Tammy Saia Contact Info:
Phone: (630) 570-2226
Email: tsaia@marcusmillichap.com
Tami Andrew Contact Info:
Phone: (630) 570-2179
Email: tandrew@marcusmillichap.com
Office Building - Vacant - Owner - User
Office Building - Vacant - Owner - User
Construction: Brick | Parking: 31 Free On-Site Parking | Finishes: Fully Built Out | Perimeter Window Offices, Bull Pen Workstations, Conference Room, and Kitchen/Breakroom, and Outdoor Patio/Grill Area | Features: Free Standing, High Ceilings Filled With Natural Light
Ideal Owner/User HQ-Single Tenant Currently Divisible into Two Suites, Potential to Divide Further | Built 1961 | Renovated 2006-2020 | Low DuPage County Taxes
10,200 Square Foot Office/Warehouse Building: 98 Percent Office/Two Percent Warehouse/Shed | Low DuPage County Taxes
Great Location: Four Blocks to North Avenue, 1.4 Mi to Route 83 and Five Minutes to Interstate 355 and Interstate 290, 15 Minutes to Interstate 90, 10 Minutes to Interstate 294, 20 Minutes to O'Hare
Attractive SBA Financing I/R 2.88 Percent -10 Percent Down Payment | Masonry Construction | M-1 Zoning | Heavy Parking: 31 Surface Spaces-Ratio 3/1,000 SF | .63 Acres | Corner Lot
One Overhead Door - Not Grade/Truck Level, Cement Pad Outside of Door for Loading/Unloading a Semi/Delivery Truck
Current Owner Flexible, Will Stay and Leaseback or Vacate at Time of Sale
707-717 North Iowa Avenue, Villa Park, IL 60181
Request Offering Memorandum
Market Summary
Price $899,000
Cap Rate Pro Forma 8.97%
NOI Pro Forma $80,630
Rentable SF 10,200 SF
Price per SF $88.14
Year Built / Renovated 1961 / 2020
Lot Size .63 Acres
Description
Marcus & Millichap is pleased to present an opportunity to purchase an office/warehouse building located in Villa Park, Illinois. The property is an affordable owner/user building in a highly accessible location with 98 percent office and two percent warehouse/shed. Currently the space is divisible into two suites, however, the space functions as a single tenant by design. The property can be delivered either vacant or 50 percent leased. Seller’s flexibility offers a new investor to acquire the property with a tenant helping defer the cost of ownership, short term, while they grow into the space. There is attractive SBA financing available with low rates and low (10 percent) down payment. Ownership has updated/renovated the entire building inside and out. See the list of improvements on page 13.
The property is located within minutes from all the main highways in Chicago. The location also provides direct access to downtown Chicago, O'Hare and Midway airports by car and Metra rail. Furthermore, the property is located approximately 19 miles west of Chicago's Loop. It is nestled between Elmhurst, Lombard and Glen Ellyn, all highly desirable suburbs in the in the Chicagoland area. Villa Park has four major shopping corridors and several historic business districts. Within a five-mile radius, the location offers a superior selection of restaurants, shops, hotel, professional/business services. The College of DuPage is eight miles southeast of Villa Park, located in Glen Ellyn. It is the largest campus community college in the country and specializes in business training with continuing education classes and degree programs which transfer to
universities.
Highway access is as follows: Five minutes to Interstate 355; five minutes to Interstate 290; 10 minutes to Interstate 294; 20 minutes to O’Hare and 15 minutes to Interstate 90.