Office

The Gallery Medical/Professional Building

1S443 Summit Ave, Oakbrook Terrace, IL 60181

Listing Price: $4,200,000

Cap Rate
9.00%
Gross SF
29,983
Rentable SF
29,983
Price/Gross SF
$140.08
Lot Size
1.33 acres
Year Built
1985

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase The Gallery Medical/Professional Office Building, located in Oakbrook Terrace, IL. With a gross leasable area of 29,983 square feet, the Gallery is currently over 96% occupied to mix of medical and financial services tenants, with 50% of the GLA attributed to tenants either providing direct or related healthcare services. The property has demonstrated remarkable resilience throughout the COVID-19 pandemic, all tenants are current on rents, and the building has been professionally managed and well maintained by the current owners. The current stability of the rent roll is not an anomaly; the property's high occupancy has hovered near current levels for the better part of the last decade. All current tenants at The Gallery have exercised one or more renewal options over the term of their tenancy, demonstrating their commitment to the property.
The Gallery is located in Oakbrook Terrace, in DuPage County, and, accordingly, benefits from exceptional demographics and low real estate taxes. Over 90,000 people reside within a three mile radius and average household incomes exceed $115,000 annually. Positioned near IL-83 and I-88, access to the property is supported by abundant local infrastructure. The nearest intersection of Summit and Butterfield sees nearly 58,000 vehicles daily and the property is located a mile away from Oakbrook Center, a super regional outdoor mall with extensive shopping, dining, and other entertainment options.
Tenants operate on modified gross leases, with tax and CAM base stops set by the expenses in the year they sign their leases, so a ten year cash flow analysis is relatively easy to model given that tenants will reimburse for increases in operating expenses.
This is an excellent opportunity to acquire a high quality, stable asset in an excellent location in metro Chicago. Given current pricing in the capital markets, a leveraged purchase will yield a cash on cash return of 14.65%.
Please contact Marcus & Millichap with additional questions regarding The Gallery Medical & Professional Building.

Investment Highlights

  • The property has demonstrated resilience throughout the COVID-19 pandemic -- All tena
  • Trophy location in Oakbrook Terrace, 200 feet from the intersection of Summit and But
  • All tenants have exercised one or more renewal options since taking occupancy
  • Superlative demographics | +90,000 people within a three-mile radius and average hous
  • Stable rent roll | Going in cap rate of 9.15% and cash on cash return of 14.65% in ye
  • Jewel box medical & professional building | 96% Occupied | Expertly maintained

Exclusively Listed By

Financing By

Office

The Gallery Medical/Professional Building

Listing Price: $4,200,000

Cap Rate
9.00%
Gross SF
29,983
Rentable SF
29,983
Price/Gross SF
$140.08
Lot Size
1.33 acres
Year Built
1985

Investment Highlights

  • The property has demonstrated resilience throughout the COVID-19 pandemic -- All tena
  • Trophy location in Oakbrook Terrace, 200 feet from the intersection of Summit and But
  • All tenants have exercised one or more renewal options since taking occupancy
  • Superlative demographics | +90,000 people within a three-mile radius and average hous
  • Stable rent roll | Going in cap rate of 9.15% and cash on cash return of 14.65% in ye
  • Jewel box medical & professional building | 96% Occupied | Expertly maintained

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase The Gallery Medical/Professional Office Building, located in Oakbrook Terrace, IL. With a gross leasable area of 29,983 square feet, the Gallery is currently over 96% occupied to mix of medical and financial services tenants, with 50% of the GLA attributed to tenants either providing direct or related healthcare services. The property has demonstrated remarkable resilience throughout the COVID-19 pandemic, all tenants are current on rents, and the building has been professionally managed and well maintained by the current owners. The current stability of the rent roll is not an anomaly; the property's high occupancy has hovered near current levels for the better part of the last decade. All current tenants at The Gallery have exercised one or more renewal options over the term of their tenancy, demonstrating their commitment to the property.
The Gallery is located in Oakbrook Terrace, in DuPage County, and, accordingly, benefits from exceptional demographics and low real estate taxes. Over 90,000 people reside within a three mile radius and average household incomes exceed $115,000 annually. Positioned near IL-83 and I-88, access to the property is supported by abundant local infrastructure. The nearest intersection of Summit and Butterfield sees nearly 58,000 vehicles daily and the property is located a mile away from Oakbrook Center, a super regional outdoor mall with extensive shopping, dining, and other entertainment options.
Tenants operate on modified gross leases, with tax and CAM base stops set by the expenses in the year they sign their leases, so a ten year cash flow analysis is relatively easy to model given that tenants will reimburse for increases in operating expenses.
This is an excellent opportunity to acquire a high quality, stable asset in an excellent location in metro Chicago. Given current pricing in the capital markets, a leveraged purchase will yield a cash on cash return of 14.65%.
Please contact Marcus & Millichap with additional questions regarding The Gallery Medical & Professional Building.

Exclusively Listed By

Financing By

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