Park Place of Wheaton is a wholly-owned eight-unit office condo property superbly located on prominent WestRoosevelt Road and South Main Street in downtown Wheaton, Illinois, in DuPage County. Each 2,983-square-foot unit has a private entrance with separately metered and controlled tenant-paid HVAC, well-finished for professional office and medical office users. The current tenant mix complements established doctors, dentists, chiropractors, and attorneys. The property is competitively priced at $57 per square foot, less than one-quarter of construction costs. This offering provides an investor with considerable upside. Engaging professional leasing and management will facilitate achieving this performance offering an investor the potential for a near 14 percent pro forma cap rate. There is also potential for a residential redevelopment at this site, converting each unit to luxury condos or apartment rental units for which there is stated support from the City of Wheaton. Demographic trends have substantially increased demand for this well-located suburban office property. This property offers an investor a lucrative opportunity to provide quality office space in this vibrant, growing central Dupage County market. Wheaton borders Naperville to the south, Glen Ellyn to the east, Warrenville to the west, and Carol Stream and Glendale Heights to the north. The subject property is located in Wheaton, Illinois, approximately 25 miles west of Chicago on busy Roosevelt Road, averaging 31,300 cars daily. Wheaton is the county seat for DuPage County, home of Wheaton College, sometimes referred to as "The Harvard of Evangelical schools," and the College of Dupage. This location also offers convenient access to transportation with bus routes along Roosevelt Road, within walking distance to the Wheaton Metra Train station and minutes from the Interstate 355 tollway.
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