Value-Add Retail & Office Investment

Highlights:

• Mixed-use 15,720 SF two-story commercial building
• Prime location in the heart of downtown Geneva
• Six retail tenants on street level
• Second floor has office space with more than 50% vacancy
• Built in 1925, features classic character and appeal
• Flexible D-CM zoning
• Recently awarded grant for façade & fire-safety upgrades
• Prominent signage opportunities for maximum visibility
• Convenient access to local amenities and major thoroughfares

Description:

VALUE-ADD INVESTMENT OPPORTUNITY: 306-318 W State St is a vintage, mixed-use 15,720 sf, two-story masonry commercial building in the heart of downtown Geneva. The first floor is occupied by six retail tenants: a restaurant & brewery, candle shop, Scandinavian gifts, photography studio, popcorn store, and garlic shop. The second floor consists of multiple office suites of various sizes, and is more than 50% vacant.

Built in 1925 by the seller’s great grandfather, the building offers classic character in a prime location. This property has positive initial cash flow, plus excellent income upside with upgrades and active leasing of the 2nd floor office space. Flexible D-CM zoning (Downtown Commercial Mixed-Use). 2023 Taxes: $45,464.

The property was recently awarded a federal grant of up to $101,000+ for masonry façade restoration and fire safety improvements to be made in 2025. Note that two other nearby buildings are also being offered for sale by the same seller.


Located in downtown Geneva IL, the property is just 4 blocks west of the Fox River bridge and 1/2 block west of Third Street, a major element of the downtown retail area.

Geneva IL, in central Kane County, is an upscale suburb about an hour west of Chicago. The area is recognized for the scenic Fox River, beautiful open spaces, and a diverse economy.

Downtown Geneva is one of the principal boutique retail destinations in suburban Chicago, and is teeming with unique shops and restaurants. State Street (IL Rt 38) is a primary east-west corridor and the main street through town. Traffic Counts (IDOT): 23,800 VPD. Population (5 mi): 109,842 . Avg household income (5 mi): $168,277.


City electric and water. Nicor gas.

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