800 S Gilbert St
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800 S Gilbert St
175,050 SF 49% Leased Industrial Building Danville, IL 61832 $4,800,000 ($27/SF) 10.28% Cap Rate
Investment Highlights
- Multi-tenant industrial investment opportunity
- Room to increase rents | Credit tenant paying $2.15/SF Mod. Gross
- Significant capital improvements recently completed including roof
- Mix of national and local credit tenancy | Thyssenkrupp Crankshaft (TKAMY: OTCMKTS)
- High yield offering | In-place cap rate of 10.28%
- Priced significantly below replacement cost at $27.42/SF
Executive Summary
The Doughty Industrial Group of Marcus & Millichap is pleased to present the fee-simple sale offering of 800 S Gilbert Street, Danville, Illinois a fully occupied multi-tenant industrial building. The property resides directly the Interstate 74 and U.S. Route 150 interchange.
The 175,050 square foot property consists of two units, suite A which is 85,050 square feet and suite B which is 90,000 square feet. Suite A is occupied by Thyssenkrupp Crankshaft (TKAMY: OTCMKTS) while suite B is occupied by Dawson Logistics, LLC. Both tenants are operating on Modified Gross lease structures with Thyssenkrupp being significantly under market at $2.15/SF Modified Gross. Both Thyssenkrupp and Dawson Logistics have renewed their leases early showing commitment to the property.
The acquisition of this offering provides an investor with the opportunity to acquire a stabilized industrial asset with significant future upside. At the current list price of $4,800,000 the investment generates a NOI of $493,568 which equates to a capitalization rate of 10.28%.
The 175,050 square foot property consists of two units, suite A which is 85,050 square feet and suite B which is 90,000 square feet. Suite A is occupied by Thyssenkrupp Crankshaft (TKAMY: OTCMKTS) while suite B is occupied by Dawson Logistics, LLC. Both tenants are operating on Modified Gross lease structures with Thyssenkrupp being significantly under market at $2.15/SF Modified Gross. Both Thyssenkrupp and Dawson Logistics have renewed their leases early showing commitment to the property.
The acquisition of this offering provides an investor with the opportunity to acquire a stabilized industrial asset with significant future upside. At the current list price of $4,800,000 the investment generates a NOI of $493,568 which equates to a capitalization rate of 10.28%.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$626,406
|
$3.58
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$626,406
|
$3.58
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$132,838
|
$0.76
|
| Net Operating Income |
$493,568
|
$2.82
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $626,406 |
| Annual Per SF | $3.58 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $626,406 |
| Annual Per SF | $3.58 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $132,838 |
| Annual Per SF | $0.76 |
| Net Operating Income | |
|---|---|
| Annual | $493,568 |
| Annual Per SF | $2.82 |
Property Facts
| Price | $4,800,000 | Rentable Building Area | 175,050 SF |
| Price Per SF | $27 | No. Stories | 1 |
| Sale Type | Investment | Year Built/Renovated | 1947/1968 |
| Cap Rate | 10.28% | Parking Ratio | 0.46/1,000 SF |
| Property Type | Industrial | Clear Ceiling Height | 21 FT |
| Property Subtype | Warehouse | No. Dock-High Doors/Loading | 10 |
| Building Class | B | No. Drive In / Grade-Level Doors | 2 |
| Lot Size | 15.69 AC |
| Price | $4,800,000 |
| Price Per SF | $27 |
| Sale Type | Investment |
| Cap Rate | 10.28% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 15.69 AC |
| Rentable Building Area | 175,050 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1947/1968 |
| Parking Ratio | 0.46/1,000 SF |
| Clear Ceiling Height | 21 FT |
| No. Dock-High Doors/Loading | 10 |
| No. Drive In / Grade-Level Doors | 2 |
Utilities
- Gas
- Water
- Sewer
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $118,703 (2022) | |
| Land Assessment | $60,492 (2022) | Total Assessment | $179,195 (2022) |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$60,492 (2022)
Improvements Assessment
$118,703 (2022)
Total Assessment
$179,195 (2022)
zoning
| Zoning Code | I-1 |
| I-1 |
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800 S Gilbert St
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