Move-In Ready Dental
For Sale
Contact for pricing
2071 Irving Park Rd, Hanover Park, IL 60133
Dental space available for sale with signage opportunities.
Property Size6,600 SF
Price / SF$149.92
Days on Market807
Property Features for 2071 Irving Park Rd
General Information
Standard status
Active
Size
6,600 SF
Class
B
Property subtype
Office
Building Details
Year Built
1980
Listing Agency:
Versa Real Estate Services
(630) 480-6342
Listed By:
John Millner · License #IL 475145921
Source:
Crexi
Added: Jun 5, 2024
Changed: Aug 14
Last Checked: Aug 19 at 12:08AM
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 Versa Real Estate Services
Investment Insights
Based on property information with market context.
A move-in ready dental space is available for purchase, offering up to 4,000 square feet. The property includes signage opportunities. The property is located at 2071 Irving Park Rd, Hanover Park, IL 60133 and has a total size of 6,600 square feet.
Key Highlights
- Move‑in ready dental space, perfect for a quick start.
- Up to 4,000 sq ft available.
- Signage opportunities to increase visibility.
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
$91,003
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
9.20%
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%
$1,820,060
$1.8M
Cap Rate 7%
$1,300,043
$1.3M
Cap Rate 9%
$1,011,144
$1.0M
Market Conditions
NOI Build-Up for 6,600 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
$161.6K $24.48/SF
− Vacancy
−$40.2K −$6.10/SF
EGI
$121.3K $18.38/SF
− OpEx
−$30.3K −$4.60/SF
NOI
$91.0K $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%
$1,820,060
Cap Rate 7%
$1,300,043
Cap Rate 9%
$1,011,144
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $91,003 @ 7.0% cap · market cap 9.20%
Second Best
Healthcare Medical
$1.25M
$1.09M – $1.46M
NOI $87,437 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,508 @ 7.0% cap · market cap 16.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
648
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60133, IL
37,494
Population
11,573
Households
3.2
Avg Household Size
35
Median Age
29%
College-Educated
84%
High-School Grad
8.4 sq mi
ZIP Area
4,464
Density / Sq Mi
$92,263
Median Household Income
$40,743
Median Earnings
$1,478
Median Rent
$260,900
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.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Dental space available for sale with signage opportunities.
Where is this medical office space located?
The property is located at 2071 Irving Park Rd Hanover Park, IL.
What is the asking price?
The asking price for this property is $989,500.
What are key features of this property?
This property features: Move‑in ready dental space, perfect for a quick start.; Up to 4,000 sq ft available.; Signage opportunities to increase visibility.
