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Machesney Park, IL

Value-Add Call Center

Address:
9942 North Alpine Road, Machesney Park, IL 61115
Property Type:
Single Tenant
Price:
$1,000,000
Cap Rate:
13.07% pro-forma cap
Square Feet:
22,000 sqft
Lot Size:
2.94 Acres
Price Per Square Foot:
$45.45
Year Built:
1990
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Investment Highlights

Investment Highlights

Investment Highlights

  • 22,000 Square Feet of Vacant Office Space Situated on 2.94 Acres
  • Great Opportunity for Owner Use and/or Value-Add Redevelopment
  • Property Has Potential to be Divisible Into Two +/- 11,000-Square-Foot Units
  • Strategically Located with Proximate Access to Interstate 90 and Greater Rockford Airport
  • Rapidly Growing Market with 5.7% Rental Growth (Costar)

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 9942 North Alpine Road in Machesney Park, Illinois. The subject property consists of approximately 22,000 square feet of office space and is situated on 2.94 acres of land. The single-tenant asset features masonry construction and ample tenant parking with around 200 surface parking spaces. For sale as vacant, the property can be acquired for immediate owner use. In addition, the property can roughly be subdivided into two 11,000-square-foot suites, offering investors or partial owner-users a value-add opportunity. Located in a sizable industrial park, this property is also an ideal flex redevelopment play. With direct access to Illinois Route 173, and within close proximity to Interstate 90, the subject property sits about 75 miles west of the O’Hare International Airport.

The subject property is positioned within the Interstate 39/Winnebago County submarket, containing a sizeable 37.5 million square feet of industrial space. During the third quarter of 2023, the vacancy rate rose slightly to 7.1 percent. While relatively high, the vacancy rate was still down from 9.2 percent at the start of 2021. At 5.7 percent, the submarket’s annual rent growth remains robust in Q3. Although net absorption is negative in 2023, the lack of deliveries and construction starts should keep the vacancy rate in check. With only 230,000 square feet of industrial space under construction, representing less than 1.0 percent of inventory, vacancies and rent growth will be unaffected 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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370423)