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Naperville Downtown Retail – In fill Location-High Barrier to Entry-100% Leased -Affluent Area-Above Average Household Income $126,759 – Well Maintained -2 Buildings w/5 Tenant: 2 Retail and 3 Office - Naperville, IL

Joseph Naper Building

2 Buildings Downtown Naperville, IL

Irreplaceable Naperville Real Estate | Mixed-Use Office and Retail
Located in Heart of Downtown | Over One Million Square Feet of Retail

100 Percent Occupied | Five-Tenant Suites: Two Retail and Three Office

High Historical Occupancy Levels | High Barriers to Entry

Affluent Area | Household Income $126,759 | Population 253,885 Within Five-Miles 

216-218 South Main Street, Naperville, IL 60540

CLOSED

Sold Price:                            $3,654,000

Sold CAP Rate:                    6.38%

Market Summary

Price                                              $3,850,000

Net Operating Income             $233,187

CAP Rate                                       6.06%

Gross Leasable Area                  7,050 SF

Price per SF                                  $546.10

Year Built / Renovated             1845 / 2005

Parcel Size                                    0.8 Acres

Description

Marcus & Millichap has been selected to exclusively market for sale 216-218 Main Street, Naperville Illinois. The subject property is 100 percent occupied, 7,050-square foot mixed-use building. The asset consists of five tenants. Two retail tenants: Alixandra Collections, J McLaughlin which are located at street level and three office tenants: Passages, Memory Keepers and Brodzinski Law whom occupy suites on the second and third floors. These suites are modernized units with top-of-the-line finishing and detail. This irreplaceable Naperville location has great positioning, located in densely occupied downtown Naperville. The offering is easy to own and manage making it an ideal opportunity for a passive cash-flow investor either local, regionally, or national. The buyer has the ability to increase cash flow and value by converting the only gross lease to NNN. Alixandra Collections does not have an option to extend. Back-filling this unit with a NNN tenant who pays their prorate share of all expenses will increase the NOI $13,000. At the list cap rate, the value of the building increases $224,000. Downtown Naperville retail corridor is achieving average retail rents in the range of $45-$75 per square foot on a net basis. The subject rents are $43-50 NNN. This property has high historically occupancy. It is centrally located on Main Street's historic retail corridor with over one million square feet of retail (1,387,899 square feet). This seller has owned and self-managed the property for over 12 years. This asset is meticulously maintained with no deferred maintenance.