1660 Feehanville DrMount Prospect, IL 60056

Property Details for 1660 Feehanville Dr

Year built

1989

Lot size

8.87 AC

Property type

Office buildings

APN

03-35-200-060

APU

335200060

Description

The Kensington Corporate Center, a four-story, 87,453 square-foot Class B medical office building, presents a compelling value-add investment opportunity in Mount Prospect, Illinois. Located on an 8.87-acre lot at 1660 Feehanville Dr, 60056, this fee-simple property boasts a 72% occupancy rate, with 6 medical tenants occupying 49,389 square feet and one non-medical tenant occupying 13,756 square feet. The building's strategic location in the Schaumburg Area Office Submarket, a thriving economic hub with over 33.6 million square feet of office inventory, provides significant advantages. The strong presence of medical tenants (56% occupancy) offers enhanced stability due to their higher retention rates compared to traditional office tenants. Built in 1986, the building features a masonry, steel framing, and glass panel exterior, with concrete interior load-bearing walls and drywall. The roof is a low-sloped metal roof with a ballasted EPDM assembly. The heating and cooling systems utilize boiler-fed hydronic heat pumps and hydronic heat pumps with roof-mounted cooling towers, respectively. The property includes 485 parking spaces and a weighted average lease term (WALT) of 8.17 years (as of July 1, 2024). The building's typical floorplate is 23,527 square feet, and its eleven units are well-positioned to serve the area's three major hospitals: Advocate, Endeavor, and Ascension Holy Family. The submarket's ongoing redevelopment and strong leasing activity, including significant interest in data centers, further enhance the property's long-term potential.

• CAP approach

  CAP return

  Valuation

  6%

  $69,764,952

  6.5%

  $64,398,420

  7%

  $59,798,532

• Comparable approach

  Method

  Valuation

  Relative Method

  $39,226,224

  Geo Method

  $50,325,604

• Alternative Use

  Use

  Valuation

  Residential

  $79,854,040

  Hospitality

  $73,145,872

  Educational

  $60,856,504

  Medical

  $62,949,456

  Retail

  $94,665,672

Location Insight

City

Mount Prospect

County

Cook

State

Illinois

Latitude

42.0785

Longitude

-87.9091

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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