1 American Way Elgin, IL 60120
- Retail space
- 0.60 lot acres
Current Use by Public Records
- Elgin Primary Care / Medical Clinic
- Alexian Brothers Medical Group Bartlett / Medical Clinic
- Geeti Ghosh M.D. / Pediatrician / Doctor
- cshe elgin / Association Or Organization
Property Details for 1 American Way
- Year built
- 1986
- Lot size
- 0.60 lot acres
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 06-07-302-066
- APU
- 607302066
Description
This exceptional two-story, 8,728-square-foot office building in Elgin, Illinois, presents a unique investment opportunity. Located on Route 58 with 165 feet of frontage, this 1988-constructed brick building underwent a complete renovation in 2023, boasting luxury finishes including imported Italian flooring, modern lighting, and elegant wall treatments. The property features four separate units: two lower-level units (approximately 2,000 sq ft each) and two upper-level units (approximately 1,720 sq ft each). These units are adaptable to various needs and can be combined. Each unit has individual utilities, and common areas include ADA-compliant restrooms on both floors. The building includes an elevator and offers ample parking (35 spaces) for staff and visitors. The property is zoned commercial and is currently occupied by two tenants under a modified lease with a corporate guarantee, offering a remaining lease term of approximately 1.6 years (expiring June 13, 2026). The asking price is $997,000, translating to $114.23 per square foot. The property's prime location and recent renovations make it an attractive investment for a variety of uses, including creative office, executive office, and medical office spaces. Detailed virtual tours are available for each unit. The property's APN is 06073020660000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $640,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $835,000
- 6.5%
- $925,000
- 7%
- $840,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $745,000
- Geo Method
- $885,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $735,000
- Retail
- $735,000
- Mixed-Use
- $900,000
- Hospitality
- $795,000
- Educational
- $970,000
- Residential Income
- $920,000
- Energy
- $845,000
- Income-Based Land
- $830,000
- Food Service
- $725,000
Location Insight
- Map
- Local Demand
- City
- Elgin
- County
- Cook
- State
- Illinois
- Longitude
- -88.2571
- Latitude
- 42.0461
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
