1 American WayElgin, IL 60120

Property Details for 1 American Way

Year built

1986

Lot size

0.60 AC

Property type

Retail space

Property subtype

Storefront properties

APN

06-07-302-066

APU

607302066

Description

This exceptional two-story, 8,728-square-foot office building in Elgin, Illinois, presents a unique investment opportunity. Located on Route 58 with 165 feet of frontage, this 1988-constructed brick building underwent a complete renovation in 2023, boasting luxury finishes including imported Italian flooring, modern lighting, and elegant wall treatments. The property features four separate units: two lower-level units (approximately 2,000 sq ft each) and two upper-level units (approximately 1,720 sq ft each). These units are adaptable to various needs and can be combined. Each unit has individual utilities, and common areas include ADA-compliant restrooms on both floors. The building includes an elevator and offers ample parking (35 spaces) for staff and visitors. The property is zoned commercial and is currently occupied by two tenants under a modified lease with a corporate guarantee, offering a remaining lease term of approximately 1.6 years (expiring June 13, 2026). The asking price is $997,000, translating to $114.23 per square foot. The property's prime location and recent renovations make it an attractive investment for a variety of uses, including creative office, executive office, and medical office spaces. Detailed virtual tours are available for each unit. The property's APN is 06073020660000.

• CAP approach

  CAP return

  Valuation

  6%

  $6,931,333

  6.5%

  $6,398,154

  7%

  $5,941,143

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,680,964

  Geo Method

  $8,571,398

• Alternative Use

  Use

  Valuation

  Residential

  $5,397,082

  Hospitality

  $4,943,698

  Educational

  $4,113,099

  Medical

  $4,254,554

  Retail

  $6,398,154

Location Insight

City

Elgin

County

Cook

State

Illinois

Latitude

42.0461

Longitude

-88.2571

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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