North Park Rental

Retail-Commercial for Sale
Catylist Listing ID: 30734605
Property Subtypes: Free-Standing Building, Retail-Pad, Vehicle Related
Building Size (RSF): 22,220 SF
Gross Land Area: 57,432 SF
Sale Price: $650,000
Unit Price: $29.25 PSF
Property Use Type: Vacant/Owner-User
Building Name: North Park Rental
Usable Size (USF): 22,220 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/20/2021

Overview / Comments

Great opportunity for a business with products to showcase. Main Building has two showrooms and two offices. Four warehouse buildings. Multiple overhead doors making it optimal for loading and unloading products. Conveniently located in a high traffic area with excellent visibility.

Building 1: 12,422 total sq ft (incl. basement and upper level additional storage)
Building 2: 2,258 sq ft (warehouse)
Building 3: 4,160 (connected to building 2, warehouse and upper level)
Building 4: 3,360 (storage warehouse)

1.4 acres owned, gravel lot is rented from COMED

Additional information for buyer to consider: Seller is willing to carry a contract with at least 15% down and a 5% interest rate. 78 payments of $8,333 per month ($100k per year for 6.5 years) with the $97,500 (or 15%) down. If the sale is full price, the seller will connect them with the following companies with no investment and help to train:
Budget Truck Rental
Cruise America RV Rental
Airgas
Blackhawk Propane
Kerosene Sales
The revenue of the above businesses exceeded $120,000 in 2020. The potential is much higher. An interested buyer and savvy business owner could run these businesses in conjunction with other businesses, or by leasing the building to create up to three storefronts and warehouse space to have a lucrative business.

This is in the Machesney Park Enterprise Zone.

RE Tax Bill 2020: $7,407

Two PINS: 08-19-277-016, 08-19-277-018

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $7,407 (Annual)

Additional Details

Nearest MSA: Rockford
County: Winnebago
Taxing Authority: Machesney Park
Tax ID/APN: 0819277016, 0819277018
Zoning: CC
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: Ralston Rd. & Roosevelt Rd.
Property Visibility: Excellent
Largest Nearby Street: Ralston Rd.
Feet of Frontage: 225
Traffic/Vehicle Count: 20,630
Highway Access: IL Rt 251
Airports: Chicago Rockford International Airport
Site Description: Four separate commercial buildings on level ground. Paved surfaces throughout.
Area Description: Mixed commercial, industrial, retail, and single family residential properties.
Tenancy: Single Tenant
Total Number of Buildings: 4
Number of Stories: 1
Typical SF / Floor: 13,102 SF
Property Condition: Good
Year Built: 1960
Roof Type: Gable
Construction/Siding: Concrete
Exterior Description: Concrete Exterior
Total Parking Spaces: 13
Parking Ratio: 1 (per 1000 SF)
Parking Type: Surface
Parking Description: Parking spaces located in the front of the building with additional paved lot for storage within the property.
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Interior Description: One building is mostly finished with office and retail. Other buildings are configured as warehouse.
Zoning Description: CC
Lot Frontage: 225
Lot Depth: 385
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple - Corporate
Legal Description: FRICKES FARMS SUB PT E1/2 NE 1/4 SEC 19-45-2 (EXC BGN NE COR LT 1 SW 55 FT NW PERP TO E LN LT 1 TO PT 99.65 FT W OF NE COR LT 1 TH E 99.65 FT TO POB PT LT 1) ALL LT 1 & N 1/2 VAC NORSEN AVE LYG S & ADJ LT 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,113 46,874 108,995
Median Age: 40.4 39.62 40.65
Households: 2,687 18,337 43,333
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