Fully Leased Investment Property in Algonquin

Overview

  • Investment For Sale
  • 1750 Cumberland Parkway, Algonquin, IL 60102.
  • Price: $695,000
  • 17,335 sq. ft.

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Highlights

  • 14 Unit Fully Leased
  • 7.4% CAP Rate

Fully leased 14 unit 17000 SF masonry industrial building built in 2 stages (1973 and 1994). (6) 1,000 SF units with 14’ ceilings and (8) 1,400 SF units with 15’ ceilings. Each with bathroom and separate gas and electric meters. Units 7-14 have separate water meters. Landlord pays water/sewer for units 1-6. Numerous recent upgrades included. New rubber membrane roof with 15 year warranty (2013), new parking lot (2018), exterior stain (2018) Tuckpoint touchup (2016), new fire alarm panel (2019), new backflow preventer (2019), 7.4% current CAP Rate with much upside (leases are below market and all month to month). Current waiting list. Units have (27) 10×12 DIDs so you can drive thru all units except one. Individual GFA ceiling units, a few have central air. Some have small offices. Additional adjacent land available separately for expansion (2.23 acres for only $126,000/ $1.30 psf)). See attached APOD and rent roll.

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