Recent Massive, Extensive Interior / Exterior Renovations
100% Occupied - Shortest Lease Expires in 2025
All Roof Top Units Replaced Since 2017: New Roof on 865 in 2017, New Roof on 909 in 2019,| Partial New Roof on 887 2017-2018
Most Suites Rebuilt with Updated Plumbing and Electrical
Extensive Parking Lot Repair and Maintenance
All New Windows in 2017
New Exterior Lighting and Landscaping
865 East Wilmette Road, Palatine, IL 60074
Cap Rate 8.25%
Rentable SF 46,095 SF
Price per SF $115.01
Year Built / Renovated 1980 / 2021
Lot Size 4.6 Acres
Marcus & Millichap is pleased to present the Palatine Center office complex in Palatine, Illinois. The property is conveniently located at Northwest Highway and Rohlwing Road, minutes from Illinois Route 53.
The property, purchased by the current owner has seen massive renovations and updates, leaving little to no CapX for several years. This includes RTU's, roofs, windows, parking lots, and interior upgrades including plumbing and electrical work.
Currently, the property is populated with five tenants. Three of the tenants are paying their pro-rata share of real estate taxes with a 2015 base year stop. A new investor will have the option to also charge back CAM charges to those tenants with a 2016 base year stop. The current owner has chosen not to do this because he has been able to control the CAM charges and not see a significant increase. The tenants have been notified that this could change.
As the property sits, it is a stable investment that throws off a significant return. A new investor can increase the return by instituting the CAM reimbursement as previously noted. Or, start tax chargebacks when current leases expire or find new tenants that will pay more rent.