Office
Brittany Court
307 S Milwaukee Ave, Wheeling, IL 60090
Listing Price: $1,500,000
Investment Overview
Marcus & Millichap is pleased to present Brittany Court, a fully-stabilized 15,594 square foot single-story office investment with frontage on Milwaukee Avenue in Wheeling, IL.
The property is currently 100 percent occupied by 22 tenants with a weighted average lease term of approximately two (2) years. The owner purchased the asset a year ago at 40 percent occupancy and has renovated each suite. In doing so, ownership was able to lease the entire building, highlighting the demand for single-story office space in this submarket.
The property is situated on 1.42 acres of land with frontage on Milwaukee Ave, a major thorough-fare that sees 32,900 vehicles per day. This investment allows for immediate cash flow and potentially a long-term covered land play for redevelopment.
Located in a market with high barriers to entry, this property presents a rare opportunity to acquire a cash-flowing asset with eventual upside.
At the current list price of $1,500,000, the investment is priced at a 10 percent CAP Rate with a Year-One (1) 13.71 percent Cash-on-Cash return.
Brittany Court
Investment Highlights
- Property acquired by owner a year ago and is now fully stabilized at 100 percent occupancy
- In-place 9.94 percent cap rate with a 13.7 percent cash-on-cash return, providing strong immediate income
- Pro-forma 10.85 percent cap rate with a 16.3 percent cash-on-cash return, highlighting the rental growth in the market
- Suites were renovated and are in turn-key condition
- Each suite features a private entrance, providing added privacy and convenience for tenants
- Located on Milwaukee Avenue, a major thorough-fare in the North Chicago suburbs that sees 32,900 vehicles per day
Exclusively Listed By
Listing Price: $1,500,000
Investment Highlights
- Property acquired by owner a year ago and is now fully stabilized at 100 percent occupancy
- In-place 9.94 percent cap rate with a 13.7 percent cash-on-cash return, providing strong immediate income
- Pro-forma 10.85 percent cap rate with a 16.3 percent cash-on-cash return, highlighting the rental growth in the market
- Suites were renovated and are in turn-key condition
- Each suite features a private entrance, providing added privacy and convenience for tenants
- Located on Milwaukee Avenue, a major thorough-fare in the North Chicago suburbs that sees 32,900 vehicles per day
Investment Overview
Marcus & Millichap is pleased to present Brittany Court, a fully-stabilized 15,594 square foot single-story office investment with frontage on Milwaukee Avenue in Wheeling, IL. The property is currently 100 percent occupied by 22 tenants with a weighted average lease term of approximately two (2) years. The owner purchased the asset a year ago at 40 percent occupancy and has renovated each suite. In doing so, ownership was able to lease the entire building, highlighting the demand for single-story office space in this submarket. The property is situated on 1.42 acres of land with frontage on Milwaukee Ave, a major thorough-fare that sees 32,900 vehicles per day. This investment allows for immediate cash flow and potentially a long-term covered land play for redevelopment. Located in a market with high barriers to entry, this property presents a rare opportunity to acquire a cash-flowing asset with eventual upside. At the current list price of $1,500,000, the investment is priced at a 10 percent CAP Rate with a Year-One (1) 13.71 percent Cash-on-Cash return.
Exclusively Listed By
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