Asking Price: $1,041,250
Building Size: 5,000 SQ FT
Lot Size: 6534
Cost per Square Foot: $208.25
Marcus & Millichap is pleased to present a single tenant, free standing Dental Lab located at 7880 Lincoln Avenue, Skokie, IL. The property is a two-story office building consisting of 5,000 square feet that lies on almost 0.15 acres of land that includes parking, which is a rare amenity. The building was renovated in 2012, including an addition of a second floor. The building is currently zoned commercial, but may be ideal for retail or condominium conversion. The second floor contains three private offices, with the executive office containing a private bathroom and shower. The building is currently occupied by Jacobís Ceramic Studio, a dental lab that specializes in full mouth reconstruction and implants. The 10 year lease has 5.6 years remaining, expiring August 31, 2024. The lease has 10% increases every five years plus two, five-year options. The next increase is September 20 19. The current rent is $83,304, increasing to $91,630. Jacobís Ceramic Studio has been at this location for 33+ years and was established 40 years ago in 1979. This is a unique opportunity to own a well-located, well-maintained medical office building in the heart of an affluent community with an average household income above $102,000 and a population of 657,000 in a 5 mile radius. This investment allows a buyer to acquire a beautiful property located in the booming Village of Skokie. Located only two miles from the four-way interchange for Interstate 94, which connects to Interstate 90 and Interstate 294, the main highway system in Chicago. The Dental Lab is located in Chicago's near north suburb approximately 14 miles from downtown Chicago and 45 miles to Wisconsin. Over the past few years there have been tremendous improvements in this market, including condominium conversions and an influx of high-end retailers. It is in close proximity to Skokie Public Library, Skokie Theatre-Performing Arts Center, Oakton Community College, and the Skokie Village Hall. The junior high school is across the street, and there is abundant shopping, hotels, and restaurants.
Key Points: Tenant Established 1979 - In Business 40 Years | Occupant Since 1986 - 33 Years 10-Year Absolute Net-Lease, with 5.6 Years Remaining on Primary Term | 10% Increases Every Five Years; Next Increase October 2019 | Two 5-Year Options Zero Landlord Responsibilities Renovated and Expanded in 2012; Second Floor Added Ė 3 Private Offices, Including Executive Office with Private Bathroom / Shower Two Miles Away from Edens Expressway (Interstate 94) Affluent Community with an Average Household Income Above $102,000 and Population of 657,000 within a 5 Mile Radius