InStyle Salon & Spa Suites Portfolio - 5 Locations
NEW PRICE
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
Gross SF 17,452 | Low Price - $395.37 Gross SF | 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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Property Addresses and Gross SF 17,452 SF:
Algonquin – 2316 Esplanade Dr., Algonquin, IL 60102 - 5,300 SF
Bartlett – 260 E. Army Trail Rd., Unite B, Bartlett, IL 60103 - 2,692 SF
Elk Grove Village – 1104 W. Devon Ave., Elk Grove Village, IL 60007 - 3,450 SF
Palatine - 208 W Northwest Highway, Palatine, IL 60067 - 1,810 SF
St. Charles – 457 Dunham Rd., Unit 100, St. Charles, IL 60174 - 4,200 SF
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Request Offering Memorandum
Market Summary
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Price $6,900,000
Cap Rate 10.01%
NOI $690,721
Gross SF 17,452 SF
Rentable SF 11,168 SF
Price per SF $395.37
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Description
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 comprises of 17,452 square feet spread among five condo units 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.
InStyle has been a respected name in the salon suite industry for the past 16 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, giving the suites a timeless and consistent look and feel. Décor was chosen to be timeless and help with the ease of tenant turnover.
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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 investor looking for an existing, stabilized stream of income for the long term. The rent roll will be provided with an agreed-upon LOI.
The website is www.instylesuites.com
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Property Addresses and Gross SF 17,452 SF:
1. Algonquin – 2316 Esplanade Dr., Algonquin, IL 60102 - 5,300 SF
2. Bartlett – 260 E. Army Trail Rd., Unit B, Bartlett, IL 60103 - 2,692 SF
3. Elk Grove Village – 1104 W. Devon Ave., Elk Grove Village, IL 60007 - 3,450 SF
4. Palatine - 208 W Northwest Highway, Palatine, IL 60067 - 1,810 SF
5. St. Charles – 457 Dunham Rd., Unit 100, St. Charles, IL 60174 - 4,200 SF