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Views: 70 Updated: 01.26.24 Posted: 05.04.23 Status: Inactive

Summary

Price $797,888
Built/Renov 1992
Tenant State of Illinois - Department of Veterans Affairs
Cap Rate 9.00%
Lease Type Modified Gross
Guarantor Corp Rated
Size/SF 8,910
Lease Start 02-01-2022
#Units 103
Price/SF $89.55
Expiration 01-31-2027
Tenant Type Government
NOI $71,810
R. Term 2.8
Ownership Fee Simple
Rent/SF $8.06
Increases 2.0%/1/yrs
Pop 5Mi 121,186
Lot/AC 0.45
Options 1/5yrs/2%
AHHI 5Mi $70,904

Lease Highlights

  • IDVA has occupied property since 2022
  • Tenant has 3.5+ years remaining in its current term with 1 (5-year) option to extend.
  • Lease features 2% rent increases in Year 2 & 4 of current term & Year 1 & 3 in remaining option
  • Modified Gross lease | Landlord responsible for general maintenance
  • HVAC units replaced within the last 3-5 years
  • New roof installed Q4 2021

Location Description

The 6 State of Illinois buildings & The Illinois Coalition Against Domestic Violence building are available as a portfolio or individually. They are strategically positioned three blocks south of the Illinois State Capitol Building. The portfolio is surrounded by a number of state-tenanted buildings such as CyberDrive Illinois, the Illinois State Museum, the Archives, the Library, the Attorney...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

The Illinois Department of Veterans’ Affairs (IDVA) is the department of the Illinois state government that assists veterans and their families in navigating the system of federal state and local...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 12,536 79,459 119,395
2023 Total Population : 12,765 80,473 120,353
2023 Employed Civilian Pop : 6,235 36,528 56,156
2023 Total Businesses : 1,505 4,319 6,137
2023 Average Household Income : $ 70,177 $ 69,765 $ 81,396
2023 Total Consumer Spending : $ 386 M $ 2281 M $ 3871 M
2023 Median Age : 36 39 41
2023 Total Households : 6,275 37,308 54,715
2023 Pop Age 25+: Bachelor's Degree : 1,911 9,801 17,132
2023 Average Home Value : $ 156,343 $ 162,516 $ 185,502
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S 2nd St E Allen St 2017 5,150 0.06 mi
E Allen St S 2nd St 2017 1,150 0.08 mi
W Scarritt St Spring St 2017 550 0.09 mi
Spring St W Canedy St 2017 2,550 0.14 mi
W Canedy St Spring St 2017 600 0.16 mi
S 4th St E Scarritt St 2017 2,050 0.16 mi
Spring St W Vine St 2017 2,900 0.19 mi
S 2nd St E Canedy St 2017 5,100 0.19 mi
S College St W Canedy St 2017 550 0.22 mi
S College St W Vine St 2012 250 0.23 mi

Listing Broker

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