Park Ridge Office Investment Opportunity

$2,595,000

422 N Northwest Hwy, Park Ridge, IL 60068

For Sale

Office Building

Active

Last Updated: 03/12/2025

Details:

Cap Rate: 7.87%

NOI: $204,254.12

Building Size: 24,470 sqft

Lot Area: 1.2071 acres

Occupancy: 94%

Class: B

Units: 24

Year Built: 1967

Floors: 3

Parking Spots: 89

Offered by Broker

James Conrad, CCIM

Managing Broker at McLennan Commercial Properties, Inc.

McLennan Commercial Properties

Request Info to Unlock

Highlights:

- 24,470 SF (23,745 RSF) building with 24 units
- Built in 1967, renovated in 2024
- 9.19% cap rate *based on 2023 NOI
- Significant capital investment: HVAC, electrical, fire alarm, elevator, windows, parking lot
- Professional management in place
- Zoned O-Office for versatile professional services
- Smaller footprint spaces remain in demand
- Impressive 97.2% occupancy rate
- Strong historical and potential rental income
- Proximity to major transportation hubs

Description:

Introducing an exceptional investment opportunity in the heart of Chicagoland. Very stable returns over recent history (even through COVID-19). 5-year average cap rate of 8.61%, while the 2023 NOI yields a 9.19% cap. Buy at the floor of the office market and enjoy the rebound with a generational asset under your ownership. Professional management in-place with true armchair investment potential. 97.2% occupied :: increase value with full lease-up and increasing rental rates as the RTO trend takes off.

Just a short drive from the heart of Chicago, Park Ridge offers an excellent location for office investment. The property is walking distance to Uptown: Metra station, local shopping and dining options. O'Hare International Airport terminals is within a convenient 20 minute drive. This prestigious area is home to top-rated schools and high income demographics. With its proximity to major highways and public transportation, the location provides seamless connectivity throughout the Chicagoland area and beyond.