322-324 W State St - Office FOR SALE


Geneva, IL 60134
$1,250,000 USD
630-669-1414
322-324 W State St, Geneva, IL for Sale
$1,250,000 USD
Office - FOR SALE
1/11
null | 7.59% Cap Rate

322-324 W State St
Geneva, IL 60134


HIGHLIGHTS

  • Downtown Geneva IL Investment Opportunity
  • 3-Level Building with Mix of Retail & Office Tenants
  • Value Add Property with Below Market Rents
  • 2nd Floor Tenant is a National Engineering Firm
  • Street Level has a Unique Arcade-Style Layout
  • Lower Level (Basement) has 13 Small Office Suites

OVERVIEW

Historic multi-tenant office/retail building with vintage finishes. Located in the heart of downtown Geneva, this all-brick building features multiple entrances, & various parking options. Convenient access to State St / Third St shopping & dining. The building has three levels, each with 5,720 sf, totaling 17,160 sf. The net leasable area is 11,830 sf, which is 88% occupied. The balance consists of common areas & loss factor. 2023 Taxes: $30,146. Value-add investment with future opportunity to improve NOI by gradually increasing rents to market, recovering common areas & some loss factor in space sizes, and filling vacancies. STREET LEVEL: Unique "arcade" type space with main entrance off State St and a variety retail & office tenants. Current tenants include a dance studio, salon & more. 2ND FLOOR: Single-tenant office suite with reception/waiting area, a mix of private offices & a large vaulted work space. Recently leased to a national civil engineering firm with 2 years remaining. LOWER LEVEL (basement): Features thirteen small office suites of varying sizes & configurations. Common waiting area and restrooms. LOCATION: Located in downtown Geneva IL, the property is located just 2 blocks west of the Fox River bridge and 1/2 block east of Third Street, a major element of the downtown retail area. There is an adjacent public lot with some 9-hour parking. Geneva IL, in central Kane County, is an upscale suburb about an hour west of Chicago. The area is recognized for the scenic Fox River, beautiful open spaces, and a diverse economy. Downtown Geneva is one of the principal boutique retail destinations in suburban Chicago, and is teeming with unique shops and restaurants. State Street (IL Rt 38) is a primary east-west corridor and the main street through town. Tra?c Counts (IDOT): 23,800 VPD.

FOR SALE DETAILS

PRICE

$1,250,000 USD

PRICE/SF

$73 USD /SF

CAP RATE

7.59%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Value-Add Office/Retail Investment

PROPERTY TYPE

Office

ADD'L SUBTYPES

Storefront, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

C

YEAR BUILT

1920

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,098 SF

ZONING

D-CM

APN/PARCEL ID

12-03-413-016

ASK ABOUT THIS PROPERTY

Neil JohnsonSVN | Landmark Commercial Real EstateMore Info
630-669-1414

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Neil JohnsonSVN | Landmark Commercial Real EstateMore Info
630-669-1414

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.