Contact Us
The Saia Group of Marcus & Millichap
(630) 570-2226
Tammy.saia@marcusmillichap.com


Follow Tammy A. Saia at:

© 2018 by Tammy Saia Marcus & Millichap.
created with
Wix.com

REDUCED

Willow Springs Corporate Center

26% of the Property is Occupied by Medical Tenants | Impeccable Condition

Beautiful Two-Story High-Quality Office | Built 2004 | Energy Efficient Building

Strong Historical Occupancy | High Average Household Income $144,695

Low Lake County Real Estate Taxes | High-Quality Masonry Construction

High Visibility - 28,000 Cars per Day | Located at a Lighted Corner

Great Location - at the Triangle Of Routes 83, 45 and 60

333 East Route 83, Mundelein, IL 60060

OFF MARKET

Market Summary

Price                                              $3,999,000

Net Operating Income             $299,286

Rentable Square Feet               32,330

CAP Rate                                       7.48%

Parcel Size                                    2 Acres

Year Built                                      2004

Description

Marcus & Millichap is pleased to present Willow Springs Corporate Center, located in Mundelein, Illinois. Built in 2004, the property represents a stable asset with potential upside through increasing rents and converting modified gross leases to NNN. The lower level has unfinished storage space that could be easily finished and lease to increase revenue.

The building is compromised of both medical and professional office tenants, with 30 percent of the tenants having occupied their respective spaces since 2012 or earlier. Additionally, most of the tenants have renovated their spaces using their own funds, which increases the renewal probability.

Assuming a 65 percent LTV 20-year amortizing loan, with no interest only period, and an interest rate of five percent, an investor can expect a year-one cash yield of 7.43 percent at list price.

The property is currently owned by the original developer. This is a pride of ownership property with no deferred maintenance.