Medical Office/Health Club

Office for Sale
Catylist Listing ID: 30165165
Property Subtypes: Medical, Office Building, Research & Development, Other
Building Size (RSF): 61,347 SF
Gross Building Area: See Agent
Sale Price: $3,750,000
Unit Price: $61.13 PSF
Property Use Type: Investment
Class of Space: Class A
Sale Terms: Other
Up For Auction: Yes
Auction Type: Undisclosed Reserve
Cap Rate: Undisclosed
Last Updated: 3/26/2018

Overview / Comments

Previously Valued to $8 Million

Suggested Opening Bid: $3,750,000

Buyer's Premium: 6%

Cooperating Broker's Commission: 2%

2016 Taxes: $114,994.74

PIN #: 14-12-225-003

Zoning: ORI; Office, Research and Light Industrial

Approximately 61,347 sf building that is part medical center/therapeutic space and part health club space:

· Built in 2006
· 100% leased, 2 unit, approx. 61,347 sf building on 4.027 acres with 214 surface parking spaces
· Appraised for $8 million in 2009, when both tenants were fully performing
· Health club space is approx. 48,937 sf (79.77%)
· Health Club tenant is paying a reduced rent at this time by mutual agreement between Landlord and Tenant which is less than what is due per the terms of the lease
· Health club space features mostly open space for exercise areas, a pool, a basketball court and a minor amount of office space on the second floor
· Therapeutic space is approx. 12,410 sf (20.23%)
· Therapeutic space is leased through 9/30/2021; hospital tenant is paying on time and in full, per terms of the lease
· Therapeutic space features mostly office and conference room/classroom space and open rehabilitation areas

The health club portion of the building could also be used as a rehab center or sports facility. Adjacent land is also available for separate purchase.

Note that the asking price listed is for the building only. The adjacent land is approx. 3.05 acres and is available for $6 psf (or asking price of $797,148.00). If the adjacent land and/or health club business are of interest, prospects should contact Diana Peterson at 312.218.6102 or for further information.

Additional Details

Nearest MSA: Chicago-Naperville-Elgin
County: Kane
Tax ID/APN: 14-12-225-003
Zoning: ORI

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,885 60,205 184,074
Median Age: 41.03 35.07 33.04
Households: 723 20,051 57,879


Photograph of Listing Agent

Diana Peterson

SVN AuctionWorks
ICEx Member
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