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Office

Kensington Office Center

479 E Business Center Dr, Mount Prospect, IL 60056

Listing Price: $1,225,000

Cap Rate
8.83%
Gross SF
21,945
Rentable SF
21,945
Price/Gross SF
$55.82
Lot Size
2.86 acres
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to present the sale offering of the Kensington Office Center, located at 479 E. Business Center Dr, Mount Prospect, IL. The Kensington Office Center is located in the Kensington Center for Business Park, within close proximity to O’Hare International Airport and just off US-12 (Rand Road). The property is surrounded with area conveniences and economic drivers, including Randhurst Village, an open-air shopping mall that contains a mix of shopping, dining, office space and a hotel. The subject property is a 21,945 square-foot, multi-tenant, single-story incubator office building. The asset contains 9 total suites which are currently occupied by 7 tenants with one vacancy. Each suite is walk-in style with sizes ranging from 1,067-5,679 square feet. Tenants are operating on a mix of Modified Gross and Gross leases with some tenants reimbursing for Taxes and CAM. The Kensington Office Center has maintained strong historical occupancy with some tenants having been at the property for nearly 20 years. The purchase of this offering presents an investor with the opportunity to acquire an incubator style office asset in the highly desirable northern O’Hare submarket. At the current list price of $1,225,000 the investment generates an in-place net operating income of $108,151 which equates to an 8.83% capitalization rate.

Investment Highlights

  • Stabilized multi-tenant office investment opportunity
  • Incubator style suites | Units range from 1,067-5,679 SF
  • Committed tenancy | Nearly 20 years at the property
  • Easy to back-fill | Minimal tenant improvements required
  • Vacancy has improved 2.6% YoY for Class B & C product within 3-mile radius
  • Located 10 miles north of O'Hare International Airport
  • Minutes from 4-way interchange at Willow Road and I-294

Exclusively Listed By

Financing By

Office

Kensington Office Center

Listing Price: $1,225,000

Cap Rate
8.83%
Gross SF
21,945
Rentable SF
21,945
Price/Gross SF
$55.82
Lot Size
2.86 acres
Year Built
1980

Investment Highlights

  • Stabilized multi-tenant office investment opportunity
  • Incubator style suites | Units range from 1,067-5,679 SF
  • Committed tenancy | Nearly 20 years at the property
  • Easy to back-fill | Minimal tenant improvements required
  • Vacancy has improved 2.6% YoY for Class B & C product within 3-mile radius
  • Located 10 miles north of O'Hare International Airport
  • Minutes from 4-way interchange at Willow Road and I-294

Investment Overview

Marcus & Millichap is pleased to present the sale offering of the Kensington Office Center, located at 479 E. Business Center Dr, Mount Prospect, IL. The Kensington Office Center is located in the Kensington Center for Business Park, within close proximity to O’Hare International Airport and just off US-12 (Rand Road). The property is surrounded with area conveniences and economic drivers, including Randhurst Village, an open-air shopping mall that contains a mix of shopping, dining, office space and a hotel. The subject property is a 21,945 square-foot, multi-tenant, single-story incubator office building. The asset contains 9 total suites which are currently occupied by 7 tenants with one vacancy. Each suite is walk-in style with sizes ranging from 1,067-5,679 square feet. Tenants are operating on a mix of Modified Gross and Gross leases with some tenants reimbursing for Taxes and CAM. The Kensington Office Center has maintained strong historical occupancy with some tenants having been at the property for nearly 20 years. The purchase of this offering presents an investor with the opportunity to acquire an incubator style office asset in the highly desirable northern O’Hare submarket. At the current list price of $1,225,000 the investment generates an in-place net operating income of $108,151 which equates to an 8.83% capitalization rate.

Exclusively Listed By

Financing By

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