&E) are negotiable.
Key Highlights
- Prime location across the street from OSF Hospital, ideal for medical professionals
- Thirteen exam rooms, suitable for a large medical practice
- Expanded in 2010, offering modern and updated facilities
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
$64,295
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
6.59%
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%
$1,285,900
$1.3M
Cap Rate 7%
$918,500
$918.5K
Cap Rate 9%
$714,389
$714.4K
Market Conditions
NOI Build-Up for 5,304 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
$116.5K $21.96/SF
− Vacancy
−$9.3K −$1.76/SF
EGI
$107.2K $20.20/SF
− OpEx
−$42.9K −$8.08/SF
NOI
$64.3K $12.12/SF
Area
Vermilion County, IL
Vacancy
8.00%
Lease Rate
$21.96 /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%
$1,285,900
Cap Rate 7%
$918,500
Cap Rate 9%
$714,389
Alternative Uses
Best Use
Healthcare Medical
$918.5K
$803.7K – $1.07M
NOI $64,295 @ 7.0% cap · market cap 6.59%
Second Best
Office B
$762.1K
$666.8K – $889.1K
NOI $53,345 @ 7.0% cap · market cap 5.47%
Theoretical Best
Specialty Retail
$1.03M
$904.1K – $1.21M
NOI $72,331 @ 7.0% cap · market cap 7.42%
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fairchild Animal Hospital: Grice Carol DVM — 619 Oak St, Danville, IL 61832
- Bradley Laura DVM — 619 Oak St, Danville, IL 61832, United States
- Fairchild Animal Hospital: Adams Meredith DVM — 619 Oak St, Danville, IL 61832
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with exam rooms and basement near hospital.
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: Prime location across the street from OSF Hospital, ideal for medical professionals; Thirteen exam rooms, suitable for a large medical practice; Expanded in 2010, offering modern and updated facilities
