Property Listing No Longer Available for Sale

462 North McLean, Elgin, IL

Office for Sale - $750,000 - 7,075 Sq. Ft. on 0.67 acres


Property Info

CIMLS#133516
Location
  462 North McLean
  Elgin IL 60123
UpdatedJuly 29th, 2011
TypeOffice
Price$750,000
Building7,075 Sq. Ft.
Land0.67 acres

Property Description

Marcus & Millichap is pleased to present this office and condominium property offering in Elgin, Illinois. The property is currently leased to DLA Architects, Ltd, which is the 70th largest architecture firm in the non-residential building industry. They have developed this site for their business and are looking to occupy it for an additional three years. The company has been expanding over the last 20 years and has fared well through the slow economy because it works on a diverse range of projects such as schools, theatres, churches and restoration projects.

The property was designed for multi-tenant office use though it is currently being used as a single-tenant facility. It was maintained and improved to a high standard of fit and finish being the office of DLA Architects that built the facility to reflect their design competency to their customers that visited the site. These benefits will be passed along to any future businesses that occupy the space and make it a more desirable property to lease for potential tenants than its local competition.

Location Description:

The location of the subject property is on McLean Blvd; one of Elgin's busiest thoroughfares located in the Interstate 90 Kane submarket that has an extremely active office market. With visibility and excellent access to Interstate 90 it is conveniently located about a thirty-minute drive west of the recently expanded O'Hare International Airport and is within one mile from the new Sherman Hospital being completed this year. The new hospital has drawn a steady stream of new businesses to the area and the property will see the benefits of that for years to come.

The facility is within walking distance to restaurants, shopping, entertainment, and recently revitalized downtown Elgin. Any business occupying this space benefits from all the amenities that Elgin has to offer- especially as the eighth largest city in the state of Illinois with a population of approximately 100,000.

Highlights:

>> Well Maintained And Updated Office Building

>> Close Proximity To Transportation, Shopping And Entertainment

>> Flexible Design That Can Be Demised Easily

>> Efficient Building With Energy Saving Design Features

>> High Image Office In A Campus Setting

>> Low Kane County Taxes

>> Excellent Access to Interstate 90, Route 20, & Randall Road Corridor

>> End Users Can Potentially Receive 90 Percent Loan-To-Value Loans With SBA Programs.

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Financials

Sales Info:

>> Cap rate: 10.69%



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