Skip to main content

Office Medical

Physician's Immediate Care Anchored

1663 Belvidere Rd, Belvidere, IL 61008

Listing Price: $3,580,000

Cap Rate
8.15%
Gross SF
19,387
Rentable SF
19,387
Price/Gross SF
$184.66
Occupancy
75.0%
Year Built
2008
Lot Size
1.64 acres

Investment Overview

Marcus & Millichap is pleased to present Physician's Immediate Care Anchored Medical Office building located in Belvidere, Illinois. All tenants hold net leases with limited landlord responsibilities. Physician’s Immediate Care and Practice Velocity have been tenants since 2008. New tenant, Brightside Clinic has a five-year lease with two, three-year renewal options. All leases feature rent increases. Two percent annual rental increases for Practice Velocity. Physician’s Immediate Care has a five percent rent bump in 2029 and two and a half percent rent bumps annually after that. Brightside Clinic boasts a 17 percent rental increase in 2023. Opportunity to add value and grow cap rate by leasing the remaining 4,779 square feet of vacant space. This will increase to 7,136 square feet of add-value at the end of 2023. Huge pylon sign situated on the signalized, hard-corner intersection of Grant Highway and Belvidere Road with 33,450 total vehicles passing per day. Excellent location with 31,500 vehicles per day passing through intersection. The property sits adjacent to a Walmart Supercenter. The property is situated less than one mile Interstate 90 with 38,800 vehicles passing per day. 0.5 miles from Belvidere High School, South Middle School and Meegan Elementary School with approximately 2,596 students. Recent developments within one mile of subject property include a Speedway Truckstop and Cafe, Manga Exteriors Warehouse and McDonald’s. Located in Rockford MSA, the second largest metropolitan statistical area in state of Illinois. Population of 24,204 within three miles of subject property. Average household income of $75,731 within three miles of subject property. Notable Major Retailers in the Area Include Starbucks, Verizon, Rosati’s Pizza, Applebee’s Grill and Bar, Subway, and more.

Investment Highlights

  • All Tenants Hold Net Leases | Limited Landlord Responsibilities
  • All Leases Feature Rent Increases
  • Opportunity to Add Value and Grow Cap Rate by Leasing the Remaining 4,779 Square Feet of Vacant Space
  • Huge Pylon Sign Situated on the Signalized, Hard-Corner Intersection of Grant Highway and Belvidere Road | 33,450 Total Vehicles Passing per Day
  • Excellent Location | 31,500 Vehicles per Day Passing Through Intersection | Adjacent to Walmart Supercenter
  • Located in Rockford Metropolitan Statistical Area (MSA) | Second Largest MSA in State of Illinois

Exclusively Listed By

Office Medical

Physician's Immediate Care Anchored

Listing Price: $3,580,000

Cap Rate
8.15%
Gross SF
19,387
Rentable SF
19,387
Price/Gross SF
$184.66
Occupancy
75.0%
Year Built
2008
Lot Size
1.64 acres

Investment Highlights

  • All Tenants Hold Net Leases | Limited Landlord Responsibilities
  • All Leases Feature Rent Increases
  • Opportunity to Add Value and Grow Cap Rate by Leasing the Remaining 4,779 Square Feet of Vacant Space
  • Huge Pylon Sign Situated on the Signalized, Hard-Corner Intersection of Grant Highway and Belvidere Road | 33,450 Total Vehicles Passing per Day
  • Excellent Location | 31,500 Vehicles per Day Passing Through Intersection | Adjacent to Walmart Supercenter
  • Located in Rockford Metropolitan Statistical Area (MSA) | Second Largest MSA in State of Illinois

Investment Overview

Marcus & Millichap is pleased to present Physician's Immediate Care Anchored Medical Office building located in Belvidere, Illinois. All tenants hold net leases with limited landlord responsibilities. Physician’s Immediate Care and Practice Velocity have been tenants since 2008. New tenant, Brightside Clinic has a five-year lease with two, three-year renewal options. All leases feature rent increases. Two percent annual rental increases for Practice Velocity. Physician’s Immediate Care has a five percent rent bump in 2029 and two and a half percent rent bumps annually after that. Brightside Clinic boasts a 17 percent rental increase in 2023. Opportunity to add value and grow cap rate by leasing the remaining 4,779 square feet of vacant space. This will increase to 7,136 square feet of add-value at the end of 2023. Huge pylon sign situated on the signalized, hard-corner intersection of Grant Highway and Belvidere Road with 33,450 total vehicles passing per day. Excellent location with 31,500 vehicles per day passing through intersection. The property sits adjacent to a Walmart Supercenter. The property is situated less than one mile Interstate 90 with 38,800 vehicles passing per day. 0.5 miles from Belvidere High School, South Middle School and Meegan Elementary School with approximately 2,596 students. Recent developments within one mile of subject property include a Speedway Truckstop and Cafe, Manga Exteriors Warehouse and McDonald’s. Located in Rockford MSA, the second largest metropolitan statistical area in state of Illinois. Population of 24,204 within three miles of subject property. Average household income of $75,731 within three miles of subject property. Notable Major Retailers in the Area Include Starbucks, Verizon, Rosati’s Pizza, Applebee’s Grill and Bar, Subway, and more.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower