Auction 9/14: Rockford Office With Strong In-Place Income & Upside Potential
The Details
Sealed Bid Auction September 14
Min. Bid: $499,000
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23,590 SF multi-tenant office
- 84% occupied by 2 tenants
- GSA: tenant since 2001
- Rock River: tenant since 1995
- Potential to add value thru leasing
- Frontage on Harrison Ave., a major thoroughfare for the Rockford area
- Located close to UTC campus
- Pro Forma 2017 NOI: $126,591
- 23.4% cap rate on minimum bid
- Great opportunity for investor
- Land Area: 79,211 SF
- Zoning: I1, light industrial
A 23,590 square foot multi-tenant office building with potential to add value is available for sale. This office building is currently 84% occupied by two long-term tenants – the GSA and Rock River Environmental Services. Highly visible on Harrison Ave., this office is in a great location close to the UTC Aerospace campus and a large industrial park. The property is projected to earn $126,591 of net income in 2017, a 23.4% return on the minimum bid.
Rockford, the largest city in Illinois outside of the Chicago MSA, is located in the growing I-90 economic corridor. The city has a diverse economic base with industries ranging from aerospace and automobiles to distribution centers and call center operations.
Offers for the sealed bid auction will be due on September 14th before 5:00 PM. Offers must be submitted to our offices at 205 W. Wacker Dr., Suite 1750. The minimum bid shown does not include the 8.0% Buyer's Premium.