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    505 E North Avenue

    Carol Stream, IL 60188
    • $6,250,000
    • STATUS: Active
    • ON SITE: 34 days
    • MLS #: 10953912
    UPDATED: 193 min ago
    $6,250,000
    • 0
      BEDS
    • 4.4
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 70,000
      SQFT
    • $89
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1971
    County:
    Area:

    School Ratings & Info

    Description

    LEASE INFO: This is a 70,000 SF, multi-tenant office building with 30,000 SF available office/flex space located on the first floor along with a 10,000 SF second floor vacant office available for lease. The first-floor space can demise down to 5,000 SF spaces. The ground floor was previously the Village of Carol Stream offices and is fully built out office space. The second-floor space is accessible by two stairways and is currently being used for storage. It can be built out into office space or as additional dry storage space. The vacancies have high ceilings, built out offices and open space which can be used for cubicles or an open work area. The rear first-floor space could be ideal as flex space, and roll up delivery doors can be added to the alley side of the building to allow for delivery trucks access from the alley via North Avenue or Schmale Road. The property has abundant free parking in front of the building. Additionally, there is secured parking in the rear, which can be leased out separately. The property is extremely well located directly on North Avenue just west of the main lighted intersection of Schmale and North Avenue. The property has five access points including two front access driveways from North Avenue, a side alley which accesses North avenue along with and a rear road, Phillips Court, which provides easy access to Schmale Road. SALE INFO: There are two strong credit tenants currently in the building. Comcast occupies 15,000 square feet at the north side of the building. They also have a secured parking lot at the rear of their space along with a drive-in dock. Comcast has been a tenant since 1995, including a number of mergers and company buy outs of AT&T and Ameritech. The second tenant is First Student who occupies 5,000 square feet in the middle of the building. They are currently in discussions to expand to 7,000 square feet. The property owner is offering a master lease on the two existing tenants and an additional 10,000 square feet of vacant space for a total of 30,000 square feet (Comcast with 15,000 square feet and First Student along with the owner's portion of master lease totaling 15,000 square feet). This is shown on the building plan for reference. The master lease is good for three years following the close on a purchase of the property. The rental rate for Master Lease will be $13.00 PSF on a NNN lease structure.

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    © 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or BNRealty | RE/MAX Rising. Based on information submitted to the MRED as of 2021-01-18T23:51:38.127 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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    505 E North Avenue Carol Stream, IL 60188

    • Price: $6,250,000
    • Status: Active
    • Updated: 193 min ago
    • MLS #: 10953912
    0
    Beds
    0
    Baths
    0
    ½ Baths
    4.4
    Acres
    70,000
    SQFT
    $89
    $/SQFT
    1971
    Built
    Neighborhood:
    Carol Stream
    County:
    DuPage
    Area:
    Carol Stream
    Property Description
    LEASE INFO: This is a 70,000 SF, multi-tenant office building with 30,000 SF available office/flex space located on the first floor along with a 10,000 SF second floor vacant office available for lease. The first-floor space can demise down to 5,000 SF spaces. The ground floor was previously the Village of Carol Stream offices and is fully built out office space. The second-floor space is accessible by two stairways and is currently being used for storage. It can be built out into office space or as additional dry storage space. The vacancies have high ceilings, built out offices and open space which can be used for cubicles or an open work area. The rear first-floor space could be ideal as flex space, and roll up delivery doors can be added to the alley side of the building to allow for delivery trucks access from the alley via North Avenue or Schmale Road. The property has abundant free parking in front of the building. Additionally, there is secured parking in the rear, which can be leased out separately. The property is extremely well located directly on North Avenue just west of the main lighted intersection of Schmale and North Avenue. The property has five access points including two front access driveways from North Avenue, a side alley which accesses North avenue along with and a rear road, Phillips Court, which provides easy access to Schmale Road. SALE INFO: There are two strong credit tenants currently in the building. Comcast occupies 15,000 square feet at the north side of the building. They also have a secured parking lot at the rear of their space along with a drive-in dock. Comcast has been a tenant since 1995, including a number of mergers and company buy outs of AT&T and Ameritech. The second tenant is First Student who occupies 5,000 square feet in the middle of the building. They are currently in discussions to expand to 7,000 square feet. The property owner is offering a master lease on the two existing tenants and an additional 10,000 square feet of vacant space for a total of 30,000 square feet (Comcast with 15,000 square feet and First Student along with the owner's portion of master lease totaling 15,000 square feet). This is shown on the building plan for reference. The master lease is good for three years following the close on a purchase of the property. The rental rate for Master Lease will be $13.00 PSF on a NNN lease structure.
    Exterior Features

    Docks Exterior Number Of Drive In Doors 0 Number Of TLDocks 1

    Interior Features

    Ceiling Hgt Max Ft 16 Ceiling Hgt Max In 0 Ceiling Hgt Min In 0 Cooling Central Air Electric Other Fire Protection Alarm On Site Heat Ventilation Ceiling Units Leasable Area 40000

    Property Features

    Additional Parcels YN No Built Before1978 YN Yes Existing Lease Type Net Geographic Locale Northwest Suburban Gross Income 456900 Gross Scheduled Income 456900 Lot Size Dimensions 0 Min Avail Sq Ft Rentable 5000 Operating Expense 35000 Property Offered For Sale Or Rent Tax Annual Amount 120870 Tax Year 2019 Tenant Pays Other Zoning Commr

    Listing information © 2021 Midwest Real Estate Data LLC.
    Listing provided courtesy of Sperry Van Ness.


    © 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or BNRealty | RE/MAX Rising. Based on information submitted to the MRED as of 2021-01-18T23:51:38.127 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

    Digital Millennium Copyright Act
     
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