800 S Gilbert St
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800 S Gilbert St
175,050 SF 49% Leased Industrial Building Danville, IL 61832 £3,829,680 (£22/SF) 10.28% Net Initial Yield
Investment Highlights
- Multi-tenant industrial investment opportunity
- Room to increase rents | Credit tenant paying $2.15/SF Mod. Gross
- Significant capital improvements recently completed including roof
- Mix of national and local credit tenancy | Thyssenkrupp Crankshaft (TKAMY: OTCMKTS)
- High yield offering | In-place cap rate of 10.28%
- Priced significantly below replacement cost at $27.42/SF
Executive Summary
The Doughty Industrial Group of Marcus & Millichap is pleased to present the fee-simple sale offering of 800 S Gilbert Street, Danville, Illinois a fully occupied multi-tenant industrial building. The property resides directly the Interstate 74 and U.S. Route 150 interchange.
The 175,050 square foot property consists of two units, suite A which is 85,050 square feet and suite B which is 90,000 square feet. Suite A is occupied by Thyssenkrupp Crankshaft (TKAMY: OTCMKTS) while suite B is occupied by Dawson Logistics, LLC. Both tenants are operating on Modified Gross lease structures with Thyssenkrupp being significantly under market at $2.15/SF Modified Gross. Both Thyssenkrupp and Dawson Logistics have renewed their leases early showing commitment to the property.
The acquisition of this offering provides an investor with the opportunity to acquire a stabilized industrial asset with significant future upside. At the current list price of $4,800,000 the investment generates a NOI of $493,568 which equates to a capitalization rate of 10.28%.
The 175,050 square foot property consists of two units, suite A which is 85,050 square feet and suite B which is 90,000 square feet. Suite A is occupied by Thyssenkrupp Crankshaft (TKAMY: OTCMKTS) while suite B is occupied by Dawson Logistics, LLC. Both tenants are operating on Modified Gross lease structures with Thyssenkrupp being significantly under market at $2.15/SF Modified Gross. Both Thyssenkrupp and Dawson Logistics have renewed their leases early showing commitment to the property.
The acquisition of this offering provides an investor with the opportunity to acquire a stabilized industrial asset with significant future upside. At the current list price of $4,800,000 the investment generates a NOI of $493,568 which equates to a capitalization rate of 10.28%.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | £499,778 | £2.86 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | £499,778 | £2.86 |
Taxes | - | - |
Operating Expenses | - | - |
Total Expenses | £105,985 | £0.61 |
Net Operating Income | £393,793 | £2.25 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | £499,778 |
Annual Per SF | £2.86 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | £499,778 |
Annual Per SF | £2.86 |
Taxes | |
---|---|
Annual | - |
Annual Per SF | - |
Operating Expenses | |
---|---|
Annual | - |
Annual Per SF | - |
Total Expenses | |
---|---|
Annual | £105,985 |
Annual Per SF | £0.61 |
Net Operating Income | |
---|---|
Annual | £393,793 |
Annual Per SF | £2.25 |
Property Facts
Price | £3,829,680 | Rentable Building Area | 175,050 SF |
Price Per SF | £22 | Number of Floors | 1 |
Sale Type | Investment | Year Built/Renovated | 1947/1968 |
Net Initial Yield | 10.28% | Parking Ratio | 0.46/1,000 SF |
Property Type | Industrial | Clear Ceiling Height | 21 ft |
Property Subtype | Warehouse | No. Dock-High Doors/Loading | 10 |
Building Class | B | Level Access Doors | 2 |
Lot Size | 15.69 AC |
Price | £3,829,680 |
Price Per SF | £22 |
Sale Type | Investment |
Net Initial Yield | 10.28% |
Property Type | Industrial |
Property Subtype | Warehouse |
Building Class | B |
Lot Size | 15.69 AC |
Rentable Building Area | 175,050 SF |
Number of Floors | 1 |
Year Built/Renovated | 1947/1968 |
Parking Ratio | 0.46/1,000 SF |
Clear Ceiling Height | 21 ft |
No. Dock-High Doors/Loading | 10 |
Level Access Doors | 2 |
Utilities
- Gas
- Water
- Sewer
PROPERTY TAXES
Parcel Numbers | Improvements Assessment | £94,707 (2022) | |
Land Assessment | £48,264 (2022) | Total Assessment | £142,971 (2022) |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£48,264 (2022)
Improvements Assessment
£94,707 (2022)
Total Assessment
£142,971 (2022)
zoning
Zoning Code | I-1 |
I-1 |
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800 S Gilbert St
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