Park Ridge Office Investment Opportunity

422 N Northwest Hwy Park Ridge, IL 60068

422 N Northwest Hwy, Park Ridge, IL, 60068
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FOR SALE
Property Type:
Multi Tenant Office
Amount:
$2,595,000
Last Verified:
Feb 06, 2025

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Highlights

  • - 24,470 SF (23,745 RSF) building with 24 units
  • - Built in 1967, renovated in 2024
  • - 9.19% cap rate *based on 2023 NOI
  • - Significant capital investment: HVAC, electrical, fire alarm, elevator, windows, parking lot
  • - Professional management in place
  • - Zoned O-Office for versatile professional services
  • - Smaller footprint spaces remain in demand
  • - Impressive 94% occupancy rate
  • - Strong historical and potential rental income
  • - Proximity to major transportation hubs

Description

Introducing an exceptional investment opportunity in the heart of Chicagoland. Very stable returns over recent history (even through COVID-19). 5-year average cap rate of 8.61%, while the 2023 NOI yields a 9.19% cap. Buy at the floor of the office market and enjoy the rebound with a generational asset under your ownership. Professional management in-place with true armchair investment potential. 94% occupied :: increase value with full lease-up and increasing rental rates as the RTO trend takes off.

Just a short drive from the heart of Chicago, Park Ridge offers an excellent location for office investment. The property is walking distance to Uptown: Metra station, local shopping and dining options. O'Hare International Airport terminals is within a convenient 20 minute drive. This prestigious area is home to top-rated schools and high income demographics. With its proximity to major highways and public transportation, the location provides seamless connectivity throughout the Chicagoland area and beyond.


Year Built: 1967
Building Size: 24470sq ft
Building Class: B
Lot Size: 1.21 acres


Documents

Sale Brochure
422NNW Survey 120312 2012-11-10.PDF

Map of 422 N Northwest Hwy, Park Ridge, IL, 60068

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.