721 E Madison Street, Villa Park, IL 60181 | 11493325 | Berkshire Hathaway HomeServices Chicago

721 E Madison Street $1,499,900

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    721 E Madison Street Villa Park, IL 60181

    Pending
    • 16,000 sq. ft.
    • 2.26 Acres
    • Commercial
    • MLS# 11493325
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    Views: 8 Days On Site: 165

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    Property Details

    Description Tours

    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.

    • General Features
      • Additional Parcels Y/N No
      • Area Villa Park
      • County Or Parish Du Page
      • Gross Income 0
      • Gross Scheduled Income 0
      • Leasable Area 16000
      • Net Operating Income 0
      • Operating Expense 49158
      • Property Sub Type Office
      • Tax Annual Amount 22448
      • Tax Year 2020
      • Township York
      • Year Built 1985
    • Building Features
      • Building Area Total 16000
      • Cooling Central Individual
      • Electric Separate Meters
      • Stories 2
    • Property Features
      • Lot Size Acres 2.26
      • Lot Size Dimensions 2.26
      • Lot Size Square Feet 98445
      • Parcel Number 0615200044

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    Neighborhood

    60181 (Villa Park) Demographics

    37 Median Age
    4,387 Population Density (per sq. mile)
    43% College Educated
    $76,142 Estimated Median Income
    7,341 Estimated Total Home Owners
    3,554 Estimated Total Renters
    67% / 33% Estimated Owner / Renter Divide
    3 Estimated Average Household Size
    29,365 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $258,000 Median Sales Price
    16 Homes Sold
    11 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $1,499,900
        11/28/2022 4:17:39 PM Status Changed Source: Multiple Listing Service New Value: Pending
        8/22/2022 12:17:55 AM Status Changed Source: Multiple Listing Service New Value: Active
        8/16/2022 4:18:00 PM New in Database Source: Multiple Listing Service New Value: $1,499,900

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        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.