Historical Office Sale Listing - Chicago Medical Office Bldg w/ Surgery Center

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Chicago Medical Office Bldg w/ Surgery Center

4211 Cicero Ave, Chicago, IL 60641

N/A

39,539 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
39,539 SF
Property Type:
Office
Property Sub-type:
Medical Office
Property Use Type:
Investment
Commission Split:
1%
Cap Rate:
8.12%
Occupancy:
97%
Tenancy:
Multiple
Lot Size:
1.07 AC
Listing ID
16103820
Last Updated
over 1 year ago

Description

Marcus & Millichap has been retained to offer for sale a fee simple interest in the Six Corners Medical Center (the Property ) located in the Portage Park neighborhood on Chicago' s northwest side. The 39,539-square foot Property is 97 percent leased to a variety of medical tenants including Advocate Health Care, Physicians Immediate Care, ACL Laboratories, Affiliated Podiatrist, Advocate Ravenswood Family Practice and a full floor same day surgical center. There are very few investments as stable as urban medical office and this property is no exception.

The site has a "Certificate of Need" issued by the Illinois Department of Health permitting the operation of an outpatient surgery center. Obtaining such certificate is costly and time consuming and once such a certificate is approved, the building can command a rental rate higher than typical medical office. This attribute is a distinct leasing advantage.

The Six Corners Medical Center is offered at $9,700,000 or $245 per square foot. The going-in capitalization rate is 8.12 percent based on current income and the initial yield on equity is estimated to be approximately 8.7 percent. There is

The Six Corners Medical Center is located on North Cicero Avenue, half-way between Irving Park Road and Montrose, only a short distance from the Kennedy Expressway (Interstate 90) and Chicago' s mass transit rail system. The area surrounding the Six Corners Medical Center is densely populated. Approximately 110,000 people live within a one-and-a-half mile radius of the subject property and over 1,000,000 people live within a five-mile radius. The property is approximately eight miles northwest of the downtown central business district of Chicago. The nearest hospital is Our Lady of the Resurrection Hospital located at the intersection of Addison Street and Central Avenue.

Map of 4211 Cicero Ave, Chicago, IL 60641 (Cook County)

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