Downtown Geneva Commercial Investment
322-324 W State Street
Geneva, IL 60134
Highlights
- Downtown Geneva Investment Opportunity
- 3-Level Building with Mix of Retail & Office Tenants
- Value-Add Property with Below Market Rents
- On-Street & Public Lot Parking
- STREET LEVEL:
- Unique Arcade-Style Layout
- Main Entrance on State St (Rt 38)
- Mix of Retail & Office Tenants
- 2ND LEVEL:
- Large Single-Tenant Office Suite
- Tenant is a National Civil Engineering Firm
- 3-year Seller rent guarantee for 2nd floor lease
- Formal Reception/Waiting Area
- Mix of Private Offices & Open Work Spaces
- LOWER LEVEL (basement):
- 13 Small Office Suites
- Various Sizes & Configurations
- Common Waiting Area & Restrooms
Description
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 94% occupied. The balance consists of common areas & loss factor.
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. Sellers are offering a rent guarantee to cover the current 2nd floor lease for three years from closing (based on the current asking price).
LOWER LEVEL (basement): Features thirteen small office suites of varying sizes & configurations. Common waiting area and restrooms.
Downtown Geneva on west side of Fox River. State Street (Rt 38) location between Third and Fourth Streets. Next to Aurelio's Pizza restaurant. Walk to Metra train, court house, restaurants and shopping. Adjacent public parking lot with some 9-hour parking.
Downtown Geneva IL is one of the principal boutique retail destinations in suburban Chicago. State St (IL Rt 38) is a primary east-west corridor and the main street through town. 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. Traffic Counts (IDOT): 23,800 VPD.
Geneva IL is an upscale suburb about an hour west of Chicago. Downtown Geneva is teaming with unique shops and restaurants, and benefits by being a stop on the Metra commuter train line. Geneva is the county seat of Kane County, which is recognized for the scenic Fox River, beautiful open spaces, and a diverse economy.
