North Main Professional Center

Office for Sale
Catylist Listing ID: 30592801
Property Subtypes: Business Park, Medical, Net Leased, Office Building
Building Size (RSF): 9,590 SF
Gross Land Area: 63,158 SF
Sale Price: $534,000
Unit Price: $55.68 PSF
Ceiling: 9 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: NORTH MAIN PROFESSIONAL CENTER
Class of Space: Class B
Usable Size (USF): 9,590 SF
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: 9.7%
Average Occupancy Rate: 8,749
Last Updated: 9/23/2020

Overview / Comments

Great investment opportunity for an investor looking for a double digit Internal Rate of Return. Seller will consider financing up to $100,000 at zero interest for 4 years, with payments beginning the second year.

Current use is a dental practice and general office. Only one vacancy of 1,260 sq. ft. Great opportunity for a Landlord to seek out other Medical, Chiropractor, Physical Therapy, Podiatrist, Ophthalmologist, Optical, Financial, Insurance, Real Estate, Consulting or Therapy tenants.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $17,979 (Annual)
Tax Value Land $45,636
Tax Value Improvements $88,057
Assessed Value - Total($) $133,693 (Annual)
Potential Rental Income $90,060 (Annual)
Gross Operating Income $83,460 (Annual)
Net Operating Income $53,253 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Rockford
County: Winnebago
Taxing Authority: Rockford Township
Tax ID/APN: 11-02-280-011
Zoning: C-1
Property Located Between: East Riverside Blvd. & Campus Hills Blvd.
Property Visibility: Excellent
Highway Access: The subject property is on Hwy 2.
Airports: Chicago Rockford International Airport
Site Description: THE SUBJECT IS A 9,590 SQ. FT. BUILDING ON 65,507 SQ. FT. OF LAND, WITH BLACKTOP SURFACE PARKING.
Area Description: MIXED COMMERCIAL, COMMERCIAL RETAIL, MULTI-FAMILY, & SINGLE FAMILY RESIDENTIAL PROPERTIES.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 9,590 SF
Year Built: 1987
Year Renovated: 2015
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: SINGLE STORY COMMERCIAL BUILDING WITH AMPLE SURFACE PARKING.
Parking Ratio: 7 (per 1000 SF)
Parking Type: Surface
Parking Description: BLACKTOP SURFACE PARKING LOT.
Total Parking Spaces: 65
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: MEDICAL (DENTAL) OFFICE AND SEVERAL GENERAL OFFICES.
Zoning Description: C-1 COMMERCIAL OFFICE GENERAL
Lot Frontage: 340
Lot Depth: 200
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: CHICAGO TITLE LAND TRUST CO
Legal Description: NORTH MAIN PROFESSIONAL PARK PT E 1/2 SEC 2-44-1 LOT 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,226 84,025 179,839
Median Age: 41.36 38.78 38.11
Households: 4,222 33,802 70,706

Contact

Photograph of Listing Agent

Tom Ewing CCIM CPM RPA MCR

KELLER WILLIAMS REALTY SIGNATURE CMCPEX Member
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