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Warehouse

1115 Turret Drive

1115 Turret Dr, Machesney Park, IL 61115

Listing Price: $795,000

Cap Rate
6.09%
Gross SF
18,500
Price/Gross SF
$42.97
Lot Size
2.34 acres
Year Built
1998
Rentable SF
18,500

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1115 Turret Drive in Machesney Park, Illinois. The subject property consists of approximately 18,500 square feet of warehouse space and is situated on 2.34 acres of land. The three-building asset features a clear height of 14’, four units, and 19 grade-level doors. With below market rents, the fully occupied asset offers investors a value-add opportunity. Due to staggered leases, the future landlord will be able to maintain steady cashflow while raising rents up to market rate. Strategically located in the Interstate 39 Corridor/Winnebago County submarket, the property has proximate access to Illinois Route 251. The Interstate 39 Corridor/Winnebago County submarket contains a sizeable 35.3 million square feet of industrial space. While the vacancy rate finished the third quarter of 2022 at 7.6 percent, the rate steadily dropped by 310 basis points during the prior two years. Annual net absorption through Q3 topped 321,000 square feet, which falls in line with the five-year annual average. Despite the available supply, market rent growth hit a new annual record high of 7.5 percent during Q3. Market rents now average $4.90 per square foot in the submarket, offering tenants a significant 43 percent discount compared to the adjacent Chicago market. The 90,000 square feet of industrial space currently underway in the submarket represents only a fraction of the inventory. As a result, vacancies and rent growth will be unimpeded by new supply for the foreseeable future (CoStar). Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.5 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 33 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).

Investment Highlights

  • 18,500 Square Feet of Industrial Space Situated on 2.34 Acres
  • Features 14' Clear Height and 19 Grade-Level Doors
  • Three Well-Maintained Buildings with a Strong Value-Add Opportunity
  • Strategically Located with Proximate Access to Highway 251 and I-39 Corridor
  • Rapidly Growing Market with 7.5% Rental Growth Year-Over-Year (Costar)

Exclusively Listed By

Financing By

Warehouse

1115 Turret Drive

Listing Price: $795,000

Cap Rate
6.09%
Gross SF
18,500
Price/Gross SF
$42.97
Lot Size
2.34 acres
Year Built
1998
Rentable SF
18,500

Investment Highlights

  • 18,500 Square Feet of Industrial Space Situated on 2.34 Acres
  • Features 14' Clear Height and 19 Grade-Level Doors
  • Three Well-Maintained Buildings with a Strong Value-Add Opportunity
  • Strategically Located with Proximate Access to Highway 251 and I-39 Corridor
  • Rapidly Growing Market with 7.5% Rental Growth Year-Over-Year (Costar)

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1115 Turret Drive in Machesney Park, Illinois. The subject property consists of approximately 18,500 square feet of warehouse space and is situated on 2.34 acres of land. The three-building asset features a clear height of 14’, four units, and 19 grade-level doors. With below market rents, the fully occupied asset offers investors a value-add opportunity. Due to staggered leases, the future landlord will be able to maintain steady cashflow while raising rents up to market rate. Strategically located in the Interstate 39 Corridor/Winnebago County submarket, the property has proximate access to Illinois Route 251. The Interstate 39 Corridor/Winnebago County submarket contains a sizeable 35.3 million square feet of industrial space. While the vacancy rate finished the third quarter of 2022 at 7.6 percent, the rate steadily dropped by 310 basis points during the prior two years. Annual net absorption through Q3 topped 321,000 square feet, which falls in line with the five-year annual average. Despite the available supply, market rent growth hit a new annual record high of 7.5 percent during Q3. Market rents now average $4.90 per square foot in the submarket, offering tenants a significant 43 percent discount compared to the adjacent Chicago market. The 90,000 square feet of industrial space currently underway in the submarket represents only a fraction of the inventory. As a result, vacancies and rent growth will be unimpeded by new supply for the foreseeable future (CoStar). Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.5 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 33 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).

Exclusively Listed By

Financing By

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