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    2202 Harlem Rd Loves Park, IL 61111

    Sponsored
    For Sale
    $924,000

    $924,000 - 12,616 SF Medical Office

    Property size:
    12,616 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional two-building medical office complex in Loves Park, IL, presents a unique investment opportunity. Boasting 12,616 square feet across two stories, the property features multiple offices, conference rooms, a large cubicle area, and break rooms. Built in 1981 and renovated in 2006, the Class B building is situated on a 1.62-acre lot with ample parking (including a lot across the street) and benefits from high electrical power and an overhead door for convenient deliveries. The property includes a natural gas generator capable of powering the entire complex. Located on Harlem Road, it enjoys high visibility with over 16,000 vehicles passing daily. The permitted zoning is CR. The property's APN is 08-29-479-010, 08-29-479-008, and partial additional numbers. 2023 real estate taxes totaled $15,077. The seller will consider a sale-leaseback option for a portion of the building. This versatile property is priced at $924,000, or $94.32 per square foot, making it an attractive investment for healthcare providers or investors seeking a strong return.

    Property Features for 2202 Harlem Rd

    General Information

    Property type
    Medical offices
    Square Feet
    12,616 SF
    Class
    B
    Lot Size
    70,567 SF

    Building Details

    Year Built/Renovated
    1981/2006
    Buildings
    2
    Stories
    2

    HighLights

    • $924,000 asking price for this multi‑tenant medical office building.
    • 12,616 square feet, priced at $94.32 per square foot.
    • Class B, two‑story building constructed in 1981, renovated in 2006.
    • Located on a 1.62‑acre lot at 2202 Harlem Rd, Loves Park, IL 61111, with ample parking.
    • Features include multiple offices, conference rooms, a large cubicle area, break room, high electrical power, and an overhead door.
    • Includes a natural gas generator and benefits from high daily traffic counts exceeding 16,000 vehicles.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quinlan Vincent J ... Anesthesiologist Gunderson Steven A DO Anesthesiologist Laporta Maria MD Anesthesiologist Szewczyk John E ... Doctor Dr. Wieslaw J. ... Anesthesiologist

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Loves Park
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.019119541508
    Latitude
    42.340155648112

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    FAQs

    What type of property is this?
    Medical office - $924,000 - 12,616 SF Medical Office
    Where is this medical office located?
    The property is located at 2202 Harlem Rd Loves Park, IL.
    What is the asking price?
    The asking price for this property is $924,000.
    What are key features of this property?
    This property features: $924,000 asking price for this multi-tenant medical office building.; 12,616 square feet, priced at $94.32 per square foot.; Class B, two-story building constructed in 1981, renovated in 2006.
    Request Owner's contact information
    2202 Harlem Rd Loves Park, IL 61111
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    Loves Park, IL 61111
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    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
    2202 Harlem Rd Loves Park, IL 61111
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