11952 Harlem Ave Palos Heights, IL 60463-1167

Property Details for 11952 Harlem Ave

Year built

1974

Lot size

0.29 lot acres

Property type

Retail space

Property subtype

Storefront properties

APN

23-25-205-024

APU

2325205024

Description

Exceptional investment opportunity awaits with the Westen Building, a meticulously maintained two-story medical office building situated on a prominent location at 11952 S Harlem Ave in Palos Heights, Illinois (60463), Cook County. This fee-simple property boasts 8,800 square feet, with 8,250 square feet of net rentable space, currently housing four tenants at a 94% occupancy rate. The building, constructed in 1980 and extensively renovated in 2008, features seven units spread across two stories, each benefiting from floor-to-ceiling windows. Recent upgrades include a new medical elevator (2013), complete LED lighting (interior and exterior), and a roof sealant application (2022). The second-floor hallway received a fresh coat of paint in 2023. Each floor, including the finished basement, offers three restrooms, with the lower level featuring an oversized handicapped-accessible restroom. The building sits on a 12,833 square foot lot and is zoned B-2. The current stabilized investment offers a 6.74% cap rate with a projected pro-forma cap rate of 6.87%, generating a current NOI of $94,354 and a pro-forma NOI of $96,154. The asking price is $1,399,000, translating to $158.98 per square foot. The property's long-term tenants and maintenance-free exterior, coupled with its prominent location near a hospital and on busy Harlem Avenue, make this a truly compelling investment opportunity. Seller financing may be considered.