Saxum West is pleased to present for sale this beautiful 13,300 SF brick bow-truss retail/warehouse building zoned C2 in the up-and-coming neighborhood of Arlington Heights. Ideal for an owner-user, this creative compound was recently renovated in 2015 and is currently divided into (8) spacious creative lofts with private interior parking for 6 cars (or 8-10 cars if parked in tandem). The interior parking area is accessible via an interior driveway with a secure gate and a curb cut along W Washington Blvd in front of the building. Most of the interior walls of the building are non-load-bearing, so a prospective owner-user could create a more open floor plan if desired.
Roughly half of the footprint of the building has high clearance, and measures 16'4" to the bottom of the beams, and 23'4" to the top of the bow truss. In the other half of the property, ceiling heights measure between 11' to 12'3". Many of the units have HVAC. There are multiple interior roll-up doors for easy and convenient loading in & out through the interior shared driveway.
The current gross monthly rent is $18,900 per month at 75% occupancy, with a proforma monthly rent of $27,875 per month at full occupancy and a proforma NOI of $271,589. The occupancy rate excludes the interior parking area and driveway which also could in theory be leased out or occupied. The existing tenants are all month-to-month, so the building can be delivered vacant at close of escrow (if required by buyer). Electricity is separately metered, and water is master-metered.
Prospective buyers, some of who may want to change the use of the property with the City to conform to the use category under which their business falls, may benefit from the property’s eligibility for AB 2097, making it exempt from enforcement of meeting the parking ratio requirements of the new use. Call broker for more information or to schedule a tour.