734 Central AveHighland Park, IL 60035

Property Details for 734 Central Ave

Year built

1984

Construction

BRICK

Lot size

0.11 AC

Property size (Sq ft)

10,440 SF

Property type

Office buildings

APN

16-23-314-001

APU

1623314001

Description

This exceptional two-story office building, located at 734 Central Ave in Highland Park, IL (zip code 60035), presents a unique investment opportunity. The 9,600 square foot building sits on a 10,000 square foot lot and boasts a fully finished basement, adding significant usable space. Currently occupied by long-term tenants, including a law firm (Chausow Shafer P.C.) and a travel agency (Trans World Travel), the property offers immediate income potential. The first and second floors feature flexible layouts with numerous private offices and conference rooms, catering to a variety of business needs. The building benefits from excellent visibility at the corner of Central and McGovern Avenues, a main thoroughfare in Highland Park, with dedicated rear parking for 14 cars and highly visible signage. The property is fully sprinklered and zoned B4-5, offering potential for residential redevelopment with city approval. The asking price is $1,395,000. The property's prime location offers easy access to the central business district, numerous shops, restaurants, and public transportation. Nearby amenities include Walgreens, Pottery Barn, Dunkin', McDonald's, and Walker Brothers Original Pancake House, along with a variety of high-end restaurants, theaters, gyms, boutiques, and spas. The high daily traffic count of 14,232 vehicles further enhances its desirability. 2021 property taxes were $63,543.72. This is a perfect opportunity for both users and developers seeking a prominent presence in this affluent North Shore suburb, approximately 25 miles north of Chicago.

• CAP approach

  CAP return

  Valuation

  6%

  $1,885,066

  6.5%

  $1,740,061

  7%

  $1,615,771

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,059,902

  Geo Method

  $1,359,810

• Alternative Use

  Use

  Valuation

  Residential

  $2,157,676

  Hospitality

  $1,976,419

  Educational

  $1,644,358

  Medical

  $1,700,910

  Retail

  $2,557,890

Location Insight

City

Highland Park

County

Lake

State

Illinois

Latitude

42.1841

Longitude

-87.803

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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