Medical Office
New
For Sale
$625,000
900 Technology Way, Libertyville, IL 60048
COMMERCIAL - Libertyville, IL
Property Size2,700 SF
Price / SF$231.48
Days on Market6
Property Features for 900 Technology Way
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
From W Winchester Rd and Technology Way - South on Technology, follow to property.
Subdivision
Green Oaks / Libertyville
Standard status
Active
APN
11181040480000
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
15710
Utilities
Utilities
Water Available
Cooling system
Central Air
Amenities
elegant and professional lobby
Building Details
Year built
2010
Floors in Building
3
Number of units
1
Flooring type
Varies, Vinyl, Carpet
Building materials
Brick, Block
Listing Agency:
Redfin Corporation
(224) 699-5002
Listed By:
Nathan Freeborn
Added: Aug 12
Last Checked: Aug 17 at 9:06AM
MLS# 12729443
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 2,700-square-foot medical office condominium is located within a brick and block office building completed in 2010. The suite includes expansive windows, panoramic views, a central air system, and access to a professional lobby. Two elevators serve the building, and ample parking is available for occupants and visitors. Flooring includes vinyl and carpet finishes.
Advocate Health Care currently leases the suite through December 2029. The space has operated continuously as a medical office since 2010 and has been occupied by Advocate Health Care since 2021. The property provides access to Route 45, Route 137, Winchester Road, Condell Medical Center, and I-94. Zoning is designated COMMR, and water is available at the property.
Advocate Health Care currently leases the suite through December 2029. The space has operated continuously as a medical office since 2010 and has been occupied by Advocate Health Care since 2021. The property provides access to Route 45, Route 137, Winchester Road, Condell Medical Center, and I-94. Zoning is designated COMMR, and water is available at the property.
Key Highlights
- 2,700‑square‑foot medical office condominium
- Leased to Advocate Health Care through December 2029
- Medical office use has continued without interruption since 2010
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
$39,107
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
6.26%
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%
$782,140
$782.1K
Cap Rate 7%
$558,671
$558.7K
Cap Rate 9%
$434,522
$434.5K
Market Conditions
NOI Build-Up for 2,700 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
$71.3K $26.40/SF
− Vacancy
−$6.1K −$2.26/SF
EGI
$65.2K $24.14/SF
− OpEx
−$26.1K −$9.66/SF
NOI
$39.1K $14.48/SF
Area
Lake County, IL
Vacancy
8.56%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$782,140
Cap Rate 7%
$558,671
Cap Rate 9%
$434,522
Alternative Uses
Best Use
Healthcare Medical
$558.7K
$488.8K – $651.8K
NOI $39,107 @ 7.0% cap · market cap 6.26%
Second Best
Office B
$531.8K
$465.4K – $620.5K
NOI $37,229 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$932.2K
$815.7K – $1.09M
NOI $65,253 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare suite with abundant natural light, panoramic views, and convenient access to major roads.
Where is this medical office space located?
The property is located at 900 Technology Way Libertyville, IL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,700‑square‑foot medical office condominium; Leased to Advocate Health Care through December 2029; Medical office use has continued without interruption since 2010
