Single-Story Medical Office
For Sale
$329,000
9629 SOUTHWEST Highway, Oak Lawn, IL 60453
COMMERCIAL - Oak Lawn, IL
Property Size1,200 SF
Lot Size0.20 Acres
Price / SF$274.17
Days on Market96
Property Features for 9629 SOUTHWEST Highway
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
95TH ST. TO SOUTHWEST HIGHWAY,SOUTH TO ADDRESS
Subdivision
Oak Lawn
Standard status
Active
APN
24081210040000
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
13028
Utilities
Cooling system
Central Air
Building Details
Year built
1980
Floors in Building
1
Number of units
1
Flooring type
Carpet, Tile, Wood
Building materials
Brick, Concrete
Roof type
Rubber
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: May 5
Changed: Aug 4
Last Checked: Aug 8 at 12:06PM
MLS# 12638601
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.
Single-story medical office building in immaculate condition, totaling approximately 1,100–1,200 SF. The interior includes a welcoming reception area, three private exam rooms, two restrooms, a dedicated office space, and a storage room. Natural light is provided through three skylights. The building features central air cooling, wood, tile, and carpet flooring, and a rubber roof. Constructed with brick and concrete materials, the property was built in 1980. Two parking sections are located at the front and back of the building.
The property is strategically located at the southwest corner of Southwest Hwy and 95th Ave in a dense business and mixed-use corridor, with strong visibility and street presence. It is near Little Company of Mary and Advocate Christ Hospital, and within proximity to retail anchors including Target, K Mart, and Jewel Foods. The remarks also note short distance access to major roads and interstates.
The space is suited for a range of professional and service uses, including medical and allied offices and other business or professional services.
The property is strategically located at the southwest corner of Southwest Hwy and 95th Ave in a dense business and mixed-use corridor, with strong visibility and street presence. It is near Little Company of Mary and Advocate Christ Hospital, and within proximity to retail anchors including Target, K Mart, and Jewel Foods. The remarks also note short distance access to major roads and interstates.
The space is suited for a range of professional and service uses, including medical and allied offices and other business or professional services.
Key Highlights
- Approximately 1,100–1,200 SF single‑story medical office building
- Three private exam rooms plus reception area and dedicated office space
- Two restrooms and a storage room
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
Property Profile
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 - Single-story medical office with central air, three skylights, and a layout featuring exam rooms and a reception area.
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 SF single‑story medical office building; Three private exam rooms plus reception area and dedicated office space; Two restrooms and a storage room
