43 Jefferson Ave Naperville, IL 60540

Property Details for 43 Jefferson Ave

Lot size

0.37 lot acres

Zone code

C

Property type

Commercial real estate

APN

08-18-313-021

APU

818313021

Description

This exceptional mixed-use property in downtown Naperville, Illinois presents a compelling value-add investment opportunity. The 16,954 square foot building, originally constructed in 1845 and renovated in 1986, boasts a rich history as the former residence of Naperville's mayor. Currently operating at 58% occupancy, it generates a net operating income (NOI) of $227,000. Significant upside potential exists through leasing the remaining 6,500+ square feet of retail and office space, projecting a pro-forma NOI exceeding $440,000 upon full occupancy. The property features flexible B4 zoning, allowing for diverse uses, and is situated in Naperville's parking district, enabling potential expansion to approximately 30,000 square feet. The 0.367-acre lot includes onsite parking, complemented by a municipal parking deck across Jefferson Avenue. The building's prime location, one block east of Washington Street, places it amidst thriving retail establishments such as Athleta, Ramsay's Kitchen, and numerous others. Its proximity to North Central College, the Naperville Community Concert Center, and Wentz Concert Hall further enhances its appeal. The asking price is $4,400,000, representing a price per square foot of $259.53 and a 5.17% cap rate. 2023 property taxes totaled $58,098. The property's APN is 08.18.313.021. This is a rare chance to acquire a landmark property with substantial growth potential in a vibrant downtown setting.