8338 Austin Ave., Morton Grove, Illinois
Value-Add/Owner-User Industrial Opportunity
Marketing description
The Doughty Industrial Group of Marcus & Millichap is pleased to present for sale the fee-simple interest offering of 8338 Austin Avenue, Morton Grove, Illinois. The subject property is a 152,040 square-foot industrial facility that is currently 77.47% occupied by one tenant. The property is located northeast of O’Hare International Airport and directly west of Interstate 94.
Built in 1958, the subject property’s current layout is for two tenants with a total GLA of 152,040. Suite 100 is 117,780 square-feet and currently occupied by Bunzl USA (OTCMKTS: BZLFY), the largest value-added distributor in the world in its market sectors with operations across the Americas, Europe, Asia Pacific, United Kingdom and Ireland. Bunzl USA operates on a triple-net (NNN) structure with a lease through December 31, 2029. Suite 101 is 34,260 square feet or 22.53% of the total GLA and is currently vacant.
The purchase of this offering lends itself to any owner-user looking to occupy the vacant space and offset their expenses or value-add investor. At the current list price of $7,800,000 the offering generates an NOI of $610,776 which equates to a capitalization rate of 7.83% at 77.47% occupancy.
Investment highlights
- Owner-user or value-add industrial opportunity
- Credit anchor tenant occupying 77% of GLA | Bunzl (OTCMKTS: BZLFY)
- In-fill location | 1,780,000+ residents within 10-mile radius
- Priced significantly below replacement cost at $51.30/SF
- Northeast of O’Hare International Airport and direct access to I-94
- Existing transferable roof warranty
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
