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CHICAGO-A medical office building located next to Illinois Masonic Hospital in the Lakeview community is on the market at $22 million. Despite vacancy of nearly 30%, the offering price represents a capitalization rate of 8.76% in the first year, according to CB Richard Ellis, which could rise another two percentage points by 2005.

The owner of the building at 3000 N. Halsted St., Advocate Health and Hospitals Corp. will continue to occupy 44% of the 141,765 sf of the leaseable space, according to the brokers, with the remainder being leased by doctors.

The eight-story office building was constructed in two phases, the first in 1993. The second phase began in 2002, with build-out expected to be completed this spring.

With a median family income of $112,400 according to the latest census block information, the hospital’s location boasts one of the richest set of demographics in the metropolitan area, brokers note.

The marketing effort is being conducted by a CB Richard Ellis team that includes SVP William J. Novelli Jr., CCIM; VP Mark S. Hellwig and EVP Gary M. Fazzio, all of the company’s Oak Brook office.

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