Listed by Strauss Realty
$3,350,000
14600 Kilpatrick Avenue
Details
APN 28-10-116-068-0000
Property Type Industrial
Sub Type Warehouse, Industrial
Square Footage 35,900
Units 42
Cap Rate 9.24%
NOI $309,646
Occupancy 90.5%
Tenancy Multi
Lease Term 1
Rent Bumps Yes
Pro-Forma Cap Rate 10.04%
Pro-Forma NOI $336,363
Price per SqFt $96
Year Built 1963
Buildings 2
Acreage 1.623
Parking Spaces 80 spaces
Parking per 1,000 SqFt 2.23
Industrial | 9.24% CAP | 35,900 SqFt
Marketing description
Strauss Realty, Ltd. is pleased to present 14600 Kilpatrick Avenue, a multi-tenant industrial investment opportunity in Midlothian, Illinois. The property consists of two buildings totaling approximately 35,900 square feet and 42 individual units. Building 1 (Units 1-14) includes approximately 9,800 SF, with units averaging 700 SF each. Building 2 (Units 15-42) totals approximately 26,100 SF, with units averaging 900 SF, including several combined spaces. A shared, secured restroom is located between Units 16 and 17. Offered at $3,350,000, the property features a diversified small-bay tenant base. Current NOI is $309,646, reflecting an 9.24% cap rate, with stable in-place income and potential for future rental growth. Recent capital improvements include demising select double units into single units, installation of bollards around gas meters, implementation of a mastered key system (GoldyLocks), and new heaters in select spaces. Ownership is currently completing installation of a required fire alarm system per the Village.
Investment highlights
- 42-unit multi-tenant industrial bay property
- 35,900 SF total across two buildings
- 90.5% leased (42 units)
- Current NOI: $309,646 at 9.24% cap rate
- Pro-forma NOI: $336,363 at 10.04% cap rate (with 5% rent increases)
- Recent capital improvements: separation of double units, bollards around gas meters, GoldyLocks mastered key system, new heaters in select units
- Leases structured as one-year terms with automatic renewals
- Diversified small-bay tenant base
- Located within 2 minutes of major national retail corridors along Cicero Avenue and 147th Street
- 80 total parking spaces
Listing Contacts
Listed by Strauss Realty
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$309,646.00
$25,803.83/mo
Valuation Metrics
0
DSCR
9.24%
Cap Rate
9.24%
ROI
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