SEC W. Stephenson St./S. Galena Ave.- 101 Stephenson St. portfolio

Office for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30258115
Property Subtypes: Office Building, Other
Building Size (RSF): 28,566 SF
Gross Building Area: See Agent
Sale Price: $825,000
Unit Price: $28.88 PSF
Property Use Type: Vacant/Owner-User, Business
Class of Space: Class B
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 4/17/2018

Overview / Comments

CBRE is pleased to present for sale at $825,000 a multi-property commercial office complex totaling 28,566 SF in downtown Freeport, Stevenson County, Illinois. Please see below for a description of the assets making up the portfolio:

The 101 W. Stephenson St. complex (which also incorporates 102 and 110 W. Main St.) is the primary asset and is situated on .93 acres consisting of a traditional city block bounded by S. Stephenson St., W. Galena Ave., W. Main St., and S. Van Buren Ave. This asset includes a two-story, 12,644 SF (excluding the finished lower level) branch bank/office building situated on the Stephenson Street frontage. The building was constructed circa 1974 and is flanked on the east and west elevations by entrance/exit ramps to the adjoining parking deck which connects with the 2nd floor of the building. The upper level of the parking deck can accommodate approximately 60 vehicles and features an elevator lobby at the southwest corner of the structure.

The sloping topography of the site streets allows for street-level offices along the Main Street frontage which is effectively the lower-level of the parking structure. There are two demised commercial spaces (110 and 102 W. Main St.) which contain 4,256 and 3,666 SF and are located at the southwest and southeast corners of the complex, respectively. These spaces were formerly occupied by the bank as commercial lending offices and an additional teller lobby plus drive-thru teller station, respectively. Both could be adapted to general office use.

101 W. Stephenson and 102 W. Main Streets have full lower levels. The 101 W. Stephenson lower level opens onto the drive-thu level below the parking deck. The 102 W. Main St. lower level is completely below grade. The balance of the lower parking level is currently used as drive-thru banking lanes and could be reconfigured for additional parking. There is a single, two-stop elevator and enclosed elevator lobby located in the southwest corner of the parking deck which serves the 110 W. Main St. space below it. The overall parking ratio is 2.9/1,000 SF for the primary asset, not including potential conversion of the drive-thru area to parking or the ample street parking available.

27-29 W. Stephenson St. is a two-story commercial building featuring street-level frontage, configured as office space on both the 1st and 2nd floors, plus a full basement. The building is located across Van Buren Ave. directly east of the primary asset. This building was built circa 1964, is situated on a 5,046 SF site, contains approximately 8,800 SF (excluding the lower level) and is presently leased to the Freeport Area Economic Development Foundation. Street parking, along with parking at the primary asset, is available.

14 S. Galena is a single “city lot” which is vacant, but asphalt paved, featuring approximately 6 marked parking spaces. This parcel is 1,194 SF and is situated on the west side of S. Galena Ave., south of the public alley, directly west of the main parcel/parking deck.

220-224 W. Main St. are contiguous interior parcels (non-corner) situated on the north side of W. Main St. between S. Galena and S. Walnut Avenues. These parcels contain 7,231 SF, are vacant, but asphalt paved, and feature 26 parking spaces.

Additional Details

Nearest MSA: Freeport
County: Stephenson
Property Located Between: Located SEC of S. Galena Ave. & W. Stephenson St. in the heart of downtown Freeport
Property Visibility: Excellent
Highway Access: I-90
Total Number of Buildings: 4

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,804 26,459 31,243
Median Age: 32.41 41.62 42.58
Households: 3,923 11,357 13,309

Contact

Photograph of Listing Agent

Karen Walsh

CBRE, INC. ICEx Member
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