1300 Irving Park Road

Highlights:

• Great owner-user or value-add investment opportunity in an affluent northwest suburb of Chicago – Streamwood, IL.
• Originally built as a bank, a two-story building spanning approximately 16,708 square feet with a basement, situated on 2.37 acres of land
• The first floor converted into a venue with a fully equipped commercial kitchen and a large banquet hall (occupancy of 250) occupied by a tenant on a month-to-month basis
• Units on the second floor are currently vacant, which were previously leased by an attorney, a hair salon, a media company, and a dance studio
• Pro-forma NOI is $190,511 if the building 100% occupied
• Conveniently located on a busy Irving Park Rd with an easy entrance to I-290 and I-90
• Great visibility, high traffic counts (28,309 DTV), and a large monument sign
• Surround by national and local retail centers, shops, restaurants and corporate businesses

Description:

iReal Estate Commercial is proud to present a valuable opportunity for owner-users or investors in an affluent northwest suburb of Chicago—Streamwood, IL.

This property, originally built as a bank, is a two-story building spanning 16,708 square feet with a large basement, situated on 2.37 acres of land. It's fully sprinklered, comes with fire alarm and security cameras. It is ideal for owner-users, redevelopment, or investment. The first floor has been converted into a venue that includes a beautiful reception, a hallway with a buffet setting, a large, elegant banquet hall (occupancy of 250 people), a bar, an office, a bridal room, large bathrooms with wardrobes, and a fully equipped commercial kitchen with a freezer and a cooler. Currently, the first floor and the basement is occupied by a banquet hall operator whose three-year lease, which began in 2022, has expired. The tenant is now on a month-to-month lease but is interested in signing a long-term contract with the new owner. The banquet hall tenant pays 70% of the landscaping and maintenance expenses, as well as the building insurance. The tenant also covers their own utilities, including electricity, gas, heat, water, and internet. This flexible month-to-month arrangement allows a new banquet hall operator to take over the existing buildout or enables an investor to collect rent from the established business upon signing a new lease.

The second floor currently has vacant units that were previously leased by an attorney, a hair salon, a media company, and a dance studio. These units could be utilized for a variety of retail or office purposes, with a suggested rental rate of $24.77 per square foot on a modified gross basis, potentially bringing the projected net operating income (NOI) to $190,511 per year.

This property is conveniently located on the busy Irving Park Road, with easy access to I-90 and I-290. It enjoys a prime location with excellent visibility and high traffic counts (28,309 cars daily). The property is just a 30-minute drive from O'Hare International Airport and 60 minutes from Downtown Chicago. The building is surrounded by national and local retail centers, shops, restaurants, and corporate businesses. Don’t miss this rare opportunity to own a prime real estate asset in a stable Chicago market.

In short 30 min drive from O’Hare International Airport, 60 min from Downtown Chicago north-west.