Mutual of Omaha - Met Life | Modern Office Complex
5130 Hickory Point Frontage Road, Decatur, IL 62565
Marcus & Millichap is pleased to present for sale the multi-tenant, modern three-story office complex located at 5130 Hickory Point Frontage Road in Decatur, Illinois. It has a total rentable area and gross area of 14,895 square feet and 19,330 square feet, respectively. The building was originally a build-to-suit for Met Life Insurance, which makes the office space ideal for professional and medical practice.
The subject property offers a strong tenancy mix of national and regional tenants including Met Life Insurance, Mutual of Omaha, Berkshire Hathaway Automotive, Central Illinois Neuropsychological Services, Southern Illinois University School of Medicine, Illinois State Representative Bill Mitchell, Illinois State Senator Chapin Rose, and other professional tenants. The building is 91 percent occupied, offering increased returns through lease-up of the remaining nine percent.
The subject property is in pristine condition with no deferred maintenance. It has seen $500,000 in extensive interior and exterior renovation, including professional re-landscaping, on all major capital expense items from 2009-2016. It features a 50-space parking lot with a concrete surface which requires no maintenance, plus the site includes an additional two-car garage.
The subject property is strategically located off of the four-way interchange at Route 51 (27,900 cars per day) and Interstate 72 (13,100 cars per day). This office building is in the epicenter of a strong retail corridor with dozens of national retailers, restaurants, hotels, and Hickory Point Mall (the only mall for 30 miles). It is also encompassed by Class A office space and high-end residential areas.
Net Operating Income $110,068
Pro Forma NOI $155,304
Gross Square Feet 14,895
Price/Square Foot $80.23
CAP Rate 9.21%
Pro Forma CAP Rate 13.00%
Parcel Size 1.07 Acres
Year Built 1983
Berkshire Hathaway Automotive
Met Life Insurance
Mutual of Omaha
Southern Illinois University - School of Medicine