Park Ridge Office Redevelopment
1400 Renaissance Dr, Park Ridge, IL
For Sale
Contact for pricing
60,780 SF office building on 3.49 acres for sale.
Property Size60,780 SF
Lot Size3.51 Acres
Price / SF$49.36
Days on Market1183
Property Features for 1400 Renaissance Dr
General Information
Standard status
Size
Lot size
Property subtype
Listing Agency:
Lee & Associates | Chicago
(773) 355-3000
Listed By:
Tony Russo
(630) 728-1179
Source:
Moodyscre
Added: Aug 15, 2023
Changed: Aug 8
Last Checked: Nov 8 at 3:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates | Chicago
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Investment Insights
Based on property information with market context.
This 60,780 square-foot office building, constructed in 1970 and classified as Class B, presents a redevelopment opportunity. The property is situated on 3.49 acres and includes 17 indoor parking spaces and 75 outdoor parking spaces. It offers excellent exposure on Northwest Highway and is located near Advocate Lutheran General Hospital, Benjamin Franklin Elementary School, and Maine East High School. The property is a 7-minute drive to Golf Mill Shopping Center and a 4-minute drive to I-294. The intended use of the property is office.
Key Highlights
- Redevelopment Opportunity
- Excellent Exposure on Northwest Hwy
- Large Building Size: 60,780 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$261,637
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,232,740
$5.2M
Cap Rate 7%
$3,737,671
$3.7M
Cap Rate 9%
$2,907,078
$2.9M
Market Conditions
NOI Build-Up for 60,780 SF
Gross rent
$393.9K $6.48/SF
− Vacancy
−$20.1K −$0.33/SF
EGI
$373.8K $6.15/SF
− OpEx
−$112.1K −$1.84/SF
NOI
$261.6K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,232,740
Cap Rate 7%
$3,737,671
Cap Rate 9%
$2,907,078
Alternative Uses
Best Use
Office B
$12.38M
$10.83M – $14.44M
NOI $866,480 @ 7.0% cap · market cap 28.88%
Second Best
Retail
$12.21M
$10.69M – $14.25M
NOI $854,894 @ 7.0% cap · market cap 28.50%
Theoretical Best
Office A
$23.34M
$20.42M – $27.23M
NOI $1,633,766 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,313
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Office buildings in Cook County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - 60,780 SF office building on 3.49 acres for sale.
Where is this office building located?
The property is located at 1400 Renaissance Dr Park Ridge, IL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Redevelopment Opportunity; Excellent Exposure on Northwest Hwy; Large Building Size: **60,780 SF**
