Event #260-1
Bidding Format: Auction Plus
3115 N. Wilke Road
Arlington Heights, IL 60004
Cook County View Map
Commercial Property
 

Description

The online auction is for a nine (9) unit multi-tenant office building located within the Enterprise Office Center in Arlington Heights, Illinois.

  • Exceptional value-add opportunity for investor to take advantage of the solid greater Chicago office market
  • Ownership in building totals ±20,762 SF – ±80% ownership stake (±5,240 SF unit sold in 2013)
  • Building is currently 32% leased, long-term tenants in-place with annual rental increases
  • Options to renew in-place for the current tenants
  • Solid current cash flow in-place – scheduled 2017 base rent of $116,547
  • See "Master Rental" in Property Documents section below for unit breakdown
  • The single story office campus was built in 1984 and is located off N. Wilke Road, just north of Rand Road and south of the Dundee Road interchange of Route 53. The campus boasts excellent visibility from the highway and is situated close to nearby shopping, restaurants and services along Route 53.

    Select highlights/features of the campus are as follows:

    • Professional park-like setting
    • Excellent parking access
    • 4:1,000 parking ratio

    Downloadable Documents

    Property Information Auction Information Vault

    Viewing Schedule

    If you would like to visit this property, please complete and submit the

    You will need a registered account and be 'Signed In' to view and complete the document.

    Once you have submitted the agreement, please contact the Property Representative to set up an appointment.

    Financing

    Union National Bank

    This is an Auction Plus event in which a financing contingency is permitted. On the bid form you will be asked to include financing details.

      OWNER OCCUPIED FINANCING

  • Down Payment: 20%
  • Interest Rate: 4.25% - 4.75% depending on buyer’s financial capability
  • Term - 80% loan - amortized over 25 years with rate adjusted to market at the end of the 5th year
    • INVESTOR FINANCING

  • Down Payment: 30%
  • Interest Rate: 4.25% - 4.75% depending on buyer’s financial capability
  • Term-70% loan- amortized over 25 years with rate adjusted to market at the end of the 5th year
    • OWNER OCCUPIED/INVESTOR FINANCING (SBA 504) FOR BUILDING BUYERS ONLY

  • Borrower must occupy at least 50% of building
  • Down Payment: 10%
  • Interest Rate: 4.25% - 4.75% depending on buyer’s financial capability
  • Term: 50% Loan in First Position, 40% Loan in Second Position; 10% down payment
  • (UNB will finance 50% of purchase price based on a 25-30 year amortization with a 10-year term and a rate adjustment at the end of the 5th year. The SBA will finance 40% of the purchase price with a 20-year fixed, fully amortized loan.)
  • If you would like to be contacted by the Preferred Lender, please complete the form below to submit your contact information directly to their representative handling this Auction who will respond in a timely manner.

    For further details about Financing, please read the Terms and Conditions of Sale located in the Documents section or contact the FRE.com Support Team.

    You are under no obligation to prequalify with Union National Bank.

    Equal Housing Lender All loans subject to credit approval, verification and collateral evaluation. Initial decision is subject to you meeting specific underwriting requirements and final approval will be based upon your satisfying those requirements. Products not available in all states.

    To view the form, please .

    Broker of Record for this property: R.C. Wessel & Associates, Ltd., IL license #478.011565

    All information contained on FRE.com and dispensed by the Support Staff, Property Representative and other agents of the Seller is from sources deemed reliable and is not warranted or guaranteed by the Seller, its partners or related companies, LFC Communications, Inc., LFC Marketing Services, Inc., or any of their agents. Buyers shall rely entirely on their own judgment and inspection.

    d
    h
    m
    s
    Auction ended.
    Bidding Questions or Assistance?
    Auction Manager
    Patrick Kelleher
    LFC Marketing Services
    Phone: (949) 706-6117 Email: pkelleher@lfc.com
    pop

    How to Buy

    • 1
      Set up a free user account

      Free registration with no obligation. Your account provides access to additional information and documents, as well as email updates.

    • 2
      Search & Select

      Our website features different assets - Real Estate and REIT shares. Utilize our advanced search criteria to narrow down your selection.

    • 3
      Review Information

      Access property information to make better-informed decisions. Available information varies depending on each real estate asset type.

    • 4
      Submit Deposit (if required)

      Prior to placing a bid, you may need to submit a deposit. Deposits can be submitted using credit card, wire transfer or check.

    • 5
      Place Online Bid

      Place bids on your selected asset prior to the deadline. Specifics vary for each asset.

    • 6
      Winner is Declared

      Buyer deposits purchase funds, and closing coordinator assists Buyer and Seller with final paperwork.