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Cap Rate: 16% (Pro Forma)
- Superb Roosevelt Rd & South Main St Corner Location Downtown Wheaton
- Wholly Owned Eight Unit Office Condo Property, No Association
- Separately Controlled HVAC for Each Unit, New Roofs 2014
- Competitively Price with Substantial Upside
- High Visibility Corner Location with Access from Roosevelt Rd & South Main St
- Good Tenant Mix of Doctors, Dentists, Chiropractors, and Attorneys
- Residential Redevelopment Potential
Marcus & Millichap is proud to present Park Place of Wheaton, a wholly-owned eight-unit office condo property, superbly located on highly visible West Roosevelt Road and South Main Street in downtown Wheaton, Illinois in DuPage County. Each 2,983-square foot unit has a private entrance with separately metered and controlled tenant-paid HVAC, well finished for professional office and medical office users. The current tenant mix is a complement of established doctors, dentists, chiropractors, and attorneys.
The property is competitively priced at $65 per square foot, less than one-third of construction costs. This offering provides an investor with considerable upside, conservatively underwritten at an average market occupancy rate of 80 percent with rental rates of $19 per square foot modified gross. Engaging professional leasing and management will facilitate achieving this performance offering an investor the potential for a near 14 percent pro forma cap rate. There is also potential for a residential redevelopment at this site.
Demographic trends have substantially increased demand for this well-located suburban office property. This property offers an investor a lucrative opportunity to offer quality office space in this vibrant growing central Dupage County market. Wheaton is bordered by Naperville to the south, Glen Ellyn to the east, Warrenville to the west, and Carol Stream and Glendale Heights to the north.
The subject property is located in Wheaton, Illinois, approximately 25 miles west of Chicago on busy Roosevelt Road averaging 31,300 cars per day. Wheaton is the county seat for DuPage County, home of Wheaton College, which is sometimes referred to as “The Harvard of Evangelical schools,” as well as home to the College of Dupage. This location also offers convenient access to transportation with bus routes along Roosevelt Road, walking distance to the Wheaton Metra Train station, and minutes from the Interstate 355 tollway.