Sold
721 E Madison Street
Villa Park IL, 60181
$1,499,900
$93.74 per sqft
Sold
16,000 sqft
Commercial
Built in 1985
Courtesy of Sperry Van Ness
The subject property is a custom built 16,000 SF, two-story office building situated on 2.26 acres. The building is divided into two 4,000 SF suites on the first floor and a full, 8,000 SF floor suite on the second floor. Currently, a tenant occupies the second floor and the building can be delivered with the tenant in place, or fully vacant. Historically, the two first floor suites were always leased until recently, and the units have not been placed on the market for lease. The property is ideal for either a full owner/user, or as an owner/user who occupies a portion of the building and collects income from the other tenants. Alternatively, the tenant can be a straight multi-tenant investment property. Current rent roll and expenses are available upon request. The building is in excellent condition. It was built in 1985 and sits on a 2.26 acre lot. The roof is single ply and was replaced in 2018, with a 10 year transferable warranty. There are four HVAC units on the roof, two for the second floor (7,500 tons each) and two for the first floor (5,000 tons each). All are regularly maintained semi-annually and in good working order. The parking lot features 82 parking spaces (5/1000) and was just seal coated and striped in late summer 2022. There is a back-up generator for the building that was installed several years ago. The suites are fully built-out and the upstairs unit is renovated with high-end finishes. The lobby and common area bathrooms were renovated two years ago. The property is very well maintained with no deferred maintenance. Additionally, the real estate taxes are very low at $1.40/SF ($22,448). This is an excellent purchase opportunity on the highly trafficked IL Route 83.
11493325
MLSⓇ ID
August 15, 2022
Listed
March 28, 2024
Updated
Map
721 E Madison Street
Villa Park IL, 60181
Interior Features
Total Stories
2
Fireplace
No
Cooling
Yes
Cooling Description
Central Individual
Heating
No
Exterior/Building Features
Lot Size
2.26 Acres
Other Property Details
Area Name
Villa Park
Taxes
$22,448
Tax Frequency
Annually
Days on Market
106
Garage
No
View
No
County
Du Page
Municipality
York
Pool
No
Buyer Agency Compensation
2.75%-495
Courtesy of Sperry Van Ness, Olivia Czyzynski,
Listing Contact: 312-676-1866
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Data last updated 4:18 AM UTC, 3/28/2024