IL Dept Human Svcs & Dental - Elgin, IL
New Five-Year Lease IDHS; Dental Arts, 3 Years Remaining
IL Department of Human Services& Dental Arts
100 Percent Occupied Medical Office | Strong Historical Occupancy | Durable Tenants: Illinois Department of Human Services; Since 2012 – GSA Lease and Dental LabEasy to Self-Manage – Only Two Tenants | New Five-Year Lease - IDHSAll Brick, Well-Maintained Building | Zero Deferred MaintenanceGrowing Population: 72,617 and Above Average Household Income; $94,018 Within Five MilesIncrease Return by Self Managing; Cap Rate increases to 8.99 PercentEasy Access via State Street (US31), Randall Road and Interstate 90
452 North McLean Blvd., Elgin, IL 60123
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Net Operating Income $98,824
CAP Rate 8.59%
Gross Leasable Area 9,562 SF
Price per SF $120.27
Year Built / Renovated 1994
Parcel Size 0.2 Acres
Marcus & Millichap is pleased to present McLean Corporate Center, a two-story, multi-tenant, 9,562 rentable square foot office building located in Elgin, Illin ois. This asset was built in 1994 on 0.2 acres of land. It is currently 100 percent occupied by two medical tenants: Illinois Department of Health and Human Services and The 12 Group (Vitality Dental Arts). The all brick, elevator building has been maintained at a high standard. The parking lot was resealed and striped July 2018, and the roof and HVAC units are in good condition. There is zero deferred maintenance.
Illinois Department of Human Services (IDHS) has a been a tenant at this location since 2012. IDHS is one of Illinois' largest agencies, with more than 13,000 employees. IDHS recently exercised their option; five years are remaining on the existing lease term. The 12 Group, which also operates under the name Vitality Dental Arts, has two locations in Elgin. This organization primarily operates in the dental laboratories business within the health services sector. This company has been operating for approximately 11 years with their headquarters directly next door at 462 North McLean . They purchased the building next door a few years ago and their rapid growth has triggered them to quickly outgrow their current facility. Their two locations are only steps apart. They have two years remaining on their three-year lease.
Elgin is easily accessible via State Street (US31), Randall Road and Interstate 9 0. Nestled along the banks of the Fox River, Elgin, Illinois is approximately 38 miles northwest of downtown Chicago and is home to over 112,000 people. Elgin is a unique community. Its progressive identity is anchored in its resilient history and strong, vibrant diverse community with a history of civic engagement . It offers urban with cultural, entertainment and recreational opportunities matched with conveniences of traditional suburban communities. It is fast becoming a destination for the arts. As they continue to revitalize the downtown area, more people are finding Elgin offers a way of life few other suburbs provide. The property is ideally located within 13 feet of Kimball Middle School and within one mile of Larkin High School.
* Sale Price $1,000,000 $105 psf
* Cap Rate 9.88%
* Sold at 87% of List
* 71 Days on Market
* Closed in 34 Days