831 OAKTON STREET (ELK GROVE VILLAGE, IL)
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• Long Tenant History Paired with Varying Lease Terms and Below-Market Rents Allow for an Investor to Increase Their Return
• Potential to Sell Eight Parcels as Condominiums Offers Immediate Upside to an Investor
• Quick Access to O’Hare International Airport and Interstate 90
• Well-Maintained Building with a Fire Alarm System, 65 Parking Spaces, and LED Security Lights
• Elk Grove Village has a Vacancy Rate of 5.76% and Year-Over-Year Rent Growth of 4.1% for 2019
• Emergency Generator for Anchor Tenants Broadway Electric and CS2
• Close Proximity to Newly Built Elk Grove Technology Park Demonstrates Desirability of the Location
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 831 Oakton Street in Elk Grove Village, Illinois. The subject property consists of approximately 33,854 square feet of space and is situated on 2.09 acres of land. The asset features 12’ clear height, 65 parking spaces, and eight grade-level doors. The building is well-maintained with a fire alarm system, LED security lights, and an emergency generator for anchor tenants Broadway Electric and CS2. Long tenant history paired with varying lease terms and below-market rents allow for an investor to increase their return. In addition, the potential to sell eight parcels as condominiums offers immediate upside to an investor. Close proximity to the newly built Elk Grove Technology Park demonstrates desirability of the location. The subject property has quick access to O’Hare International Airport and Interstate 90. The asset is in a tight barrier-to-entry submarket with a 5.76 percent vacancy rate and year-over-year rent growth of 4.1% for 2019.
Elk Grove Village has established itself as one of the most business-friendly locations in the United States. With approximately 3,600 neighboring businesses, it has grown to become the largest business park in the country, covering nearly five square miles adjacent to global and national transportation hubs. Situated adjacent to O’Hare International Airport and the City of Chicago, Elk Grove Village also offers especially convenient access to interstates 90, 290, 294 and 355, as well as the 390 Expressway. Extensive freight rail service serves companies within the commercial zone. Elk Grove Village continues to have the lowest combined property tax rate among comparable Cook County suburbs. (elkgrovesites.com)
The City of Chicago covers an area of 60,000 hectares and sits 578 feet above sea level on the southwestern shore of Lake Michigan. At 190 kilometers wide and 495 kilometers long, it is the 5th largest body of fresh water in the world. The city is traversed by the Chicago and Calumet rivers. Chicago’s extensive parklands, including 3,000 hectares of city parks, attract an estimated 86 million visitors annually. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 2,716,450 residents, 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)