Park Ridge Office Investment Opportunity
422 N Northwest Hwy
Park Ridge, IL 60068
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.
Documents
Sale Brochure422NNW Survey 120312 2012-11-10.PDF