Tammy Saia Contact Info:
Phone: (630) 570-2226
Email: tsaia@marcusmillichap.com
Tami Andrew Contact Info:
Phone: (630) 570-2179
Email: tandrew@marcusmillichap.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.