Current Use by Public Records
- Office Spaces
Property Details for 731 Illinois Rte
- Year built
- 2007
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This exceptional Class A, 4,164 square foot medical office condo in Gurnee, IL (60031), located at 731 S Illinois Rte 21, presents a compelling investment opportunity. The property boasts a strong 8.00% cap rate, generating a net operating income (NOI) of $194,756. Currently 100% occupied since August 1, 2019, under a single-tenant, absolute NNN lease with Northshore Center Gastroenterology, SC, a division of GI Partners Illinois, Inc., the lease features 3% annual rent bumps and a private guarantee. The lease has approximately 4.7 years remaining, with a single 10-year renewal option. Built in 2007 and renovated in 2018, this single-story building offers ample parking. The property benefits from excellent synergy with other medical tenants in the complex, including University Foot Associates, Glamorously Beautiful, Northshore Medical Group, and Advocate Healthcare. The asking price is $2,434,450. This stabilized investment offers a secure and profitable opportunity in a thriving medical market. The tenant specializes in diagnosing and treating various digestive disorders, including Barrett's esophagus, GERD, Crohn's disease, ulcerative colitis, and celiac disease. They also manage swallowing disorders, liver diseases, and other gastrointestinal issues.
Value Estimations
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Gurnee
- County
- Lake
- State
- Illinois
- Longitude
- -87.9389
- Latitude
- 42.3487
