Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Medical Ready Office Suite Title is generated by Realmo AI

    8505 183rd St, Tinley Park, IL 60487

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $16 SF/Yr $77,441/Mo (calc)

    9,698 SF office suite suitable for medical conversion.

    Type:Medical
    Property size:
    58,081 SF
    Added:
    Nov 26, 2025
    Days on Market:
    173
    Last Refresh:
    Apr 5 at 9:22 pm

    Property Features for 8505 183rd St

    General Information

    Standard status
    Active
    Size
    58,081 SF
    Property subtype
    Medical

    Building Details

    Year Built
    2003

    Spaces For Lease

    at 8505 183rd St Contact us

    We can help!

    Listing Contact
    Doug Pauly

    Listing agent Doug Pauly

    Listing office

    Listing date Nov 26, 2025

    Source Lee-associates

    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 Doug Pauly

    HighLights

    • Medical‑ready suite (9,698 SF) designed for easy conversion to a clinic.
    • Direct entry from abundant surface parking.
    • Prominent signage for high visibility and brand recognition.
    • Strong medical co‑tenancy for referral potential.
    • Robust Tenant Improvement (TI) allowance for customization.
    • Well‑capitalized ownership targeting medical users.

    Overview

    This 9,698 square foot suite is currently built as an office and offers a direct entry, making it a potential opportunity for medical use. The existing layout includes 8 private offices, ADA restrooms, and a staff kitchen, which could facilitate a conversion to medical use. The suite is accessible directly from a surface lot. Prominent signage opportunities are available. The property benefits from medical co-tenancy. The owner is targeting medical users and is prepared to deliver a tenant improvement allowance to tailor a turnkey clinic. The property is located at 8505 183rd St, Tinley Park, IL 60487.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    US Labor Department Federal Government Office Transplace Logistics Company Eugene M. Tanquilut, ... Physician Outsource Receivables, Inc. Medical Billing Service Vascular Specialists Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tinley Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8257
    Latitude
    41.5568

    Nearby Similar for Lease

    • Contact for pricing

      Tinley Park Office Space Available

      Prime office space in downtown Tinley Park near Metra.
      16750 S OAK PARK Avenue, Tinley Park, IL 60477
      View Details
    • $22 SF/Yr
      2,000 SF

      2,000 SF Office Condo

      Office condo in Will County, suitable for professional use.
      8041 W 186th St, Tinley Park, IL
      View Details
    • Contact for pricing

      Retail Space in Tinley Park

      Retail space available for rent in Tinley Park, Illinois.
      16150 S Harlem Avenue, Tinley Park, IL 60477
      View Details
    • $25 SF/Yr
      3,325 SF

      Office Complex Near Transportation Hub

      Office complex with executive suites, close to transportation and amenities.
      16345 Harlem Ave, Tinley Park, IL
      View Details
    • Contact for pricing
      1,991 SF

      Tinley Park Office/Retail Unit

      1,991 SF unit ideal for office or retail use.
      18311 North Creek Drive, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      1,800 SF

      Retail Endcap with High Visibility

      Retail space available with high traffic and signage opportunities.
      9502 179th Street, Tinley Park, IL 60487
      View Details
    • $20 SF/Yr
      1,991 SF

      Office/Retail Space with Open Layout

      1,991 SF office/retail space in busy Tinley Park center.
      18311 N Creek Dr, Tinley Park, IL
      View Details
    • $25 SF/Yr
      20,405 SF

      Tinley Park Executive Office Suites

      Three-building office complex offering single executive office suites for rent.
      16325 S. Harlem Ave., Tinley Park, IL 60477
      View Details
    • $22 SF/Yr
      1,213 SF

      Tinley Park Office Space Available

      Move-in ready office space in a busy strip center.
      9410 179th St, Tinley Park, IL
      View Details
    • $2,200/Mo
      980 SF

      Tinley Park Office Space Available

      Office space for rent with basement storage and ample parking.
      6700 W 167th St, Tinley Park, IL
      View Details
    • $10 SF/Yr
      5,201 SF

      Tinley Park Flex/Industrial Space

      Flex/industrial space with access via two interchanges and low taxes.
      8201 W 183rd St, Tinley Park, IL
      View Details
    • Contact for pricing
      93,103 SF

      Class A Distribution Center

      93,013 sq ft distribution center with trailer parking.
      18700 S Ridgeland Ave, Tinley Park, IL 60477
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - 9,698 SF office suite suitable for medical conversion.
    Where is this medical office space located?
    The property is located at 8505 183rd St Tinley Park, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Medical‑ready suite (9,698 SF) designed for easy conversion to a clinic.; Direct entry from abundant surface parking.; Prominent signage for high visibility and brand recognition.
    (773) 355-5812
    We can help!
    Listing Contact
    Doug Pauly
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    8505 183rd St, Tinley Park, IL 60487
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!