Single-Story Medical
For Sale
$329,000
9629 SOUTHWEST Highway, Oak Lawn, IL 60453
Configured with reception, private exam rooms, restrooms, office space, storage, and abundant natural light.
Property Size1,100 SF
Price / SF$274.17
Days on Market96
Property Features for 9629 SOUTHWEST Highway
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Commercial
Zoning
OFFIC
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$13,028
Building Details
Building Size
1,100 SF
Year Built
1980
Buildings
1
Stories
1
Units
1
Listing Agency:
Century 21 Circle
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(773) 465-4200
Source:
Perillorealestategroup
Added: May 5
Changed: Aug 2
Last Checked: Aug 7 at 10:28AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This single-story medical office at 9629 Southwest Highway includes approximately 1,100-1,200 square feet arranged with a reception area, three private exam rooms, two restrooms, a dedicated office, and storage. Three skylights bring natural light into the interior, which is currently configured for medical use and was built in 1980.
The property is positioned at Southwest Highway and 95th Avenue in Oak Lawn, within a dense business mixed-use corridor. Little Company of Mary and Advocate Christ Hospital are nearby, while Target, K Mart, Jewel Foods, and other anchor retailers are within proximity. The site also offers two parking sections, one in front and one at the rear, with access to major roads and interstates.
The property is positioned at Southwest Highway and 95th Avenue in Oak Lawn, within a dense business mixed-use corridor. Little Company of Mary and Advocate Christ Hospital are nearby, while Target, K Mart, Jewel Foods, and other anchor retailers are within proximity. The site also offers two parking sections, one in front and one at the rear, with access to major roads and interstates.
Key Highlights
- Approximately 1,100‑1,200 Sq. ft. medical office
- Three private exam rooms and two restrooms
- Reception, dedicated office, and storage areas
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
$16,546
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
5.03%
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%
$330,920
$330.9K
Cap Rate 7%
$236,371
$236.4K
Cap Rate 9%
$183,844
$183.8K
Market Conditions
NOI Build-Up for 1,200 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
$29.4K $24.48/SF
− Vacancy
−$7.3K −$6.10/SF
EGI
$22.1K $18.38/SF
− OpEx
−$5.5K −$4.60/SF
NOI
$16.5K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$330,920
Cap Rate 7%
$236,371
Cap Rate 9%
$183,844
Alternative Uses
Best Use
Office B
$236.4K
$206.8K – $275.8K
NOI $16,546 @ 7.0% cap · market cap 5.03%
Second Best
Healthcare Medical
$227.1K
$198.7K – $265.0K
NOI $15,898 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$414.3K
$362.5K – $483.4K
NOI $29,001 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,102
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60453, IL
58,362
Population
23,115
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
6,866
Density / Sq Mi
$82,493
Median Household Income
$48,810
Median Earnings
$1,310
Median Rent
$267,900
Median Home Value
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 - Configured with reception, private exam rooms, restrooms, office space, storage, and abundant natural light.
Where is this medical office space located?
The property is located at 9629 SOUTHWEST Highway Oak Lawn, IL.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Approximately 1,100‑1,200 Sq. ft. medical office; Three private exam rooms and two restrooms; Reception, dedicated office, and storage areas
