Sky Harbor Flex Center

Highlights:

• 8.96% Cap Rate | 100% Leased — $372,031 NOI, 17 tenants, 3% annual bumps, 3.0-year WALT
• $99.76/SF Basis — ~18% below the $121/SF comp average; comps support $5.0M+ value
• $433K Recent CAPEX — Major building and site improvements; seller completing interior renovation
• Strong Small-Bay Fundamentals — 6% vacancy, no new supply, 1,100–3,300 SF units, near I-294/I-94

Description:

8.96% going-in cap, 100% leased. $372,031 NOI on a 17-tenant roll with 3% annual bumps and a 3.0-year weighted term
$99.76/SF basis vs. $105–$148/SF comps. About 18% below the ~$121/SF comp average; the comp set implies a value north of $5.0M on price-per-foot and $5.3M+ on cap rate. $433K of Recent CAPEX. HVAC, roofing, water/sewer, tuckpointing, windows and doors, parking lot, and a contracted interior renovation the seller completes - the buyer inherits a repositioned asset, not a project. Durable small-bay fundamentals. 6% submarket vacancy, no new small-bay supply, and 1,100–3,300 SF units that stay full through cycles, minutes from I-294 and I-94 in Sky Harbor Industrial Park.


Discover the vibrant community surrounding the property in Northbrook, IL. Enjoy convenient access to an array of local amenities, including exciting dining options like The Happ Inn, tasty Italian cuisine at Francesca's North, and upscale shopping at Northbrook Court. Immerse yourself in nature with nearby parks and recreational areas, such as Techny Prairie Park and Fields and the beautiful River Trail Nature Center. Additionally, appreciate the area's rich cultural offerings with the conveniently located Northbrook Historical Society and the Northbrook Public Library. The location offers a perfect blend of work and leisure, providing an attractive environment for potential office tenants.

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