505 E North Avenue,
505 E North Avenue Carol Stream, Illinois 60188 United States

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505 E North Avenue
505 E North Avenue Carol Stream, Illinois 60188 United States

$6,250,000USD
 

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505 E North Avenue

About 505 E North Avenue, Carol Stream, Illinois

LEASE INFO: This is a 70,000 SF, multi-tenant office building with 30,000 SF available office/flex space located on the first floor along with a 10,000 SF second floor vacant office available for lease. The first-floor space can demise down to 5,000 SF spaces. The ground floor was previously the Village of Carol Stream offices and is fully built out office space. The second-floor space is accessible by two stairways and is currently being used for storage. It can be built out into office space or as additional dry storage space. The vacancies have high ceilings, built out offices and open space which can be used for cubicles or an open work area. The rear first-floor space could be ideal as flex space, and roll up delivery doors can be added to the alley side of the building to allow for delivery trucks access from the alley via North Avenue or Schmale Road. The property has abundant free parking in front of the building. Additionally, there is secured parking in the rear, which can be leased out separately. The property is extremely well located directly on North Avenue just west of the main lighted intersection of Schmale and North Avenue. The property has five access points including two front access driveways from North Avenue, a side alley which accesses North avenue along with and a rear road, Phillips Court, which provides easy access to Schmale Road. SALE INFO: There are two strong credit tenants currently in the building. Comcast occupies 15,000 square feet at the north side of the building. They also have a secured parking lot at the rear of their space along with a drive-in dock. Comcast has been a tenant since 1995, including a number of mergers and company buy outs of AT&T and Ameritech. The second tenant is First Student who occupies 5,000 square feet in the middle of the building. They are currently in discussions to expand to 7,000 square feet. The property owner is offering a master lease on the two existing tenants and an additional 10,000 square feet of vacant space for a total of 30,000 square feet (Comcast with 15,000 square feet and First Student along with the owner's portion of master lease totaling 15,000 square feet). This is shown on the building plan for reference. The master lease is good for three years following the close on a purchase of the property. The rental rate for Master Lease will be $13.00 PSF on a NNN lease structure.

Listing Courtesy of Sperry Van Ness

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Property ID:10953898

MLS ID:10953898

Listing Courtesy of Sperry Van Ness