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345 N Eric Drive

Palatine, IL 60067
  • $2,484,000
  • STATUS: Active
  • ON SITE: 40 Days
  • MLS #: 11255877
UPDATED: 16 min ago
$2,484,000
  • 0
    BEDS
  • 1.65
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1970
County:
Area:

School Ratings & Info

Description

The subject property is a 34,500 square foot industrial building built in 1970, located on the north side of Palatine near the downtown area just off of Colfax Street, in Cook County. The property sits on approximately 1.65 acres of land. The building was designed as a single-tenant building, but with minor modifications, it now accommodates seven tenants. The property can easily be converted back to a true owner/user or can be sold as a stabilized investment. An owner/user investor could occupy between 15,000 - 24,000 square feet and keep the remaining tenants, or the building can be sold fully vacant. Currently, the property is occupied by 7 tenants, including the owner's businesses which occupy three of the units. There is one retail/flex portion of the building, currently vacant, with approximately 2,588 square feet available and features a separate entrance from the front parking lot. The tenants are all on annual renewals, however, the leases can be converted to longer-term leases. Additionally, the owner's businesses will also commit to a three-year lease if required by a buyer. Alternatively, a buyer could purchase the building and occupy the owner's suites or up to 24,000 square feet and collect the income from the other tenants. The property has been significantly renovated including many upgrades. There is a new office along with new restrooms in one of the tenant spaces. There are a total of 6 restrooms and the majority are ADA compliant. Lighting has been upgraded as well. The building sits on a concrete slab and features two exterior truck-level loading docks, and a 16' drive-in-door. The ceiling heights range from 14 to 16 feet. Four 15-to-20-ton rooftop HVAC units and one interior unit service the building. The HVAC is relatively new, replaced approximately three years ago. The roofing was recently overlaid with a single-ply roofing system. There is a new storm sewer on the property and a total of 56 parking spots, providing significant parking for this property.

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© 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Keller Williams Realty. Based on information submitted to the MRED as of 2021-12-06T12:02:16.337 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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345 N Eric Drive Palatine, IL 60067

  • Price: $2,484,000
  • Status: Active
  • On Site: 40 Days
  • Updated: 16 min ago
  • MLS #: 11255877
0
Beds
0
Baths
0
½ Baths
1.65
Acres
1970
Built
Neighborhood:
Palatine
County:
Cook
Area:
Palatine
Property Description
The subject property is a 34,500 square foot industrial building built in 1970, located on the north side of Palatine near the downtown area just off of Colfax Street, in Cook County. The property sits on approximately 1.65 acres of land. The building was designed as a single-tenant building, but with minor modifications, it now accommodates seven tenants. The property can easily be converted back to a true owner/user or can be sold as a stabilized investment. An owner/user investor could occupy between 15,000 - 24,000 square feet and keep the remaining tenants, or the building can be sold fully vacant. Currently, the property is occupied by 7 tenants, including the owner's businesses which occupy three of the units. There is one retail/flex portion of the building, currently vacant, with approximately 2,588 square feet available and features a separate entrance from the front parking lot. The tenants are all on annual renewals, however, the leases can be converted to longer-term leases. Additionally, the owner's businesses will also commit to a three-year lease if required by a buyer. Alternatively, a buyer could purchase the building and occupy the owner's suites or up to 24,000 square feet and collect the income from the other tenants. The property has been significantly renovated including many upgrades. There is a new office along with new restrooms in one of the tenant spaces. There are a total of 6 restrooms and the majority are ADA compliant. Lighting has been upgraded as well. The building sits on a concrete slab and features two exterior truck-level loading docks, and a 16' drive-in-door. The ceiling heights range from 14 to 16 feet. Four 15-to-20-ton rooftop HVAC units and one interior unit service the building. The HVAC is relatively new, replaced approximately three years ago. The roofing was recently overlaid with a single-ply roofing system. There is a new storm sewer on the property and a total of 56 parking spots, providing significant parking for this property.
Exterior Features

Exterior Building Type Brick Frontage Type City StreetPublic Road Outdoor Parking 51-100 Spaces Parking Total 54 Roof Structure Flat

Interior Features

Cooling Central Individual Heat Ventilation Forced Air Number Of TLDocks 1

Property Features

Additional Parcels YN No Approximate Age 36-50 Years Building Area Total 34500 Built Before1978 YN Yes Current Use Commercial Electric Other Fire Protection Other Geographic Locale Northwest Suburban Gross Income 200400 Gross Scheduled Income 282382 Leasable Area 34500 Location Central Business DistrictCornerIndustrial Area/Campus Net Operating Income 193835 Operating Expense 50157 Ownership Types Corporation Possible Use CommercialIndustrialOffice And ResearchOtherSingle Room Occupancy Property Offered For Sale Only Property Sub Type Manufacturing / Warehousing Tax Annual Amount 38391 Tax Year 2020 Tenant Pays Other Total Monthly Income 81982 Township Palatine Type Industrial Zoning Manuf

Listing information © 2021 Midwest Real Estate Data LLC.
Listing provided courtesy of Sperry Van Ness.


© 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Keller Williams Realty. Based on information submitted to the MRED as of 2021-12-06T12:02:16.337 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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