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Oakbrook Terrace Homes For Sale


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11798043 MLS ACTIVE Status
Recently renovated freestanding building in Oakbrook Terrace currently for sale as salon suites. A rare opportunity for an investor or owner-operator to enter the salon suites market with a turnkey property: remodeled, fully outfitted, and ready to rent immediately - no buildout or additional investment required. Building is divided into 6 suites and a spacious central lobby. All suites are currently leased to beauty professionals, including the owner's expansive double suite. Buyer can lease remaining suite to significantly improve property NOI. The listing broker projects a 8.67% stabilized cap rate when fully-leased, assuming conservative, at-market rental rates. Property was fully remodeled in 2021. Owner spared no expense in creating a beautiful, luxurious interior with a modern design and state-of-the-art fixtures. The building's upscale atmosphere and extensive improvements will enable buyer to capture premium rents and attract quality tenants. Location is convenient and highly accessible. Just a few minutes from major roads including Butterfield, IL-83, and highway 88 exits. Property features plenty of parking spaces including an entire lot behind the building. Oakbrook Center, a major source of traffic, is a short 10-min drive. An investor can capitalize on several straightforward value-add opportunities including: establishing a marketing channel, replacing below-market leases, and improving efficiency of property management. Rent roll and pro forma financials are available to serious investors who submit an LOI. Property is also suitable for owner-occupants looking for an upscale office space. Prior to its renovation and conversion into salon suites, the property was a successful dental office. Its accessible location, ample parking, and divided floor plan make it an ideal office space for medical, financial, legal, or real estate firms.

1S131 Summit Avenue, Oakbrook Terrace

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