Owner/User Investment Opportunity

345 N. Eric Drive Palatine, IL 60067

345 N. Eric Drive, Palatine, IL, 60067
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FOR SALE
Property Type:
Factory
Amount:
$2,484,000
Last Verified:
Feb 04, 2022

Highlights

  • Owner/user can occupy between 15,000 to 34,500 SF
  • 6B in place for four more years
  • 2 exterior loading docks
  • 1 DID
  • Ceiling Height 14' to 16'
  • Plenty of parking

Description

The subject property is a 34,500 square foot industrial building built in 1970 and recently renovated, located on the north side of Palatine near the downtown area just off of Colfax Street, in Cook County. The property sits on approximately 1.65 acres of land. The building was designed as a single-tenant building, but with minor modifications, it now accommodates seven tenants. The property can easily be converted back to a true owner/user or can be sold as an investment. An owner/user buyer could occupy between 15,000 SF - 34,500 SF.

Currently, the property is occupied by 7 tenants, including the owner’s businesses which occupy three of the units. The building is more suited for an owner/user and the tenants are all on short-term leases. The owner's businesses will vacate the building and the tenants can be easily vacated as well, providing a full building for an owner/ user.

The property has been significantly renovated including many upgrades. There is a new office area along with new restrooms in one of the tenant spaces. There are a total of 6 restrooms and the majority are ADA compliant. Lighting has been upgraded as well. The building sits on a concrete slab and features two exterior truck-level loading docks, and a 16’ drive-in-door. The ceiling heights range from 14 to 16 feet. Four 15-to-20-ton rooftop HVAC units and one interior unit service the building. The HVAC is relatively new, replaced approximately three years ago. The roofing was recently overlaid with a single-ply roofing system. There is a new storm sewer on the property and a total of 56 parking spots, providing significant parking for this property.

The subject property is located directly on Eric Drive just off of Colfax Street, immediately west of Downtown Palatine and the Metra Station (walking distance). This is a well-positioned property with easy access to all the major thoroughfares in Palatine, including IL Routes 68, 14 and 53. Palatine is a suburb approximately 30 miles northwest of Chicago, in Cook County, IL. A 2010 census showed the population at 68,500, making it the 18th largest community in the state of Illinois. The village can easily be accessed via IL-53, a major expressway in the northwest suburbs. The village is also home to a UPS hub and Harper College.


Year Built: 1970
Building Size: 34500sq ft
Lot Size: 1.65 acres


Documents

Sale Offering Memorandum


Map of 345 N. Eric Drive, Palatine, IL, 60067

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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"Incentives" are vital today and in the future because:

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