Property Listing No Longer Available for Sale

20550 South La Grange, Frankfort, IL

Office for Sale - $1,375,000 - 28,824 Sq. Ft. on 1.6 acres


Property Info

CIMLS#133698
Location
  20550 South La Grange
  Frankfort IL 60423
UpdatedAugust 30th, 2011
TypeOffice
Price$1,375,000
Building28,824 Sq. Ft.
Land1.6 acres

Property Description

Marcus & Millichap is pleased to present a three-story multi-tenant office building, Mannheim Square, located at 20550 La Grange Road. This simple fee interest property has 28,824 square feet and was built in 2003. The building features an oak wood paneled lobby, oak wood suite entries and polished brass trimmings. The suites in this building were originally designed to be professional condos and all units are individually metered.

The property is being offered at an exceptionally low price of $53.60 per square foot. Mannheim Square is currently 66 percent leased with a list price of $1,545,000, substantially below replacement cost. Experienced investors will recognize the opportunity to acquire this property at such a low cost basis. This allows the buyer to be very competitive on rents even in a down market and enjoy higher returns on investment when the market improves.

An investor has an opportunity to add substantial value to this investment by improving the occupancy. Stabilized value assuming 90 percent occupancy is estimated to be as much as $1,725,000 plus ($65.32 per square foot).

Location Description:

Located in Frankfort, IL. Frankfort is an exceptional blend of high-quality lifestyle and small-town charm nestled in one of the most rapidly growing counties in the country. It is known as the "Jewel of the South Suburbs" offering a balance of high quality distinctive housing, excellence in education and a commitment to enhancing community lifestyles.

Highlights:

>> Bank Owned -- REO Sale

>> Add Value Through Leasing

>> Owner / User can Occupy and Generate Income

>> Low Will County Taxes

>> Average Household Income is $103,321.00

>> Located Near Shopping, Restaurants and Hotels

>> Easy Access to Interstates 80 and 57

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Financials

Sales Info:

>> Cap rate: 7.7%

>> NOI: $118977.0



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