975 Nerge RdRoselle, IL 60172

  • Retail space
  • 3.60 AC
For Sale
$2,890,000 View listing

Property Details for 975 Nerge Rd

Year built
1980
Lot size
3.60 AC
Property type
Retail space
APN
07-35-400-011
APU
735400011

Description

This exceptional investment opportunity presents the Cross Creek Office Center, a 36,141 square foot Class B multi-tenant office building situated on a 3.79-acre lot in Roselle, Illinois (APN: 07-35-400-011). Built in 1977 and extensively renovated in 2021, the property boasts an impressive 88% occupancy rate with 31 diverse tenants, including dentists, financial service providers, psychotherapists, and insurance companies. The current Net Operating Income (NOI) is $276,417, with a pro-forma NOI of $346,043, yielding a 9.56% cap rate. The average rent per square foot is $14.16. The property features ample outdoor parking on recently renovated paving and benefits from B-2 zoning, allowing for neighborhood shopping center or office uses. Three vacant suites are available, and the seller is willing to master-lease them upon request. The building offers a strong cash flow and significant upside potential due to its diverse tenancy and flexible zoning. The asking price is $2,890,000.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $41,623,036
    6.5%
    $38,421,264
    7%
    $35,676,888
  • Comparable approach

    Method
    Valuation
    Relative Method
    $40,119,560
    Geo Method
    $51,471,716
  • Alternative Use

    Use
    Valuation
    Residential
    $32,409,774
    Hospitality
    $29,687,178
    Educational
    $24,699,384
    Medical
    $25,548,834
    Retail
    $38,421,264

Location Insight

City
Roselle
County
Cook
State
Illinois
Latitude
41.9982
Longitude
-88.0564
CBSA code
16980
CBSA name
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$177,800
$392,385
$241,749
$634,134
-
$1,569,540
$966,996
$2,536,536

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