Single-Story Office Condo
For Sale
$650,000
900-666 Dundee Rd, Northbrook, IL
Single-story office condo offers four suites totaling 5,295 SF within a 19-building master plan development.
Property Size5,295 SF
Price / SF$122.76
Days on Market197
Property Features for 900-666 Dundee Rd
General Information
Standard status
Active
Size
5,295 SF
Additional Details
Highway Access
Yes
Office Units
4
Taxes and HOA fees
Annual Taxes
$30,572
Building Details
Stories
1
Tenancy
Multi
Listing Agency:
Sperry Van Ness
(312) 676-1866
Listed By:
Wayne Caplan · License #475132248
(312) 529-5791
Source:
Exprealty
Added: Feb 19
Changed: Aug 31
Last Checked: Sep 4 at 11:56AM
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 Sperry Van Ness
Investment Insights
Based on property information with market context.
This single-story office condo is located within a 19-building master plan office development and is currently configured into four distinct suites. Suite sizes include 2,171 SF, 1,100 SF, and two 1,012 SF spaces, providing flexibility for an owner-occupant or investor.
The 2,171 SF suite is currently occupied by the property owner, with the ability to remain or vacate depending on a purchaser’s preference. The property is part of the 666 Dundee complex, which features a tree-lined, landscaped setting and substantial shared parking, and is described as conveniently located to I-94 as well as shops and restaurants along Chicago’s north shore/north suburban market.
For planning purposes, the presence of multiple suites and the ability to combine spaces supports a range of office configurations within the single-story condo structure.
The 2,171 SF suite is currently occupied by the property owner, with the ability to remain or vacate depending on a purchaser’s preference. The property is part of the 666 Dundee complex, which features a tree-lined, landscaped setting and substantial shared parking, and is described as conveniently located to I-94 as well as shops and restaurants along Chicago’s north shore/north suburban market.
For planning purposes, the presence of multiple suites and the ability to combine spaces supports a range of office configurations within the single-story condo structure.
Key Highlights
- Single‑story office condo in Northbrook, IL within a 19‑building master plan office development
- 5,295 SF building currently split into four suites: 2,171 SF, 1,100 SF, and two 1,012 SF spaces
- Leases are mostly shorter term, giving an owner options to combine suites for use and/or re‑tenant
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
$42,032
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
6.47%
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%
$840,640
$840.6K
Cap Rate 7%
$600,457
$600.5K
Cap Rate 9%
$467,022
$467.0K
Market Conditions
NOI Build-Up for 5,295 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
$66.7K $12.60/SF
− Vacancy
−$10.7K −$2.02/SF
EGI
$56.0K $10.58/SF
− OpEx
−$14.0K −$2.65/SF
NOI
$42.0K $7.94/SF
Area
Adams County, IL
Vacancy
16.00%
Lease Rate
$12.60 /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%
$840,640
Cap Rate 7%
$600,457
Cap Rate 9%
$467,022
Alternative Uses
Best Use
Office B
$600.5K
$525.4K – $700.5K
NOI $42,032 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.06M
$925.5K – $1.23M
NOI $74,043 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,354
Businesses Nearby
Explore this area
Business Placement
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 units - Single-story office condo offers four suites totaling 5,295 SF within a 19-building master plan development.
Where is this office units located?
The property is located at 900-666 Dundee Rd Northbrook, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Single‑story office condo in Northbrook, IL within a 19‑building master plan office development; 5,295 SF building currently split into four suites: 2,171 SF, 1,100 SF, and two 1,012 SF spaces; Leases are mostly shorter term, giving an owner options to combine suites for use and/or re‑tenant
