Price: $1,400,000 ($183 PNRSF)
Building size: 8,141 gross SF/ 7634 net rentable SF
Land size: 36,856 SF (.85 acre)/ 44 parking spots
Zoned: R1-A current use Medical Office
The subject property is located in Palos Park, Illinois; just 25 miles southwest of downtown Chicago and 0.5 miles from Palos Community Hospital. The area serves Chicago’s south suburbs and is easily accessible from I-55, 294 and I-80. The Village of Palos Park was founded in 1914 and consists of approximately 4.5 square miles with a population of just under 5000 and a median home value of $431,600.
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Catapult Realty is pleased to present this opportunity to acquire a fully leased approximately 8000 square foot medical office building in a prime Palos Park location. This newer all brick building is 98% occupied with established tenants whose leases run to 2023 with options for extension.
The first floor is occupied by Pulmonary Critical Care Group, a 9 doctor practice that has been in the building since 2012; while the 2nd floor houses an established dental practice and 3 small offices. The property offers a 9.2% cap rate on current income.