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Social Security Administration 104 S Halsted St 15,283 SF Office Building Chicago Heights, IL 60411 $3,076,275 ($201.29/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- The subject property is 100% leased to the U.S. Federal Government, which features an AAA credit rating from Moody’s Investor Services
- There is a fixed increase in Shell Rent of 8.72% in years 6-10 ($27,955.79 per year)
- New 10-year lease begins 05/02/2025 and runs through 05/01/2025.
- This facility has over 100,000 people living within 5 miles, including an average household income of $81,000/year
EXECUTIVE SUMMARY
The Chicago Heights Social Security Administration (SSA) Branch Office is a single-tenant, 15,283 square foot office facility located in Chicago Heights, IL, approximately 29 miles from downtown Chicago. This location experiences exceptionally strong demand for SSA services. The property is leased for a new 10-year lease term via the U.S. General
Services Administration (GSA), demonstrating the long-term commitment to this location. The lease is guaranteed by the United States of America, which has a credit rating of AAA from Moody’s Investor Services. The GSA has a long-standing reputation as a tenant with one of the highest renewal probabilities in the commercial real estate industry. Historical data published by the GSA regarding their portfolio of over 8,000 leases nationwide reflects a retention rate which typically exceeds 93%.
The Chicago Heights SSA presents a passive investment opportunity, as the seller/developer has managed (5) SSA facilities since 2000. The seller of this asset has invested over $ 650,000 to update this facility to meet and exceed all current standards. The developer’s strong relationship with the tenant will provide an easy, hassle-free experience for the future owner.
Services Administration (GSA), demonstrating the long-term commitment to this location. The lease is guaranteed by the United States of America, which has a credit rating of AAA from Moody’s Investor Services. The GSA has a long-standing reputation as a tenant with one of the highest renewal probabilities in the commercial real estate industry. Historical data published by the GSA regarding their portfolio of over 8,000 leases nationwide reflects a retention rate which typically exceeds 93%.
The Chicago Heights SSA presents a passive investment opportunity, as the seller/developer has managed (5) SSA facilities since 2000. The seller of this asset has invested over $ 650,000 to update this facility to meet and exceed all current standards. The developer’s strong relationship with the tenant will provide an easy, hassle-free experience for the future owner.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Building Size
15,283 SF
Building Class
B
Year Built
2000
Price
$3,076,275
Price Per SF
$201.29
Cap Rate
7%
NOI
$215,339
Tenancy
Single
Building Height
1 Story
Typical Floor Size
15,283 SF
Building FAR
0.24
Lot Size
1.49 AC
Zoning
N/A,Chicago Heights
Parking
90 Spaces (5.89 Spaces per 1,000 SF Leased)
AMENITIES
- Signage
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $243,258 | |
| Land Assessment | $48,828 | Total Assessment | $292,086 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$48,828
Improvements Assessment
$243,258
Total Assessment
$292,086
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Presented by
GW Green Properties
Social Security Administration | 104 S Halsted St
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