Value-Add Office/Retail Investment | 322-324 W State St
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Value-Add Office/Retail Investment 322-324 W State St
17,160 SF 92% Leased Office Building Geneva, IL 60134 $1,250,000 ($73/SF) 7.59% Cap Rate
Investment Highlights
- Downtown Geneva IL Investment Opportunity
- Value Add Property with Below Market Rents
- Street Level has a Unique Arcade-Style Layout
- 3-Level Building with Mix of Retail & Office Tenants
- 2nd Floor Tenant is a National Engineering Firm
- Lower Level (Basement) has 13 Small Office Suites
Executive Summary
Historic multi-tenant office/retail building with vintage finishes. Located in the heart of downtown Geneva, this all-brick building features multiple entrances, & various parking options. Convenient access to State St / Third St shopping & dining. The building has three levels, each with 5,720 sf, totaling 17,160 sf. The net leasable area is 11,830 sf, which is 88% occupied. The balance consists of common areas & loss factor. 2023 Taxes: $30,146.
Value-add investment with future opportunity to improve NOI by gradually
increasing rents to market, recovering common areas & some loss factor in space sizes, and filling vacancies.
STREET LEVEL: Unique "arcade" type space with main entrance off State St and a variety retail & office tenants. Current tenants include a dance studio, salon & more.
2ND FLOOR: Single-tenant office suite with reception/waiting area, a mix of
private offices & a large vaulted work space. Recently leased to a national civil engineering firm with 2 years remaining.
LOWER LEVEL (basement): Features thirteen small office suites of varying sizes & configurations. Common waiting area and restrooms.
LOCATION: Located in downtown Geneva IL, the property is located just 2 blocks west of the Fox River bridge and 1/2 block east of Third Street, a major element of the downtown retail area. There is an adjacent public lot with some 9-hour parking.
Geneva IL, in central Kane County, is an upscale suburb about an hour west of Chicago. The area is recognized for the scenic Fox River, beautiful open spaces, and a diverse economy.
Downtown Geneva is one of the principal boutique retail destinations in suburban Chicago, and is teeming with unique shops and restaurants. State Street (IL Rt 38) is a primary east-west corridor and the main street through town. Tra?c Counts (IDOT): 23,800 VPD.
Value-add investment with future opportunity to improve NOI by gradually
increasing rents to market, recovering common areas & some loss factor in space sizes, and filling vacancies.
STREET LEVEL: Unique "arcade" type space with main entrance off State St and a variety retail & office tenants. Current tenants include a dance studio, salon & more.
2ND FLOOR: Single-tenant office suite with reception/waiting area, a mix of
private offices & a large vaulted work space. Recently leased to a national civil engineering firm with 2 years remaining.
LOWER LEVEL (basement): Features thirteen small office suites of varying sizes & configurations. Common waiting area and restrooms.
LOCATION: Located in downtown Geneva IL, the property is located just 2 blocks west of the Fox River bridge and 1/2 block east of Third Street, a major element of the downtown retail area. There is an adjacent public lot with some 9-hour parking.
Geneva IL, in central Kane County, is an upscale suburb about an hour west of Chicago. The area is recognized for the scenic Fox River, beautiful open spaces, and a diverse economy.
Downtown Geneva is one of the principal boutique retail destinations in suburban Chicago, and is teeming with unique shops and restaurants. State Street (IL Rt 38) is a primary east-west corridor and the main street through town. Tra?c Counts (IDOT): 23,800 VPD.
Property Facts
Sale Type
Investment
Property Type
Building Size
17,160 SF
Building Class
C
Year Built/Renovated
1920/2023
Price
$1,250,000
Price Per SF
$73
Cap Rate
7.59%
NOI
$94,818
Percent Leased
92%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
5,720 SF
Building FAR
2.81
Lot Size
0.14 AC
Zoning
D-CM - Downtown - Commercial Mixed Use
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
$655.00/mo rent.
$375/mo rent.
One large room. $420/mo rent.
$251/month.
$170/mo rent.
| Space | Size | Space Use | Condition | Available |
| Lower Level-Ste 101 | 518 SF | Office | Partial Build-Out | Now |
| Lower Level-Ste 102 | 290 SF | Office | Partial Build-Out | Now |
| Lower Level-Ste 104 | 313 SF | Office | Partial Build-Out | Now |
| Lower Level-Ste 105 | 187 SF | Office | Partial Build-Out | Now |
| Lower Level-Ste 111 | 97 SF | Office | Partial Build-Out | Now |
Lower Level-Ste 101
| Size |
| 518 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
Lower Level-Ste 102
| Size |
| 290 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
Lower Level-Ste 104
| Size |
| 313 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
Lower Level-Ste 105
| Size |
| 187 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
Lower Level-Ste 111
| Size |
| 97 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
Lower Level-Ste 101
| Size | 518 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
$655.00/mo rent.
Lower Level-Ste 102
| Size | 290 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
$375/mo rent.
Lower Level-Ste 104
| Size | 313 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
One large room. $420/mo rent.
Lower Level-Ste 105
| Size | 187 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
$251/month.
Lower Level-Ste 111
| Size | 97 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
$170/mo rent.
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Walk Score ®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | 12-03-413-016 | Improvements Assessment | $311,696 |
| Land Assessment | $39,218 | Total Assessment | $350,914 |
PROPERTY TAXES
Parcel Number
12-03-413-016
Land Assessment
$39,218
Improvements Assessment
$311,696
Total Assessment
$350,914
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Value-Add Office/Retail Investment | 322-324 W State St
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