Property Listing No Longer Available for Sale

80 East Main Street, Lake Zurich, IL

Retail for Sale - $880,000 - 4,960 Sq. Ft. on 1.14 acres


Property Info

CIMLS#134539
Location
  80 East Main Street
  Lake Zurich IL 60047
UpdatedJune 24th, 2011
TypeRetail
Price$880,000
Building4,960 Sq. Ft.
Land1.14 acres

Property Description

Marcus & Millichap is pleased to present the 80 East Main Street property located in Lake Zurich, Illinois. This investment opportunity provides an investor a stabilized child care center located at the main intersection of the Lake Zurich downtown business center. It has excellent visibility from Main Street and Lions Drive and excellent access from its parking lot that provides a high ratio of spaces per the building size.

The tenant is Sound Garden Child Care Center that has been operating out of the site for the past year and has two locations in the Chicagoland area. They have done extensive build-out to the site for their child care outdoor space and have recently expanded into the rear office building making them the sole tenant to the location. They have established themselves as the main child care center for the city and cater to a dense and growing population of young families that have been moving to this city as one of Chicago's premier suburban cities with an excellent quality of life.

This center has been a day care for the last 15 years where the previous tenant had grown out of the site and moved to a different market. The owner re-tenanted the site in under six months without the assistance of leasing brokers and through word of mouth and signs.

Location Description:

Aside from being the old post office for the city of Lake Zurich, the site is adjacent to the Lake Zurich City Hall. This section of town has parks, restaurants, shopping and entertainment all within walking distance. The site has mature oak trees and nature trails on the large one acre site, differentiating it from other day cares as it has a park-like setting. Plans exist for an additional 20,000 square feet of improvements with the development of the north section of the site for a developer looking to acquire the property for this purpose.

Lake Zurich has grown in recent years into a sizable suburb that straddles U.S. Route 12 and enjoys great north-south travel and commuter rail service to Chicago and other cities, which is available within five miles of the subject property. The city has a resort feel with its lake, Lake Zurich, and the summer water sports it provides, The Lake Zurich Lions Club Alpine Festival that occurs annually, the Orchard Arts Center that hosts events, as well as various parks and four golf courses within a five mile radius.

Highlights:

>> 2 Percent Annual Increases Bring a 10.09 Percent Cap Rate Throughout the Lease Term

>> "Main on Main" Location in Lake Zurich

>> Established Day Care of Over 15 Years at Location

>> Many Capital Improvements Recently Completed

>> Ample Parking on One of the Largest Downtown Sites in City

>> Potential to Redevelop Site with Entitled Office Plan

>> New HVAC in 2009 and Roof Recently Replaced with Guarantee on Main Day Care Building

>> Half Acre of Site is Wooded with Trails and Recreation Area for Children

* Email for additional photos


Financials

Sales Info:

>> Cap rate: 9.31%

>> NOI: $81957.0



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