Northwestern Medical Office
Anchor Tenant - Northwestern Medicine - Centegra Health - 27.49 Percent of GLA
89 Percent of the Income Comes from Medical Tenants
2.2 Percent Economic Vacancy
Affluent Area - Average Household Income Above $113,000
Conveniently Located Near Services, Shopping and Restaurants
2615 Three Oaks Road, Cary, IL 61550
Cap Rate 7.64%
Rentable SF 13,903 SF
Price per SF $107.84
Year Built / Renovated 1997
Lot Size 1.86 Acres
Marcus & Millichap is pleased to present the Silver Lakes Professional Building located at 2615 Three Oaks Road in Cary, Illinois. The 20,000-square foot multi-tenant office building was built in 1997. The property is conveniently situated near Route 14 (Northwest Highway) and the Cary Metra station. In addition, it is very close to restaurants, schools, industry and healthcare, many of which are very walk-able from the property.
Most of the property is demised into smaller office spaces, less than 400 square feet. The rents are charged on a monthly basis (with leases in place) verses a square foot basis. Therefore, the rents appear to be outside the market, but are not for the type of space provided. Smaller suites command a higher rent per square foot than traditional office suites. 77 percent of the square footage is leased and 89 percent of the income is from medical tenants.
When evaluating the proforma provided, the upside is significant. There are two suites that will command market rate and smaller suites as well. Current owner is not doing any advertising for the space. A consistent marketing plan with professional management will increase the value of the building well into double-digit returns.
Northwestern Medicine purchased Centegra Health System late last year making it the newest member of Northwestern Medicine. The partnership will provide patients with enhanced access to the highest level of care, and further combine Centegra's community-based care with Northwestern Medicine's integrated academic medicine.