Medical Office
For Sale
$495,000
828 N Cass Avenue, Westmont, IL 60559
COMMERCIAL - Westmont, IL
Property Size2,500 SF
Lot Size0.34 Acres
Price / SF$198
Days on Market152
Property Features for 828 N Cass Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
88 (W) to 83 (S) to Ogden Ave (W) to Cass Ave (N) to 828 N. Cass Ave
Subdivision
Westmont
Standard status
Active
APN
0904223002
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6726
Utilities
Cooling system
Central Air
Building Details
Year built
2009
Floors in Building
1
Number of units
1
Flooring type
Carpet
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
David McLennan · License #475165323
(773) 325-2800
Added: Mar 19
Changed: Aug 13
Last Checked: Aug 17 at 7:06PM
MLS# 12591064
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office condominium is currently configured for an ophthalmology practice and was built in 2009. The approximately 1,500-square-foot main level includes two reception and waiting areas, two offices, reception and administrative space, record storage, three exam rooms, and a separate restroom. A finished basement adds approximately 1,000 square feet of primarily open area with high ceilings. The building was designed for handicapped accessibility and includes two additional accessible restrooms near the west entrance.
The property is situated on Cass Avenue in Westmont, less than one-half mile from Duly Health and Care and within several miles of multiple medical facilities identified in the listing. The paved shared parking area provides 16 striped private spaces, including two designated accessible spaces. The lot measures approximately 100' x 150', and the two condominium owners hold an undivided 50% interest in the land. Zoning is OFFIC.
The property is situated on Cass Avenue in Westmont, less than one-half mile from Duly Health and Care and within several miles of multiple medical facilities identified in the listing. The paved shared parking area provides 16 striped private spaces, including two designated accessible spaces. The lot measures approximately 100' x 150', and the two condominium owners hold an undivided 50% interest in the land. Zoning is OFFIC.
Key Highlights
- Approximately 1,500 sf main level plus approximately 1,000 sf finished basement
- Three exam rooms, two offices, dual reception areas, record storage, and separate restroom
- Built in 2009 with handicapped‑accessible design and two accessible restrooms
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
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Paved road access
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 - Existing clinical layout includes exam rooms, reception areas, offices, storage, and finished lower-level space.
Where is this medical office space located?
The property is located at 828 N Cass Avenue 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 1,500 sf main level plus approximately 1,000 sf finished basement; Three exam rooms, two offices, dual reception areas, record storage, and separate restroom; Built in 2009 with handicapped‑accessible design and two accessible restrooms
