Office Space For Lease @ 721 E Madison St

The subject property is a custom-built 16,000 SF, two-story office building situated on 2.26 acres. The building is divided into two 4,000 SF suites on the first floor and a full, 8,000 SF floor suite on the second floor. Currently, a tenant occupies the second floor and the building can be delivered with the tenant in place, or fully vacant. Historically, the two first-floor suites were always leased until recently, and the units have not been placed on the market for lease. The property is ideal for either a full owner/user or an owner/user who occupies a portion of the building and collects income from the other tenants. Alternatively, the tenant can be a straight multi-tenant investment property. Current rent roll and expenses are available upon request. The building is in excellent condition. It was built in 1985 and sits on a 2.26-acre lot. The roof is single-ply and was replaced in 2018, with a 10-year transferable warranty. There are four HVAC units on the roof, two for the second floor (7,500 tons each) and two for the first floor (5,000 tons each). All are regularly maintained semi-annually and in good working order. The parking lot features 82 parking spaces (5/1000) and was just seal-coated and striped in late summer 2022. There is a backup generator for the building that was installed several years ago.
The suites are fully built-out and the upstairs unit is renovated with high-end finishes. The lobby and common area bathrooms were renovated two years ago. The property is very well maintained with no deferred maintenance.
Additionally, the real estate taxes are very low at $1.40/SF ($22,448). This is an excellent purchase opportunity on the highly trafficked IL Route 83. This space offers accomodations for: office building.