Medical Office Condo with Finished
For Sale
$495,000
828 N Cass Avenue #1B, Westmont, IL 60559
Operating ophthalmology practice with accessible design, dedicated exam rooms, and shared striped parking.
Property Size5,000 SF
Lot Size0.34 Acres
Price / SF$198
Days on Market165
Property Features for 828 N Cass Avenue #1B
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.34 Acres
Property subtype
Commercial
Zoning
OFFIC
Additional Details
Utilities to Site
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,726
Building Details
Building Size
5,000 SF
Year Built
2009
Buildings
1
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
David McLennan · License #475165323
(773) 325-2800
Source:
Cavanaghrealty
Added: Mar 19
Changed: Aug 29
Last Checked: Aug 29 at 1:03PM
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 Pearson Realty Group
Investment Insights
Based on property information with market context.
This medical office condominium at 828 N Cass Avenue #1B is currently configured for an ophthalmology practice. Built in 2009, the property includes approximately 1,500 square feet on the main level plus a finished basement of approximately 1,000 square feet with predominantly open areas and high ceilings. The layout provides two reception and waiting areas, two offices, staff and records space, three exam rooms, and a separate restroom. Two handicapped-accessible restrooms are positioned near the west entrance, and the building was designed for handicapped accessibility.
The property is located in Westmont near multiple medical facilities, including Duly Health and Care within less than 1/2 mile and Good Samaritan Hospital 2.3 miles away. The paved lot includes 16 striped private parking spaces, with two designated for handicapped parking; parking is shared with Unit 1A. The two condominium owners each hold an undivided 50% interest in the land. Unit owners separately cover gas, electric, and property taxes, while exterior maintenance and HOA accounting expenses are included in monthly dues.
The property is located in Westmont near multiple medical facilities, including Duly Health and Care within less than 1/2 mile and Good Samaritan Hospital 2.3 miles away. The paved lot includes 16 striped private parking spaces, with two designated for handicapped parking; parking is shared with Unit 1A. The two condominium owners each hold an undivided 50% interest in the land. Unit owners separately cover gas, electric, and property taxes, while exterior maintenance and HOA accounting expenses are included in monthly dues.
Key Highlights
- Approximately 2,500 SF total, including a 1,500 SF main level and approximately 1,000 SF finished basement
- Three exam rooms, two offices, staff/reception area, records storage, and two reception/waiting areas
- Built in 2009 with handicapped‑accessible design and two handicapped‑accessible restrooms near the west entrance
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
$34,471
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
6.96%
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%
$689,420
$689.4K
Cap Rate 7%
$492,443
$492.4K
Cap Rate 9%
$383,011
$383.0K
Market Conditions
NOI Build-Up for 2,500 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
$61.2K $24.48/SF
− Vacancy
−$15.2K −$6.10/SF
EGI
$46.0K $18.38/SF
− OpEx
−$11.5K −$4.60/SF
NOI
$34.5K $13.79/SF
Area
DuPage County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$689,420
Cap Rate 7%
$492,443
Cap Rate 9%
$383,011
Alternative Uses
Best Use
Office B
$492.4K
$430.9K – $574.5K
NOI $34,471 @ 7.0% cap · market cap 6.96%
Second Best
Healthcare Medical
$473.1K
$414.0K – $552.0K
NOI $33,120 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$863.1K
$755.3K – $1.01M
NOI $60,420 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60559, IL
24,363
Population
11,105
Households
2.2
Avg Household Size
39
Median Age
49%
College-Educated
95%
High-School Grad
4.7 sq mi
ZIP Area
5,184
Density / Sq Mi
$87,474
Median Household Income
$53,980
Median Earnings
$1,491
Median Rent
$356,400
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 - Operating ophthalmology practice with accessible design, dedicated exam rooms, and shared striped parking.
Where is this medical office space located?
The property is located at 828 N Cass Avenue #1B Westmont, IL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Approximately 2,500 SF total, including a 1,500 SF main level and approximately 1,000 SF finished basement; Three exam rooms, two offices, staff/reception area, records storage, and two reception/waiting areas; Built in 2009 with handicapped‑accessible design and two handicapped‑accessible restrooms near the west entrance
