333 E IL Route 83, Mundelein, IL 60060

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Building Details:

• Year Built: 2004

Marcus & Millichap is pleased to present Willow Springs Corporate Center, located in Mundelein, Illinois. Built in 2004, the property represents a stable asset with potential upside through increasing rents and converting modified gross leases to NNN. The lower level has unfinished storage space that could be easily finished and lease to increase revenue.
The building is compromised of both medical and professional office tenants, with 30 percent of the tenants having occupied their respective spaces since 2012 or earlier. Additionally, most of the tenants have renovated their spaces using their own funds, which increases the renewal probability.
Assuming a 65 percent LTV 20-year amortizing loan, with no interest only period, and an interest rate of five percent, an investor can expect a year-one cash yield of 7.43 percent at list price.
The property is currently owned by the original developer. This is a pride of ownership property with no deferred maintenance.