Property Listing No Longer Available for Sale

4949 Forest Avenue, Downers Grove, IL

Office for Sale - $450,000 - 6,320 Sq. Ft. on 0.21 acres

Property Info

  4949 Forest Avenue
  Downers Grove IL 60515
UpdatedJune 24th, 2011
Building6,320 Sq. Ft.
Land0.21 acres

Property Description

Marcus & Millichap is pleased to present 4949 Forest Avenue, a multitenant office property located in downtown Downers Grove, Illinois. The property consists of 6,320 square feet of rentable office space on three floors. The building was built for Illinois Bell as their office and has high quality construction and finishes rarely found in office buildings of this category. Adjacent to the property are new construction condominium developments, office medical properties and new construction office properties.

This property is 100 percent leased to two tenants. The upper area is leased to a Yoga Studio named Yoga Among Friends that has a sevenday-a-week operation and runs a high volume of business through this location. They occupy the second and the third floor. The first floor is leased to Ekanakar Church group that holds services on the first floor and has special designated activity areas on the lower level. The property has historically maintained high occupancy due to its in-fill location near public transportation.

Currently, the building is leased at below market rents - about 50 percent of the average rental rate for the area. This value-add investment allows an investor to acquire a premier location at a price substantially below replacement cost. The rents can be gradually increased to market levels as the leases roll over, which would increase the unleveraged return on investment to nearly 13 percent.unit

Location Description:

The subject property is located within the Central Business District in Downers Grove and literally around the corner from the Metra commuter train that has three stops exclusively in Downers Grove. Local stores and services in the heart of the downtown are also available to tenants of the building. Downers Grove is approximately 25 miles west of the City of Chicago, in DuPage County. Downers Grove has easy access to the East-West Tollway, Tri-State Tollway, Interstates 55 and 355, and is also close to other major highways such as Routes 83, 56 and 34. In addition, Downers Grove is 22 miles from O'Hare Airport and only 18 miles from Midway Airport.

Downers Grove has seen continuing growth and has a population of approximately 56,000. The average age is 35 years. The employment rate in Downers Grove is excellent, only 2 percent are unemployed. 25 percent of the jobs are manufacturing and 75 percent are non-manufacturing in nature. Some of the major firms in Downers Grove are Sara Lee, Advocate Good Samaritan Hospital, GCA Services, First Health, Spiegel, ServiceMaster, Pepperidge Farm, RR Donnelly, FTD Florists, Blue Cross Blue Shield and various others.


>> 20 Miles West Of Chicago Downtown

>> One Block to Metra Train Station

>> One Block to Main Street Downers Grove

>> Walking Distance to Shopping, Entertainment and Restaurants

>> Rental Upside As Tenants Turn Over

>> In The Heart Of Re-Development Area of Downers Grove

* Email for additional photos


Sales Info:

>> Cap rate: 6.95%

>> NOI: $31272.0

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