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8338 Austin Ave
Morton Grove, IL 60053
Industrial Property For Sale
Investment Highlights
- Owner-user or value-add industrial opportunity
- In-fill location | 1,780,000+ residents within 10-mile radius
- Northeast of O’Hare International Airport and direct access to I-94
- Credit anchor tenant occupying 77% of GLA | Bunzl (OTCMKTS: BZLFY)
- Priced significantly below replacement cost at $51.30/SF
- Existing transferable roof warranty
Executive Summary
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.
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.
Property Facts Under Contract
| Sale Type | Investment or Owner User | No. Stories | 1 |
| Cap Rate | 7.83% | Year Built | 1958 |
| Property Type | Industrial | Parking Ratio | 1/1,000 SF |
| Property Subtype | Warehouse | Clear Ceiling Height | 14’ |
| Building Class | B | No. Dock-High Doors/Loading | 3 |
| Lot Size | 7.37 AC | No. Drive In / Grade-Level Doors | 1 |
| Rentable Building Area | 152,040 SF | ||
| Zoning | M2 | ||
| Sale Type | Investment or Owner User |
| Cap Rate | 7.83% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 7.37 AC |
| Rentable Building Area | 152,040 SF |
| No. Stories | 1 |
| Year Built | 1958 |
| Parking Ratio | 1/1,000 SF |
| Clear Ceiling Height | 14’ |
| No. Dock-High Doors/Loading | 3 |
| No. Drive In / Grade-Level Doors | 1 |
| Zoning | M2 |
Amenities
- Fenced Lot
- Security System
- Signage
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,322,539 CAD | |
| Land Assessment | $1,581,863 CAD | Total Assessment | $2,904,402 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$1,581,863 CAD
Improvements Assessment
$1,322,539 CAD
Total Assessment
$2,904,402 CAD
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