Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of the Forest Park Vet Center, located at 1515 S Harlem Ave, Forest Park, Illinois. The property consists of a 13,709 rentable -square feet multi-tenant office building, built in 1958 on a 0.53-acre lot. The property has been meticulously maintained and improved with extensive renovations totaling $1,975,000 since the inception of the VA lease. In 2018 a new roof was installed along with 244 solar panels. The property includes 10 EV charging stations that are free to tenants and visitors of the building. The building is 100% occupied by 3 tenants, including American Security Services (49.5% GLA), The United States Government (45.3% GLA), and The State of Illinois (5.2% GLA). The United States Government and The State of Illinois both operate offices for the Department of Veterans Affairs. The U.S. VA office has shown their continued commitment to the site with a 3-year extension on their original 10-year lease along with completing the paperwork for a new 20-year extension. The tenants all operate on gross leases with a weighted average lease term remaining of 5.68 years. American Security Services has been providing professional security guard services in Chicago since 1986 and has been a tenant since 1993. They offer comprehensive security officer services. American Security Services employs over 500 employees and also offers livescan fingerprinting services and their 20-hour security training course. The United States Department of Veterans Affairs offers confidential help for Veterans, service members, and their families at no cost in a non-medical setting. Their services at the subject property include counseling for needs such as depression, posttraumatic stress disorder (PTSD), and the psychological effects of military sexual trauma (MST). The subject property is positioned with excellent frontage and visibility from Harlem Ave, which sees 34,000 VPD. The property is located approximately 9.5 miles west of downtown Chicago in an easily accessible location with I-290 (172,773 VPD) and the L-Train positioned 1 mile north of the property. Additionally, I-55 (154,200 VPD) is located 3 miles south of the property. Within a 10-mile radius of the subject property there are 2,676,502 people with an average household income of $110,709.