Medical - Professional Office - 10 Year Sale Leaseback

Medical - Professional Office - 10 Year Sale Leaseback

Three Tenants | Autism Services, KLB Tax Services and BP Property Management
Sale Leaseback | Owner Signing a New Ten Year Lease at Close of Escrow

 

Complete Interior Renovation In 2020 | Many Exterior Updates
Each Suite Has Their Own Entrance
Low Will County Taxes
Average Household Income $122,000 Within Five Mile Radius

109 Royce Road, Bolingbrook, IL 60440

Request Offering Memorandum

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Market Summary

Price                                    $950,000

Cap Rate                             7.57%

NOI                                      $71,871

Rentable SF                        4,461 SF

Price per SF                        $212.96

Year Built / Renovated       1980 / 2020

Lot Size                               0.34 Acres

Description

Marcus & Millichap is pleased to present the Royce Road Office Center, a four suite, three-tenant medical/professional office located at the corner of Royce Road and Route 53 in Bolingbrook, Illinois. This property saw a complete renovation in 2020, as well as exterior updates.

 

The seller, an occupant of the building, will be signing a new ten-year lease at close of escrow. Seller is in hotel business since 2007. The seller of the building bought this building and renovated it as his primary residence is nearby and this is his business headquarters. His main business is buying hotels and renovating them. His reason for selling is to redeploy his equity into hotel projects. He loves the building and location and sees himself at this location for many years to come.

 

Renovation List:

  • Windows and doors were replaced

  • Interior reconfigured to accommodate four tenants

  • New plumbing

  • New 3 phase electric- Cat6 wiring ready

  • New insulation with smart meter thermostat system

  • New concrete step and railings

  • All new interior lighting with LED- Lighting on photo-cell and on timer

  • Private Restrooms in units A & C

  • New Restroom-common area

  • Fire system is all new

  • Ceiling insulation replaced

  • All new flooring

  • 4-5 Ton RTU (roof top units)- 3 are new

  • Heating is centralized- controlled by computer

  • Sprinkler Not required due to size

  • Metal door frames

  • Zoned medical office

  • All suites have private entrances

  • Fully ADA accessible

  • Roof inspected-roofer estimates roof age approximately 10-12 years old. PVC roof, quality roof, long lasting, durable. Should last 30 years

  • Abundant Parking 28 spaces: 12 spots in rear & 6 in front. 18 spaces plus city parking lot directly across the street

 

The seller and an occupant of the building are willing to sign a new ten-year lease with two percent annual escalations at the close of escrow.