North Suburb Professional Office Building
415 Washington St. Waukegan IL 60085
$6,500,000
Pricing/Terms Explained
$77 / Sq. Ft.
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Property Summary
Type
Office
In Place NOI
$637,000
Target CAP Rate
9.89%
Today's Market Value
$8,000,000
Target Purchase Price
$6,500,000
Units
35
Projected NOI
$689,000
Market CAP Rate
8%
Value w/Market Rents
$8,600,000
Cost Per Sq. Ft.
$77
35
Units
177
Spaces
83,890
Sq. Ft.
1940/1983
Yr. Built
88%
Occupancy
Ownership Summary
EJ Investment Group Inc. has vastly improved this property over the last two years. Lobbies, Bathrooms, HVAC system, carpet, ceiling tiles/lights, and more have been done. Throughout renovations the occupancy has increased from 70% to 88%.
About The Property
A well positioned 84,000 square foot property located in the heart of downtown Waukegan. Located steps from the new Lake County Courthouse this office property has many long term credit A tenants such as Lake County and the Waukegan Township Assessor. Property sits on the majority of a full city block offering ample parking.
About The Neighborhood
Investment highlights in Waukegan:
-Largest City and County Seat of Lake County. Ninth Largest City in Illinois.
-Waukegan Houses 14 of the 27 Lake County Gov Facilities.
-One of the Midwest's Largest Lakefront and Downtown Redevelopments. Four Miles of Lakefront.
-Home to the Historic Genesee Theatre.
Due Diligence
Documents
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Who pays what - Landlord Vs. Tenant
Comparable multi family properties that have sold in the area.
Comparable multi family units that have been rented in the area.
Market report showing trends and insights.
Property
Financials
Purchase Price of Property
Property Current
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Year 2 Pro Forma
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Debt Service
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Property
Performance
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"Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs.
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