The subject property is a 34,500 square foot industrial building built in 1970, located on the north side of Palatine near the downtown area just off of Colfax Street, in Cook County. The property sits on approximately 1.65 acres of land. The building was designed as a single-tenant building, but with minor modifications, it now accommodates seven tenants. The property can easily be converted back to a true owner/user or can be sold as a stabilized investment. An owner/user buyer could occupy between 15,000 – 24,000 square feet. Currently, the property is occupied by 7 tenants, including the owner’s businesses which occupy three of the units. There is one retail portion of the building, currently vacant, with approximately 2,588 square feet available and features a separate entrance from the front parking lot. The tenants are all on annual renewals, however, the leases can be converted to longer-term leases. Additionally, the owner’s businesses will also commit to a three-year lease if required by a buyer. Alternatively, a buyer could purchase the building and occupy the owner’s suites or up to 24,000 square feet and collect the income from the other tenants. The property has been significantly renovated including many upgrades. There is a new office along with new restrooms in one of the tenant spaces. There are a total of 6 restrooms and the majority are ADA compliant. Lighting has been upgraded as well. The building sits on a concrete slab and features two exterior truck-level loading docks, and a 16’ drive-in-door. The ceiling heights range from 14 to 16 feet. Four 15-to-20-ton rooftop HVAC units and one interior unit service the building. The HVAC is relatively new, replaced approximately three years ago. The roofing was recently overlaid with a single-ply roofing system. There is a new storm sewer on the property and a total of 56 parking spots, providing significant parking for this property.
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Industrial Space
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