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Better Banks Financial Building

Below Replacement Cost

93.4 Percent Occupied Multi-Tenant Office Building
Roof Replaced 2008 | Parking 2017 | Energy Efficient Lighting | Newer Roof-Top Units
Strong Historical Occupancy - Little Turnover
Offered Below Replacement Cost
Peoria/Bloomington MSA's Population Over 371,000
Less than One Mile to Interstate 74 | Attractive Amenities Nearby

805 West Jackson Street, Morton, IL 61550

OFF MARKET

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Market Summary

Price                                              $1,925,832

Cap Rate                                        8.00%

Rentable SF                                  17,557 SF

Price per SF                                  $109.69

Year Built / Renovated             1981 / 2017

Lot Size                                           2.10 Acres

Description

Marcus & Millichap is pleased to present 805 West Jackson Street in Morton, Illinois. The building is a multi-tenant office building and the site is approximately 2.1 acres.

The subject property offers a strong tenant mix with 68 percent of the space leased to three tenants. Tenants include Better Banks which occupy 25 percent of the gross; lease-able area, Witzig Financial who occupies 23 percent of the gross lease-able area, and Creekmur Wealth Advisors which occupy 19.7 percent of the gross lease-able; area. The remaining 32 percent of the leased area include the tenants RAC Adjustments, Good News Financial, Allstate, Seven Oaks Financial and Unity Construction.; The building is currently 93.4 percent occupied.

The property is meticulously maintained and in pristine condition. It has a 10-year old roof with a 25-year life, the parking lot was resurfaced one year ago and all lights in; the building were converted to energy efficient lighting. The bathrooms on the first and second floors were renovated in 2015 and 2018, respective ly. The HVAC units; were updated approximately seven years ago. The ceiling in the drive through canopy was replaced in recent years. The landscaping was replaced in the spring of 2018 and a new generator was installed in 2015. The first floor was remodeled in 2017, the second floor in 2016, and the third floor was partially remodeled in 2015 (Creekmur,; Hub and Good News spaces). Historically, the building enjoys a high occupancy rate with little turnover.

Morton is centrally located 65 miles north of Springfield, 29 miles west of Bloomington-Normal, 161 miles north of St. Louis and 158 miles southwest of Chicago..