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Office

100% Occupied Medical & Professional Complex | 9.4% CAP

4544 W 103rd St, Oak Lawn, IL 60453

Listing Price: $3,005,000

Cap Rate
9.40%
Gross SF
32,369
Rentable SF
30,981
Price/Gross SF
$92.84
Lot Size
1.19 acres
Year Built
1975

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase 4544-4550 W 103rd Street in Oak Lawn. This two-building Office Complex is 100% occupied by a mix of professional and medical tenants. Located six miles south of Midway Airport, equidistant between I-294 and I-57 on 103rd Street, these two buildings are prominently sighted with pylon signage and exposure to over 23,000 vehicles per day. Ownership anticipated current office trends and proactively demised more traditional office suites into micro-suites over the last couple years. Currently about 10% of the building is sub-divided into small, private office space. Demand for this space has been exceptional over the last year and Ownership has been able to command premium rents for this space. The landlord currently has a waiting list of prospective replacement tenants looking for this kind of space. A new owner would have the opportunity to continue this strategy, or to simply enjoy the cash flow based on the current configuration. Priced at a 9% CAP Rate and a price per square foot of $97, these building can be purchased below replacement cost, with an immediate cash-on-cash return of 14%. Ownership has spent over $230,000 over the last six years on CapEx, including a new roof for one building in 2015 and another new tear-off roof for the other building will be installed within the next two months. Please contact Marcus & Millichap with additional questions about 4544-4550 W 103rd Street in Oak Lawn.

Investment Highlights

  • 100% Occupied Office Building Leased to a Mix of Medical and Professional Tenants | 9.40% CAP Rate at List Price and a Cash on Cash Return of Over14% with Currently Available Financing
  • High Visibility Location on 103rd Street in Oak Lawn - Exposure to Over 23,000 Vehicles Per Day
  • Diverse Suite Size with 10% of the GLA Configured as Micro-Suite / Co-Working Space | Allowing for Tenant Replacement With Minimal TI Dollars as | Landlord has a Waiting List of Prospective Tenants
  • Exceptionally Well Maintained Building | Over $230,000 in Capital Expenditures over the Last Six Years, Including Two New Roofs

Exclusively Listed By

Financing By

Office

100% Occupied Medical & Professional Complex | 9.4% CAP

Listing Price: $3,005,000

Cap Rate
9.40%
Gross SF
32,369
Rentable SF
30,981
Price/Gross SF
$92.84
Lot Size
1.19 acres
Year Built
1975

Investment Highlights

  • 100% Occupied Office Building Leased to a Mix of Medical and Professional Tenants | 9.40% CAP Rate at List Price and a Cash on Cash Return of Over14% with Currently Available Financing
  • High Visibility Location on 103rd Street in Oak Lawn - Exposure to Over 23,000 Vehicles Per Day
  • Diverse Suite Size with 10% of the GLA Configured as Micro-Suite / Co-Working Space | Allowing for Tenant Replacement With Minimal TI Dollars as | Landlord has a Waiting List of Prospective Tenants
  • Exceptionally Well Maintained Building | Over $230,000 in Capital Expenditures over the Last Six Years, Including Two New Roofs

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase 4544-4550 W 103rd Street in Oak Lawn. This two-building Office Complex is 100% occupied by a mix of professional and medical tenants. Located six miles south of Midway Airport, equidistant between I-294 and I-57 on 103rd Street, these two buildings are prominently sighted with pylon signage and exposure to over 23,000 vehicles per day. Ownership anticipated current office trends and proactively demised more traditional office suites into micro-suites over the last couple years. Currently about 10% of the building is sub-divided into small, private office space. Demand for this space has been exceptional over the last year and Ownership has been able to command premium rents for this space. The landlord currently has a waiting list of prospective replacement tenants looking for this kind of space. A new owner would have the opportunity to continue this strategy, or to simply enjoy the cash flow based on the current configuration. Priced at a 9% CAP Rate and a price per square foot of $97, these building can be purchased below replacement cost, with an immediate cash-on-cash return of 14%. Ownership has spent over $230,000 over the last six years on CapEx, including a new roof for one building in 2015 and another new tear-off roof for the other building will be installed within the next two months. Please contact Marcus & Millichap with additional questions about 4544-4550 W 103rd Street in Oak Lawn.

Exclusively Listed By

Financing By

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