Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    8741 Greenwood Ave Chicago, IL 60619

    Sponsored
    For Lease
    $18 SF/Yr ($14,670 /Mo)

    Chicago Medical Office Space Available

    Lot size:
    9,780 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    423
    Greenwood Place, a Class A medical office building in Chicago's desirable Chatham neighborhood, offers 9,780 square feet of completely vacant space. This multi-tenant property, part of a four-building campus, boasts significant recent renovations and beautification. Units range from 1,124 to 3,050 contiguous square feet, with a minimum divisible space of 1,124 square feet. The property benefits from a prime location on Greenwood Avenue, a major thoroughfare with over 60,000 vehicles per day, and convenient access to public transportation. The diverse tenant mix includes medical professionals, educators, and other service providers. This opportunity zone presents a unique chance to establish or expand a medical practice in a vibrant and well-connected community. The building's location within the historically significant Hyde Park area offers access to a rich cultural scene and a variety of amenities. The property's updated aesthetic and high visibility make it an ideal location for medical professionals seeking a modern and accessible office space. This is a rare opportunity to secure a significant amount of space in a thriving Chicago neighborhood.

    Property Features for 8741 Greenwood Ave

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    9,780 SF
    Class
    A
    Total Rate
    14670

    Spaces For Lease

    at 8741 Greenwood Ave, Chicago, IL 60619 Contact us
    Unit 8751 S. Greenwood Ave STE 106

    $18 /Mo

    Size
    1,200 SF
    Contact us
    Unit 8741 S. Greenwood Ave Suite 104

    $18 /Mo

    Size
    810 SF
    Contact us
    Unit 8751 S. Greenwood Ave STE 108

    $18 /Mo

    Size
    1,200 SF
    Contact us
    Unit 8751 S Greenwood Suite 100

    $20 /Mo

    Size
    3,600 SF
    Contact us
    Unit 8751 S. Greenwood Ave STE 110

    $18 /Mo

    Size
    1,200 SF
    Contact us
    Unit 1111 E. 87th St

    $18 /Mo

    Size
    7,525 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Ryan Kattoo
    Ryan Kattoo

    Learn more

    HighLights

    • 9,780 SF of vacant Class A medical office space in a four‑building campus.
    • 340 surface parking spaces.
    • High‑traffic location with over 60,000 vehicles per day (VPD).
    • Excellent public transportation access.
    • High visibility on Greenwood Avenue in the desirable Chatham neighborhood.
    • Located in an Opportunity Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Citizen Newspaper Group Publishing House Comprehensive Prosthetics & Orthotics Orthotics & Prosthetics Service Robinson Carmelita R ... Physician Ada S. McKinley ... Charitable Organization Lpnai Employment Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center 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
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.5966883
    Latitude
    41.7354833

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      O'Hare Airport

      All-inclusive access to workspace, virtual office and meeting rooms in O'Hare Airport
      8770 West Bryn Mawr Ave, Chicago, IL 60631
      View Details
    • Contact for pricing
      6,970 SF

      Distinctive South Loop Commercial Space

      Versatile commercial space in Chicago's South Loop.
      819 S Wabash Ave, Chicago, IL 60605
      View Details
    • Contact for pricing

      Modern Office Building with Rooftop

      Newly constructed office building with rooftop retreat in Chicago.
      1290 N Clybourn Ave, Chicago, IL 60610
      View Details
    • Contact for pricing

      Prime Retail Space on North Avenue

      High-visibility commercial condo in Wicker Park, Chicago.
      1720 W North Ave, Chicago, IL 60622
      View Details
    • Contact for pricing

      Pilsen Retail Storefront on 18th

      Premier 1,500 SF retail space in historic Pilsen corridor.
      1102 W 18Th St, Chicago, IL 60608
      View Details
    • Contact for pricing
      39,204 SF

      Pulaski Road Retail Opportunity

      Double storefront on highly traveled Pulaski Road. Many possibilities!
      8337 S Pulaski Rd, Chicago, IL 60652
      View Details
    • Contact for pricing

      Remodeled Office Space in Chicago

      Remodeled office space for rent in Chicago's Edison Park.
      6650 N Northwest Hwy, Chicago, IL 60631
      View Details
    • Contact for pricing

      Remodeled Office/Retail Space in Chicago

      Remodeled 800 SF ground floor unit in Edison Park.
      6650 N Northwest Hwy, Chicago, IL 60631
      View Details
    • Contact for pricing
      2,614 SF

      Chicago Office Space For Rent

      1,959 SF office space on Pulaski Rd, Chicago.
      6959 S Pulaski Ave, Chicago, IL 60629
      View Details
    • Contact for pricing

      Southport Corridor Retail Space Available

      Bright retail space in Chicago's Southport Corridor, near Blaine Elementary.
      3827 N Southport Ave, Chicago, IL 60613
      View Details
    • Contact for pricing
      7,405 SF

      South Shore Redevelopment Opportunity

      Redevelopment opportunity in high-traffic South Shore community.
      7141 S Jeffery Blvd, Chicago, IL 60649
      View Details
    • Contact for pricing

      West Loop Timber Loft Office

      Turnkey office space with flexible live/work potential in Chicago.
      1327 W Washington Blvd, Chicago, IL 60607
      View Details

    FAQs

    What type of property is this?
    Medical office - Chicago Medical Office Space Available
    Where is this medical office located?
    The property is located at 8741 Greenwood Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $18-$20 SF/Yr.
    What are key features of this property?
    This property features: 9,780 SF of vacant Class A medical office space in a four-building campus.; 340 surface parking spaces.; High-traffic location with over 60,000 vehicles per day (VPD).
    Request Owner's contact information
    8741 Greenwood Ave Chicago, IL 60619
    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.
    8741 Greenwood Ave
    Chicago, IL 60619
    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
    8741 Greenwood Ave Chicago, IL 60619
    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

    We can help!
    Listing Contact
    Ryan Kattoo
    Ryan Kattoo
    Real Estate License ID: 6502370579
    Learn more
    Google sign-in failed. Please try again or use another login method.