Tammy Saia Contact Info:
Phone: (630) 570-2226
Email: tsaia@marcusmillichap.com
Tami Andrew Contact Info:
Phone: (630) 570-2179
Email: tandrew@marcusmillichap.com
Congress Medical Building
NEW PRICE
Congress Medical Building
96.5% Occupied | 88.15% Medical | Many Long-Term Tenants on Modified Gross Leases
Parking Lot for the 390 Building Has Been Replaced | Parking Lot for 350 Building Has Been Repaired, Resealed and Striped
11-Minute Walk to Pingree Road Metra Station | 3-Minute Drive
Average House Income is $114,454 Within One Mile | Over $120,000 Within Three Miles and Over $130,000 Within 5 Miles
National Retail Chains and Restaurants Within Walking Distance | Northwestern Medicine and Advocate Both Have Hospitals Less than 10 Miles Away
Crystal Lake Has Seen Significant Population Growth With Continued Growth Expected
350 Congress Parkway, Crystal Lake, IL 60014
Request Offering Memorandum
CLOSED
Market Summary
Price $7,934,330
Cap Rate 8.50%
NOI $674,401
Rentable SF 48,398 SF
Price per SF $163.94
Year Built 1999
Lot Size 5.77 Acres
Description
Marcus & Millichap is pleased to present Congress Professional Center in Crystal Lake Illinois. The property consists of two, single-story, multi-tenant medical office buildings. The current owner purchased the property in 2022 when it was in disrepair and lacking tenants. He has been able to bring the occupancy up to 96.5%.
Many repairs have been made to the property including replacing the parking lot for the 390 building, and a newly repaired, sealed, and striped parking lot for the 350 building.
This property style is highly sought after because all tenants have their own entrances. There is no common interior area that the landlord is responsible for.
The building is located in a dynamic area of Crystal Lake, a growing community in McHenry County. The buildings are occupied mainly by physicians and other businesses in the medical field. Advocate Health and Northwestern Medicine have urgent care facilities within a minute or two drive from the property. In addition, the property is within walking distance of national restaurants/retailers such as Target, Starbucks, McDonald's, Kohl's, Sam's Club, and many others.