454 Redington DrSouth Elgin, IL 60177

Property Details for 454 Redington Dr

Year built

2004

Lot size

1.39 AC

Property size (Sq ft)

13,618 SF

Property type

Other commercial real estate

APN

09-05-278-012

APU

905278012

Description

This exceptional 27,443 square foot retail shopping center, located at 454 Redington Dr, South Elgin, IL 60177, presents a compelling value-add opportunity. The property, built in 2007, consists of two buildings—one single-story and one two-story—showcasing impressive masonry construction. Currently boasting 81.1% occupancy with a mix of tenants including orangetheory and pure barre, the center offers four available office suites on the second floor, presenting a significant opportunity to increase net operating income (NOI). Costar Analytics data indicates that average South Elgin office rent is $22.00 per square foot, suggesting a potential NOI increase of approximately $127,712 upon lease-up of these vacant spaces. Furthermore, current average property rent is $18.48 per square foot, 16% below the South Elgin average of $22.00 per square foot (Source: Costar Analytics), offering significant upside potential. The property sits on an oversized 3.24-acre lot, providing ample surface parking with seven points of ingress/egress. Its strategic location benefits from high foot traffic, situated near major retailers such as Home Depot, Best Buy, Target, T.J. Maxx, LA Fitness, and Ross Dress for Less, generating over 4.4 million annual visitors in the immediate vicinity (Source: Placer.ai). This combination of below-market rents, significant lease-up potential, and a prime location makes this a truly exceptional investment opportunity.

• Alternative Use

  Use

  Valuation

  Residential

  $2,814,485

  Hospitality

  $2,578,053

  Educational

  $2,144,910

  Medical

  $2,218,677

  Retail

  $3,336,527

Location Insight

City

South Elgin

County

Kane

State

Illinois

Latitude

41.9811

Longitude

-88.3427

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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