Medical Office with
For Sale
$329,000
9629 SOUTHWEST Highway, Oak Lawn, IL 60453
Single-story professional suite with reception, private exam rooms, restrooms, office, storage, and natural light.
Property Size1,100 SF
Price / SF$274.17
Days on Market117
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:
Exit2newbeginningz
Added: May 5
Changed: Aug 28
Last Checked: Aug 28 at 11:32AM
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 in Oak Lawn, Illinois, contains approximately 1,100–1,200 square feet and was built in 1980. The layout includes a reception area, 3 private exam rooms, 2 restrooms, a dedicated office, and a storage room. Three skylights provide natural light throughout the interior, which is currently configured for medical office use.
The property is positioned along Southwest Highway near 95th Avenue, with street exposure in a business-oriented mixed-use corridor. It is close to Little Company of Mary and Advocate Christ Hospital, as well as Target, Kmart, Jewel-Osco, and other retail anchors. Two parking areas serve the front and rear of the building, and major roads and interstates are within a short distance.
The property is positioned along Southwest Highway near 95th Avenue, with street exposure in a business-oriented mixed-use corridor. It is close to Little Company of Mary and Advocate Christ Hospital, as well as Target, Kmart, Jewel-Osco, and other retail anchors. Two parking areas serve the front and rear of the building, and major roads and interstates are within a short distance.
Key Highlights
- Approximately 1,100–1,200 Sq. ft. single‑story medical office
- 3 private exam rooms and 2 restrooms
- Reception area, dedicated office, and 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
1,395
Businesses Nearby
Under-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-story professional suite with reception, private exam rooms, restrooms, office, storage, and 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. single‑story medical office; 3 private exam rooms and 2 restrooms; Reception area, dedicated office, and storage room
