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Machesney Park, IL

1275-1295 Anvil Road

Address:
1275-1295 Anvil Road, Machesney Park, IL 61115
Property Type:
Multi Tenant
Price:
$1,560,000
Cap Rate:
7.40% cap
NOI:
$115,460
Square Feet:
23,500 sqft
Lot Size:
2.08 Acres
Price Per Square Foot:
$66.38
Year Built:
2006
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Investment Highlights

Investment Highlights

Investment Highlights

  • 23,500 Square Feet of Industrial Space Situated on 2.08 Acres
  • Features 16’ Clear Height and 12 Grade-Level Doors
  • Two Multi-Tenant Properties Divisible Into 12 Individual Condominium Units
  • Strategically Located with Proximate Access to Highway 251 and I-39 Corridor
  • Rapidly Growing Market with 7.5% Rental Growth Year-Over-Year (CoStar)

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1275 to 1295 Anvil Road in Machesney Park, Illinois. The subject property consists of approximately 23,500 square feet of warehouse space and is situated on 2.08 acres of land. The two-building asset features a clear height of 16’ and 12 grade-level doors. While occupied by five tenants, this fully leased property can easily be divisible into 12 individual condominium units. Strategically located in the Interstate 39 Corridor/Winnebago County submarket, the property has proximate access to Illinois Route 251.

The Interstate 39 Corridor/Winnebago County submarket contains a sizeable 35.3 million square feet of industrial space. While the vacancy rate finished the third quarter of 2022 at 7.6 percent, the rate steadily dropped by 310 basis points during the prior two years. Annual net absorption through Q3 topped 321,000 square feet, which falls in line with the five-year annual average. Despite the available supply, market rent growth hit a new annual record high of 7.5 percent during Q3. Market rents now average $4.90 per square foot in the submarket, offering tenants a significant 43 percent discount compared to the adjacent Chicago market. The 90,000 square feet of industrial space currently underway in the submarket represents only a fraction of the inventory. As a result, vacancies and rent growth will be unimpeded by new supply for the foreseeable future (CoStar).

Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.5 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 33 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).

BROKER OF RECORD
STEVEN WEINSTOCK
Illinois Broker of Record
One Mid America Plaza, Suite 200
Oakbrook Terrace, IL 60181
Tel: 630-570-2200
Steven.Weinstock@marcusmillichap.com
License: IL 471.011175
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0370449)