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    1420 Renaissance Dr Park Ridge, IL 60068

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    For Sale
    Contact for pricing

    49% Leased, High-Growth Potential

    Property size:
    54,570 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    This exceptional value-add opportunity presents a four-story, 54,570 square foot Class B office building in Park Ridge, IL. Located at 1420 Renaissance Drive, this multi-tenant property boasts a current NOI of $26,299 and a pro-forma NOI of $452,232, reflecting significant upside potential. Built in 1970 and renovated in 2004, the building sits on a 3.03-acre lot and features 44 units, offering a diverse tenant mix with approximately half currently occupied by medical/healthcare tenants. The property benefits from a prime location, directly off I-294, providing excellent expressway access and visibility. Its proximity to the Dee Road Metra Station, Desplaines city center, O'Hare International Airport, and Advocate Lutheran General Hospital further enhances its appeal. The building itself is well-maintained, with ample parking (20+ indoor and 187 exterior spaces), large floorplates, and balconies offering natural light. The property's strong location, diverse tenancy, and significant upside make it an attractive investment opportunity in a thriving suburban market. The permitted zoning is O.

    Property Features for 1420 Renaissance Dr

    General Information

    Property type
    Medical offices
    Square Feet
    54,570 SF
    Class
    B
    Lot Size
    131,987 SF

    Building Details

    Year Built/Renovated
    1970/2004
    Buildings
    1
    Stories
    4
    Units
    44

    HighLights

    • Value‑add opportunity: 54,570 SF Class B office building in Park Ridge, IL, with significant NOI upside ($26,299 current, $452,232 pro‑forma).
    • High occupancy by medical/healthcare tenants (approx. 50%), proximate to Advocate Lutheran General Hospital.
    • 44 diverse suites, minimizing tenant departure risk.
    • Well‑maintained building with large floorplates, balconies, ample parking (20+ indoor, 187 exterior), and excellent natural light.
    • Prime location off I‑294, near Metra, Desplaines, O'Hare Airport, and Advocate Lutheran General Hospital.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ruwanpura Gems Jewelry Store Managed Technologies Computer Consultant Dr. Leon Wleklinski Chiropractor Rice Insurance Agency, ... Insurance Agency AXPulse Consulting Software Company

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Park Ridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.864365289492
    Latitude
    42.032113004553

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    FAQs

    What type of property is this?
    Medical office - 49% Leased, High-Growth Potential
    Where is this medical office located?
    The property is located at 1420 Renaissance Dr Park Ridge, IL.
    What are key features of this property?
    This property features: Value-add opportunity: 54,570 SF Class B office building in Park Ridge, IL, with significant NOI upside ($26,299 current, $452,232 pro-forma).; High occupancy by medical/healthcare tenants (approx. 50%), proximate to Advocate Lutheran General Hospital.; 44 diverse suites, minimizing tenant departure risk.
    Request Owner's contact information
    1420 Renaissance Dr Park Ridge, IL 60068
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1420 Renaissance Dr Park Ridge, IL 60068
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