Medical Office
For Sale
$589,000
900 Technology Way, Libertyville, IL 60048
Commercial Sale, Libertyville, IL
Property Size2,700 SF
Price / SF$218.15
Days on Market47
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
Building Details
Year built
2010
Floors in Building
3
Number of units
1
Flooring type
Vinyl, Carpet, Varies
Building materials
Brick, Block
Listing Agency:
Redfin Corporation
(224) 699-5002
Listed By:
Nathan Freeborn
(773) 590-3430
Added: Aug 12
Changed: Sep 22
Last Checked: Sep 27 at 11:06AM
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 occupies space in a brick and block building completed in 2010. Expansive windows bring natural light throughout the suite, while panoramic views and a professionally finished lobby support a polished environment for patients and visitors. The property includes central air, varied flooring with vinyl and carpet, two elevators, and ample parking.
The office is on the west side of Libertyville near Route 45, Route 137, Winchester Road, Condell Medical Center, and I-94. Advocate Health Care currently leases the suite through December 2029 and has occupied it since 2021. The space has operated continuously as a medical office since 2010. COMMR zoning and the existing office configuration support its established healthcare use, with additional potential for professional office occupancy.
The office is on the west side of Libertyville near Route 45, Route 137, Winchester Road, Condell Medical Center, and I-94. Advocate Health Care currently leases the suite through December 2029 and has occupied it since 2021. The space has operated continuously as a medical office since 2010. COMMR zoning and the existing office configuration support its established healthcare use, with additional potential for professional office occupancy.
Key Highlights
- 2,700‑square‑foot medical office condominium in a building completed in 2010
- Leased to Advocate Health Care through December 2029
- Continuous medical‑office operation since 2010; Advocate Health Care occupancy began in 2021
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
6.64%
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 6.64%
Second Best
Office B
$531.8K
$465.4K – $620.5K
NOI $37,229 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$932.2K
$815.7K – $1.09M
NOI $65,253 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Leased healthcare suite with natural light, panoramic views, and access to major roads and medical facilities.
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 $589,000.
What are key features of this property?
This property features: 2,700‑square‑foot medical office condominium in a building completed in 2010; Leased to Advocate Health Care through December 2029; Continuous medical‑office operation since 2010; Advocate Health Care occupancy began in 2021
