InStyle Salon & Spa Suites Portfolio - 5 Locations

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InStyle Salon & Spa Suites Portfolio - 5 Locations

Chicago Suburbs, IL

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Since coming to market they have leased a few more suites, so the vacancy has dropped and NOI has gone up. The property is operating above 96% occupancy.

 

96.4% Occupancy - Rent Roll Provided With Agreed Upon LOI | Over 55% of the Tenants Have Been in the Property for Over Five Years


Pandemic Drove Operators to this Business Model
Fee Simple Investment with Above Average Return | Service Sector Property | Internet Resistant
Very High Household Income in all Locations | Well Above $100,000 Per Year
Low-Cost Tenant Turnover

Value Add in Rental Increases

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Algonquin – 2316 Esplanade Dr., Algonquin, IL 60102

Bartlett – 260 E. Army Trail Rd., Unite B, Bartlett, IL 60103

Elk Grove Village – 1104 W. Devon Ave., Elk Grove Village, IL 60007

Palatine - 208 W Northwest Highway, Palatine, IL 60067

St. Charles – 457 Dunham Rd., Unit 100, St. Charles, IL 60174

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Request Offering Memorandum

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Market Summary

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Price                                    $7,500,000

Cap Rate                             9.21%

NOI                                      $690,721

Gross SF                             17,452 SF

Rentable SF                        11,168 SF

Price per SF                        $671.56

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Description

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Since coming to market they have leased a few more suites, so the vacancy has dropped and NOI has gone up. The property is operating above 96% occupancy.

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Marcus & Millichap is pleased to present the portfolio sale of In Style Salon & Spa Suites. The real estate consists of 11,168 square feet spread among five condo units located in Algonquin, Bartlett, Elk Grove Village, Palatine, and St. Charles, Illinois. The properties are located within 12 miles of each other, providing easy management of their long-term tenants.

 

In Style has been a respected name in the salon suite industry for the past 15 years. Throughout their tenure, they have produced consistent growth at their five locations. Great care has been taken to decorate with a similar style and manner which gives the suites a timeless and consistent look and feel. Décor was chosen to be timeless and help with ease of tenant turnover.

 

In addition to an excellent cash flow, the owners have developed systems that are in place to make management of the properties more streamlined with a very robust website that includes a CRM to recruit new tenants to the properties. The website is www.instylesuites.com At 96.4 percent occupancy, the property is ideal for an an investor that is looking for an existing, stabilized stream of income for the long term. Rent roll will be provided with an agreed upon LOI.

 

The website is www.instylesuites.com The property is ideal for an investor that is looking for an existing, stabilized stream of income for the long term.

 

Property Addresses:

Algonquin – 2316 Esplanade Dr., Algonquin, IL 60102

Bartlett – 260 E. Army Trail Rd., Unite B, Bartlett, IL 60103

Elk Grove Village – 1104 W. Devon Ave., Elk Grove Village, IL 60007

Palatine - 208 W Northwest Highway, Palatine, IL 60067

St. Charles – 457 Dunham Rd., Unit 100, St. Charles, IL 60174