Dental Lab - Skokie, IL | Absolute Net | 5.6 Years Remain; 10% Increases Every Five Years; Next Increase 10/2019-2, 5-Year Options
Listing was updated at: 04/18/2019
Property Overview
Price/Rent PSF $ 1,041,250.00
Asset Type Office
Trade Type Sale
SQ. FT. Available 5,000
Date Available 04/18/2019
Floors 2
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Description

Location
Marcus & Millichap is pleased to present a single tenant, free standing Dental Lab located at 7880 Lincoln Avenue, Skokie, IL. The property is a two-story office building consisting of 5,000 square feet that lies on almost 0.15 acres of land that includes parking, which is a rare amenity. The building was renovated in 2012, including an addition of a second floor. The building is currently zoned commercial, but may be ideal for retail or condominium conversion. The second floor contains three private offices, with the executive office containing a private bathroom and shower.

The building is currently occupied by Jacob’s Ceramic Studio, a dental lab that specializes in full mouth reconstruction and implants. The 10 year lease has 5.6 years remaining, expiring August 31, 2024. The lease has 10% increases every five years plus two, five-year options. The next increase is September 20 19. The current rent is $83,304, increasing to $91,630. Jacob’s Ceramic Studio has been at this location for 33+ years and was established 40 years ago in 1979.

This is a unique opportunity to own a well-located, well-maintained medical office building in the heart of an affluent community with an average household income above $102,000 and a population of 657,000 in a 5 mile radius. This investment allows a buyer to acquire a beautiful property located in the booming Village of Skokie. Located only two miles from the four-way interchange for Interstate 94, which connects to Interstate 90 and Interstate 294, the main highway system in Chicago. The Dental Lab is located in Chicago's near north suburb approximately 14 miles from downtown Chicago and 45 miles to Wisconsin. Over the past few years there have been tremendous improvements in this market, including condominium conversions and an influx of high-end retailers. It is in close proximity to Skokie Public Library, Skokie Theatre-Performing Arts Center, Oakton Community College, and the Skokie Village Hall. The junior high school is across the street, and there is abundant shopping, hotels, and restaurants.

Sale
Marcus & Millichap is pleased to present a single tenant, free standing Dental Lab located at 7880 Lincoln Avenue, Skokie, IL. The property is a two-story office building consisting of 5,000 square feet that lies on almost 0.15 acres of land that includes parking, which is a rare amenity. The building was renovated in 2012, including an addition of a second floor. The building is currently zoned commercial, but may be ideal for retail or condominium conversion. The second floor contains three private offices, with the executive office containing a private bathroom and shower.

The building is currently occupied by Jacob’s Ceramic Studio, a dental lab that specializes in full mouth reconstruction and implants. The 10 year lease has 5.6 years remaining, expiring August 31, 2024. The lease has 10% increases every five years plus two, five-year options. The next increase is September 20 19. The current rent is $83,304, increasing to $91,630. Jacob’s Ceramic Studio has been at this location for 33+ years and was established 40 years ago in 1979.

This is a unique opportunity to own a well-located, well-maintained medical office building in the heart of an affluent community with an average household income above $102,000 and a population of 657,000 in a 5 mile radius. This investment allows a buyer to acquire a beautiful property located in the booming Village of Skokie. Located only two miles from the four-way interchange for Interstate 94, which connects to Interstate 90 and Interstate 294, the main highway system in Chicago. The Dental Lab is located in Chicago's near north suburb approximately 14 miles from downtown Chicago and 45 miles to Wisconsin. Over the past few years there have been tremendous improvements in this market, including condominium conversions and an influx of high-end retailers. It is in close proximity to Skokie Public Library, Skokie Theatre-Performing Arts Center, Oakton Community College, and the Skokie Village Hall. The junior high school is across the street, and there is abundant shopping, hotels, and restaurants.

Location