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Marcus & Millichap Sells Fully Occupied Palatine Office Property For $5M
SOLD
$5,000,000
Illinois
See Similar DealsOffice92,190 SF
Sold 11/13/2023
SOLD
Marcus & Millichap Sells Fully Occupied Palatine Office Property For $5M
865 East Wilmette Road & 909 East Wilmette Road
See Similar DealsOffice92,190 SF
Sold 11/13/2023
Summary
ILLINOIS
Asset Type:Office
Price Per Square Foot:$54
Total Square Footage:92,190 SF
Transaction Type:Sale
Marcus & Millichap has sold Palatine Center, a 46,095 sq ft office property located at 865-909 East Wilmette Road in Palatine, Illinois. The fully occupied single-story campus consists of three buildings and is anchored by a specialized school. The property was sold for $5 million.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $5,000,000
- Square Footage: 46,095 sq ft
- Price per Square Foot: $108
- Address: 865-909 East Wilmette Road, Palatine, Illinois
- Market: Palatine
Tammy Saia and Tami Andrew of Marcus & Millichap's Chicago Oak Brook office represented the seller in this transaction. The buyer was a Texas-based limited liability company.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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