IL Dept. of Health and Human Services
IL Dept. of Health and Human Services
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100% Occupied - Single Tenant | Over Four Years Left on New Five-Year Extension
Very Strong & Stable Tenant for 53 Years - Occupied the Building Since 1971
State’s Leasing Department has been Contacted and they have No Plans to Relocate this Tenant
Over 4 Years Left on New 5-Year Extension; Lease Expires 4/30/2028
2% Rent Increase 5/1/2025 and 5/1/2027
(1) 5-Year Renewal Option with Rent Increases on 5/1/2029 and 5/1/2031
The Current S&P Credit Rating for the State of Illinois Upgraded to A-
Expansion Land Included
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361 Old Indian Trail, Aurora, IL 60506
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Request Offering Memorandum
Market Summary
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Price $1,787,930
Cap Rate 8.75%
NOI $156,444
Rentable SF 19,758 SF
Price per SF $90.49
Year Built 1969
Lot Size 1.57 Acres
Description
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Marcus & Millichap is pleased the present the Department of Health and Human Services building at 361 Old Indian Trail Road in Aurora, IL. The property has been occupied by the state agency since the early 1970s and is believed to be the only tenant ever in the building.
The state agency has occupied the property since the early 1970s and is believed to be the only tenant ever to have occupied this site. We have checked in with the state’s leasing department and there are no relocation plans for this property.
The property is a two-story, all-brick office building with a flat roof. The current owner has taken great care to maintain the property and will make further repairs before closing. The current lease extension calls for small increases for the term. The property will provide a passive income with little owner intervention.
In addition, there is a vacant lot next to the large parking lot. The sale of the building includes approximately one-half acre of adjacent land for either expansion or development. Although this site is not on the market, we have received an inbound call on the site asking about Daycare Zoning. This could be given its own PIN and sold off for redevelopment.
Aurora, the second-largest city in Illinois, continues to grow in population and diversity. This makes the property very viable in the Illinois social services system.