333 E Route 83 - Medical FOR SALE


Mundelein, IL 60060
$3,290,000 USD
630-205-8877
333 E Route 83, Mundelein, IL for Sale
$3,290,000 USD
Medical - FOR SALE
1/4
null | 9.75% Cap Rate

333 E Route 83
Mundelein, IL 60060


HIGHLIGHTS

  • Attractive Medical Mix & Long-Term Tenants: 78.4% of income from medical tenants; 62.6% of income from tenants with 7+ years of occupancy.
  • Significant Value-Add Potential: 21.4% vacancy vs. 2.9% market rate; no broker representation and below-market lease-up strategy.
  • Institutional-Quality Construction & Condition: All brick, energy-efficient, LED lighting, 7 RTUs, private water tanks for select tenants, and no def
  • Prime Suburban Location with Excellent Visibility: Located at a lighted intersection with 28,000 VPD and access to Routes 83, 60, and 45.
  • Affluent Demographics: Mundelein’s average household income is $144,695.
  • Strong First-Year Cash Yield: 14.14% projected cash-on-cash return with 75% LTV, 25-year amortization, and 6.75% interest.

OVERVIEW

Compass is pleased to present the Willow Springs Medical Professional Office Center, a prime investment opportunity located in Mundelein, Illinois. This is a ±/-33,000 square foot, two-story office building with a full lower level, constructed in 2004 with high-quality all-brick masonry and energy-efficient design. The property includes 18 suites (6 per floor), 7 rooftop HVAC units, private water tanks for select medical tenants, and 115 parking spaces. The lower-level features 12’ ceilings, windows, and a raw suite currently used as a workshop-offering future conversion potential. The building has been meticulously maintained by the original developer and is in excellent condition with no deferred maintenance. This offering presents a compelling value-add opportunity. The property is currently 78.60% occupied, significantly below the Mundelein office market’s 2.9% vacancy rate, due to the seller’s selective leasing approach and self-representation. 78.4% of the property’s income is derived from medical office tenants, and the average asking rent for non-medical office space in the market is approximately $21.25 per square foot. With professional leasing, increased visibility, focus on medical tenants and strategic lease restructuring (from modified gross to NNN), a new owner can enhance NOI, capitalize on under-market rents, and increase overall asset value. Strategically located at the lighted intersection of Routes 83, 60, and 45, the property enjoys exceptional visibility with over 28,000 vehicles per day. Mundelein is an affluent northern suburb of Chicago with a population of 31,000 and a 5-mile average household income of $128,940. The asset draws from nearby top-ranked communities such as Vernon Hills, Lincolnshire, and Hawthorn Woods, making it a desirable destination for medical and professional office tenants seeking convenience, quality, and proximity to high-income households.

FOR SALE DETAILS

PRICE

$3,290,000 USD

PRICE/SF

$102 USD /SF

CAP RATE

9.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Willow Springs Medical Professional Office

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

2004

SPRINKLERS

-

PARKING SPACES

117

LAND DETAILS

LAND ACRES

2 AC

LAND SF

87,120 SF

ZONING

C-2

APN/PARCEL ID

15-06-103-033

ASK ABOUT THIS PROPERTY

Tammy SaiaThe Saia GroupMore Info
630-205-8877

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Tammy SaiaThe Saia GroupMore Info
630-205-8877

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.