This Office Property is Off-Market.

251 Milwaukee Avenue
Buffalo Grove, IL 60089 ·

29,816 SF · Office For Sale

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Office Property For Sale

Price N/A Occupancy 83%
Building Size 29,816 SF No. Stories 2
Property Type Office Building Class B
Property Sub-type Office Building Tenancy Multiple
Property Use Type Investment Year Built 1979
Cap Rate 8.89%
Listing ID: 17725273 Date Created: 06/27/2012 Last Updated: 08/15/2012

Description

Marcus & Millichap presents 251 Milwaukee Avenue located in Buffalo Grove, Illinois. Buffalo Grove is a highly desirable northern suburb of Chicago located in Lake County, 30 minutes north of the Chicago Loop. This two-story multi tenant office investment is widely exposed to 35,000+ Vehicles Per Day on Milwaukee Avenue, a four-lane main corridor in Buffalo Grove, and within short distance to Lake Cook Road, Interstate-94, and Interstate-294. This asset is located just north of Lake Cook Road, also referred to as the border between Lake and Cook Counties.

251 Milwaukee Avenue was built in 1979. The asset is a two story office building totaling 29,816 rentable square feet currently occupied by an eighteen (18) tenant roster. Sample tenants include: Integrated Network Technologies, New Bridge Communications, Sabra, Inc., Yale Home Mortgage, Multimedia Sales & Marketing, and others. The property is currently 84 percent physically occupied with and additional 4,835 rentable square feet available for lease up.

The average unit sizes in the building are just above 900 rentable square feet. Smaller unit multi-tenant office buildings are highly advantageous to owners.

Buffalo Grove is an affluent city located 30 miles northwest of the Chicago Loop. Buffalo Grove is a northern suburb of Chicago located in Lake County. The subject property is located just north the dividing line (Lake Cook Road) between Lake and Cook Counties. Buffalo Grove is also located within 15 miles of O' Hare International Airport. Commuters and residents benefit from the convenient access to Interstate-94 and Interstate-294, both within three miles of the subject property.

Buffalo Grove has an 89,000+ population with an Average Household Income of $100,000+. Also the area has a workforce population of 143,548 within a five mile radius surrounding the subject property.

The top major employers in Buffalo Grove include: Siemens Industry, Inc., Rexam, International Services, Inc., Caremark, Baxter, and Plexus Corporation.

In July 2009, Buffalo Grove was listed at No. 65 on Money "best places to live" list.[2] The village is also home to two different annual festivals, one being the Buffalo Grove Days held in September and an Arts Festival held in mid July.

Highlights

  • Multi Tenant Office Value Add Investment Offering
  • 84% Currently Occupied (Additional 4,835 SQFT Available For Lease)
  • Only $56 Per Rentable Square Foot
  • 8.89% Cap Rate / 12.25% Cash On Cash Return Off Existing Income
  • Low Lake County Taxes
  • Excellent Submarket Demographics: 89,000 Population with $100,000+ Average Household Income within a Three Mile Radius

Research

251 Milwaukee Avenue, Buffalo Grove, IL 60089 (Lake County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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