1500 Shure DrArlington Heights, IL 60004

Property Details for 1500 Shure Dr

Year built

1988

Lot size

5.33 AC

Property type

Office buildings

APN

03-07-102-013

APU

307102013

Description

Prime Arlington Heights location offers a 170,507 square foot, seven-story office building on 7.246 acres, currently 11.1% occupied. Built in 1986 and renovated in 2000, this Class B multi-tenant property boasts an excellent Route 53 location with high visibility and access. Zoned M-1 (Research, Development, and Light Manufacturing), it presents a compelling redevelopment opportunity for flex/industrial use, data centers, or multifamily housing. The property features 4 parking spaces per 1,000 square feet and offers contiguous space on floors three through six, totaling over 100,000 square feet. The asking price is $8,525,000 ($50/sq ft), with land valued at $27/sq ft. Its proximity to major highways (I-355, I-90, I-290), O'Hare International Airport, and the future Arlington Park entertainment venue enhances its appeal. The building also presents an opportunity for owner-occupiers to utilize the entire building or leverage existing rental income. Potential improvements include creating rent-ready suites, updating technology, and refreshing common areas. This property is ideally suited for a developer seeking a high-demand flex/industrial project or an owner-occupier looking for a substantial space with redevelopment potential in a thriving location.

• CAP approach

  CAP return

  Valuation

  6%

  $41,921,952

  6.5%

  $38,697,188

  7%

  $35,933,100

• Comparable approach

  Method

  Valuation

  Relative Method

  $23,571,146

  Geo Method

  $30,240,794

• Alternative Use

  Use

  Valuation

  Residential

  $47,984,512

  Hospitality

  $43,953,556

  Educational

  $36,568,840

  Medical

  $37,826,500

  Retail

  $56,884,864

Location Insight

City

Arlington Heights

County

Cook

State

Illinois

Latitude

42.1375

Longitude

-88.0014

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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