Three-Tenant Office
New
For Sale
$855,000
840 W Bartlett Rd, Bartlett, IL 60103
Fully occupied professional office property with dedicated suite entrances, prominent road signage, and private off-street parking.
Property Size5,100 SF
Price / SF$167.65
Days on Market2
Property Features for 840 W Bartlett Rd
General Information
Standard status
Active
Size
5,100 SF
Class
B
Property subtype
Office
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
3
Amenities
dedicated suite entrances
prominent signage
Building Details
Building Size
5,100 SF
Year Built
1989
Buildings
1
Stories
2
Tenancy
Multi
Owner Occupied
Yes
Abandoned
No
Listing Agency:
SVN | Landmark Commercial Real Estate
(630) 254-4734
Listed By:
Jeff Cadwallader · License #475116201
(630) 254-4734
Source:
Svn
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 8:12AM
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 SVN | Landmark Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 1989, this 5,100-square-foot professional office building is arranged across two matching floors of 2,550 square feet each. The property contains three suites, each with its own entrance, and is currently fully occupied. Two first-floor occupants include a dental practice and another professional office user, while the seller uses the second floor.
The building fronts W Bartlett Road and includes prominent property signage along with a private off-street parking lot. Its location provides convenient access to IL Route 59. The seller is prepared to lease the second floor at market terms or vacate, creating flexibility for an owner-user or an investor acquiring an occupied office asset.
The building fronts W Bartlett Road and includes prominent property signage along with a private off-street parking lot. Its location provides convenient access to IL Route 59. The seller is prepared to lease the second floor at market terms or vacate, creating flexibility for an owner-user or an investor acquiring an occupied office asset.
Key Highlights
- 5,100 SF professional office building with two 2,550 SF floors
- Three suites, each with a dedicated entrance
- Fully occupied with two first‑floor tenants and seller‑occupied second floor
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
$70,321
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
8.22%
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%
$1,406,420
$1.4M
Cap Rate 7%
$1,004,586
$1.0M
Cap Rate 9%
$781,344
$781.3K
Market Conditions
NOI Build-Up for 5,100 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
$124.8K $24.48/SF
− Vacancy
−$31.1K −$6.10/SF
EGI
$93.8K $18.38/SF
− OpEx
−$23.4K −$4.60/SF
NOI
$70.3K $13.79/SF
Area
Cook 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%
$1,406,420
Cap Rate 7%
$1,004,586
Cap Rate 9%
$781,344
Alternative Uses
Best Use
Office B
$1.00M
$879.0K – $1.17M
NOI $70,321 @ 7.0% cap · market cap 8.22%
Second Best
Healthcare Medical
$965.2K
$844.6K – $1.13M
NOI $67,565 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,256 @ 7.0% cap · market cap 14.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Explore this area
Business Placement
Demographics for 60103, IL
41,740
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
48%
College-Educated
95%
High-School Grad
18.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$131,552
Median Household Income
$64,113
Median Earnings
$1,851
Median Rent
$353,300
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 building - Fully occupied professional office property with dedicated suite entrances, prominent road signage, and private off-street parking.
Where is this office building located?
The property is located at 840 W Bartlett Rd Bartlett, IL.
What is the asking price?
The asking price for this property is $855,000.
What are key features of this property?
This property features: 5,100 SF professional office building with two 2,550 SF floors; Three suites, each with a dedicated entrance; Fully occupied with two first‑floor tenants and seller‑occupied second floor
