Three-Story Downtown Office
For Sale
Contact for pricing
Pending
2 W Main St, Danville, IL 61832
Three-story, 40,152-square-foot office building with 92 parking spaces and a remaining lease with Old National Bancorp.
Property Size40,152 SF
Lot Size1.90 Acres
Days on Market18
Property Features for 2 W Main St
General Information
Standard status
Pending
Size
40,152 SF
Total Parking Spaces
92
Lot size
1.90 Acres
Property subtype
Office
Occupancy
100%
Additional Details
Cap Rate
9.8%
Building Details
Year Built
1976
Year Renovated
1994
Stories
3
Listing Agency:
SCGroup Real Estate Downtown
Listed By:
Steve Stoner · License #IL 471016986
Source:
Crexi
Added: Jul 21
Changed: Jul 22
Last Checked: Aug 7 at 7:26AM
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 SCGroup Real Estate Downtown
Investment Insights
Based on property information with market context.
This three-story office building was built in 1976 and renovated in 1994. The property totals 40,152 square feet and sits on approximately 1.9 acres. Parking is available for 92 vehicles (approximately 2.3 spaces per 1,000 square feet).
The building is fully occupied and leased to Old National Bancorp. The lease has five years remaining and is scheduled to expire October 31, 2022. Current annual NOI is stated as $465,521 for the 12 months ended 10/31/19, with annual rental increases of 150% of CPI capped at 1.5%.
The offering is described as a NNN lease arrangement, with the tenant responsible for repairs and replacing equipment as it becomes worn. Renewal options are listed as four, five-year options, and negotiations are underway related to a possible downsizing and lease extension. Two existing subtenants totaling approximately 4,000 square feet are expected to be converted to direct leases.
The building is fully occupied and leased to Old National Bancorp. The lease has five years remaining and is scheduled to expire October 31, 2022. Current annual NOI is stated as $465,521 for the 12 months ended 10/31/19, with annual rental increases of 150% of CPI capped at 1.5%.
The offering is described as a NNN lease arrangement, with the tenant responsible for repairs and replacing equipment as it becomes worn. Renewal options are listed as four, five-year options, and negotiations are underway related to a possible downsizing and lease extension. Two existing subtenants totaling approximately 4,000 square feet are expected to be converted to direct leases.
Key Highlights
- Fully occupied, three‑story office building leased to Old National Bancorp (NASDAQ: ONB)
- Building size: 40,152 SF; year built 1976; renovated in 1994
- Approx. 1.9‑acre lot with 92 parking spaces (2.3/1,000 SF)
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 61832, IL
32,878
Population
16,390
Households
2
Avg Household Size
40
Median Age
17%
College-Educated
90%
High-School Grad
27.3 sq mi
ZIP Area
1,204
Density / Sq Mi
$45,264
Median Household Income
$37,288
Median Earnings
$805
Median Rent
$78,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Three-story, 40,152-square-foot office building with 92 parking spaces and a remaining lease with Old National Bancorp.
Where is this office building located?
The property is located at 2 W Main St Danville, IL.
What are key features of this property?
This property features: Fully occupied, three‑story office building leased to Old National Bancorp (NASDAQ: ONB); Building size: 40,152 SF; year built 1976; renovated in 1994; Approx. 1.9‑acre lot with 92 parking spaces (2.3/1,000 SF)
