Central Office Plaza
Central Office Plaza
76% Occupied | VALUE ADD With Significant Upside
Over 36,000 Vehicles per Day Pass the Property
76% Occupied | Value-Add With Significant Upside
Property Vacancy Well Above Both City and Submarket Vacancy
Well-Educated Work Force in Immediate Area
One-Half Mile to Mount Prospect Metra Station
500 West Central Road, Mt. Prospect, IL 60056
Cap Rate 10.21%
Rentable SF 23,637 SF
Price per SF $40.19
Year Built 1972
Lot Size 0.79 Acres
Marcus & Millichap is pleased to present 500 West Central Road in Mount Prospect, Illinois. The offering is a value-add, multi-tenant office building conveniently located at the intersection of West Northwest Highway, Central Road and West Prospect Avenue. With vacancy currently at 24.5 percent, a new investor has the opportunity to positively increase their return to well over 12 percent. Vacancy in like properties show a 12 percent vacancy in Mount Prospect and 11.1 percent in the Schaumburg area submarket.
The property is a 10-minute walk from the Mount Prospect Metra station and Pace bus service is directly across the street. The building has the opportunity to add tenants for needed services in the area, especially for children such as a tutoring center, pediatrician and orthodontist. Medical or health related businesses currently account for 35 percent of the occupancy. Due to the construction of the property, remodeling is not difficult.
When Business Week Magazine announced in 2008 that Mount Prospect was the number one place to raise kids, followed in 2010 by Money Magazine's claim that the village was one of the "Top 50 Places to Live" in the U.S., residents could not have agreed more. In 2013, Movoto Real Estate, which ranks cities and towns across America, named Mount Prospect one of the Top 10 Best Cities in Illinois." Its conveniently located to downtown Chicago, O'Hare International Airport and Chicago Executive Airport, two interstate highways and two commuter rail systems within miles of each other.