Multi Tenant Office Building in Crystal Lake
101 N. Virginia Street, Crystal Lake, Illinois 60014
Sold: $1,675,000
Property Details
Property Type
Improved property
Building Type
Freestanding
Building Size
23,088 sqft
Land Size
53,840 sqft
Sewer
city
Water
city
Zoning
O
Electric
separately metered
Year Built
1980
Parking
70
Construction
Brick
Property Description
INVESTMENT OPPORTUNITY • 23,088 SF OFFICE BUILDING
10% CAP RATE • 12.2% PROFORMA CAP RATE
Attractive multi-tenant 2-story brick corporate office building on Route 14 in Crystal Lake at signalized intersection. Anchor tenant is Chicago Title and Trust. New roof in 2017. Mature landscaping and 70 car parking. Tenants pay electric heat and outlets. Landlord pays for air conditioning. Auxiliary electric baseboard heaters throughout.
12.2 % Proforma CAP rate with 5% vacancy factor. Current 10 % CAP with 17.8% vacancy.
Ask broker for confidential operating statement and rent roll.