Property Listing No Longer Available for Sale

2404 Spring Ridge Rd, Spring Grove, IL

Industrial for Sale - $1,050,000 - 31,500 Sq. Ft. on 1.84 acres


Property Info

CIMLS#1076706
Location
  2404 Spring Ridge Rd
  Spring Grove IL 60081
UpdatedOctober 22nd, 2020
TypeIndustrial
Price$1,050,000
Building31,500 Sq. Ft.
Land1.84 acres

Property Description

Coldwell Banker Commercial NRT has been selected to exclusively market for sale an investment offering of this 15-unit multi-tenant industrial building located at 2404 Spring Grove Rd in Spring Grove, IL. The property is well located, just one block from Rt 12, and situated in an Industrial park with close proximity to a retail corridor. The asset has a combined total of 31,500 rentable square footage and should be able to achieve higher rents than the rest compared to the market. Many of the tenants have occupied space at the property for nearly 10 years, and all are operating under gross leases. The current industrial submarket in the immediate area within one mile of the property has shown strength and consistency over the past number of years. Since 2012, vacancy rates for industrial space have consistently been under 6%. Currently, the vacancy rate is 1.2%. The limited amount of available space in this should bode well for new ownership to seamlessly backfill the remaining vacant space to substantially increase cash flow in the short term.

The subject property is rectangular in shape. It has about 286 feet street frontage and is about 280 feet deep. As such, it contains about 80,080 square feet or about 1.84 acres.

The majority of the site is basically level. It's size and surface soil condition appears typical of the area, and its drainage appears adequate. The view from the subject is industrial/commercial to the east, south, and west, with retail/commercial to the north.

The subject site is zoned I-1, Industrial district. The I-1 is intended to provide a location for manufacturing, wholesale and warehousing business, primary along major roads and rail lines.


Financials



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