Offering Memorandum - 211 River St, Montgomery, IL · 2019-10-09 · Distillery, Winery, Bed & Breakfast, Retail, Boutique Hotel, Office Building, Mixed-use Development, or Data Center

OFFERING MEMORANDUM

210 & 211-215 N RIVER STMONTGOMERY, IL

ANNA DOBREVAManaging Broker, Principal

Dobreva Commercial, [email protected]

(312) 388-1818

JOSIE F ARENA-WISSINGERReal Estate Broker, SFR, ADPR, CNASCentury 21 [email protected](312) 925-6914

FOR SALE/LEASE

TABLE OF CONTENTS 210 & 211-215 N River St, Montgomery, IL

CONFIDENTIALITY AND DISCLAIMER 1

BRIEF HISTORY 2

EXECUTIVE SUMMARY 3

INVESTMENT OVERVIEW 4

INVESTMENT HIGHTLIGHTS 5

PROPERTY IMPROVEMENTS 6-7

PRO-FORMA FINANCIAL SUMMARY 8

LOCATION 9

LOCAL MAP 10

ZONING MAP 11

FOODPLAIN MAP 12

SURVEY 13

REAL ESTATE TAX DATA 14-15

PROPERTY PHOTOS 16-23

LIST OF EQUIPMENT 24-26

DEMOGRAPHICS 27-28

CONTACT INFO 29

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended tobe reviewed only by the party receiving it from Century 21 Affiliated and Dobreva Commercial, Inc. It should not bedistributed to any other party without the written consent of Century 21 Affiliated and Dobreva Commercial, Inc. ThisOffering Memorandum was prepared to provide summary information which has not been verified and it should be usedonly to establish a preliminary level of interest in the subject property. The information contained herein is NOT a substitutefor a thorough due diligence investigation. The Offering Memorandum is subject to errors, omissions, prior sale, withdrawal,change and/or modification without notice. Century 21 Affiliated and Dobreva Commercial, Inc. have not made anyinvestigations, and makes no warranty or representation, with respect to the financial information for the subject property,the future financial performance of the subject property, the size and square footage of the property and the improvements,the presence or absence of any contaminating substances, PCBs, asbestos, the compliance with Local, State and Federalregulations, the physical condition of the improvements thereon, or the financial condition or business prospects of anytenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. All estimates of market rentsand/or projected rents and pro-forma expenses that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level or that the property can be operated at that expense level. Potential Buyers mustevaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and otherissues in order to determine rents and expenses from or for the property.The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however,Century 21 Affiliated and Dobreva Commercial, Inc. have not verified, and will not verify, any of the information containedherein, nor have Century 21 Affiliated and Dobreva Commercial, Inc. conducted any investigations regarding these mattersand make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.ALL POTENTIAL BUYERS MUST TAKE APPROPRIATE MEASURES TO VERIFY ALL OF THE INFORMATION SETFORTH HEREIN. POTENTIAL BUYERS ASSUME ALL RISK OF ANY INACCURACIES OR INCONSISTENCIES. Legalquestions should be discussed with an attorney. Tax questions should be discussed with a certified public accountant or taxattorney. Title questions should be discussed with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements should be discussed withappropriate engineers, architects, contractors, other consultants and governmental agencies.By accepting delivery of the Offering Memorandum, the recipient agrees that neither he/she nor any of his/her employeesshall use the information for any purpose rather than evaluating the specific transaction described herein, or divulge suchinformation to any other party, and shall return the Offering Memorandum to Century 21 Affiliated and DobrevaCommercial, Inc. upon request. This Offering Memorandum, in whole or in part, may not be photocopied, reproduced, ordistributed to others without the prior written consent of Century 21 Affiliated and Dobreva Commercial, Inc. .

Page 1

BRIEF HISTORY

Page 2

Gray's Mill was originally constructed in 1853 right along and above the Fox Riverto mill flour for Union soldiers in the Civil War. The building was used in manydifferent facets. It was the home of Daisey & White Rose Flour, which wasproduced and exported from the mill in the building. There were also artesianwells on the property that had the highest quality of water in the area. This iswhere Hinckley & Schmitt bought and bottled their water. There is still onefunctioning well on the property today. The mill was also operated to grind Mica ,which was used in tires to disperse the heat to keep the rubber from melting.

The building was listed on the National Register of Historic Places on December17, 1979.

A full renovation was done on the property in 1996 – 1999. The Mill was open tothe public for use as a banquet facility. It won an award from Illinois LandmarksPreservation Council in 2001.

The building was used for various retail establishments including an upscaleItalian and American eatery that opened in December 2011.

Gray’s Mill is one of the best examples of 1850 mill construction in the UnitedStates. The Mill is one of the oldest structures in the Chicago land area at itsoriginal location and its original condition.

210 & 211-215 N River St, Montgomery, IL

EXECUTIVE SUMMARY

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from

Century 21 Affiliated and Dobreva Commercial, Inc. and should not be made available to any other person or entity without the written consent of Century 21 Affiliated and

Dobreva Commercial, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied,

as to the accuracy of the information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies.

Page 3

Asking Price: $725,000

Lease Rate: $6,000/month*

Property Type: Mixed-use

Building Size (SF): 12,300

Land Area (SF): 58,780

Stories: 4 + Loft

Occupancy: Vacant

Price per SF: $58.94

Electrical Service: ±1,200 Amps

Notes: *In addition to base rent, tenant pays for utilities, water, sewer, security, landscaping, snow removal, elevator, and maintenance (approx. $1,270/month)

Year Built: 1853

Years Renovated: 1996-1999, 2003

Zoning: MD Milldistrict

Parking: 75 cars

2018 RE Taxes: $7,374.26

Tax PINs: 15-32-433-00115-32-433-01115-32-432-003

Ceiling Height: 8’4’’ – 13’5’’

Elevator: 1


INVESTMENT OVERVIEW

Century 21 Affiliated and Dobreva Commercial, Inc. are proud to present an excellent opportunity foran investor, owner-user, tenant or developer to acquire/lease with an option to buy a 12,300 square foot,4-story with a loft, freestanding Historic 1853 Gray's Mill building, located on Fox River in DowntownMontgomery, Illinois. The property is ideal for High-end Restaurant/Bar, Banquet Hall, Brewery,Distillery, Winery, Bed & Breakfast, Retail, Boutique Hotel, Office Building, Mixed-use Development,or Data Center (3 ft thick stone walls, ±1,200 Amps electrical service). It is also a perfect setting forweddings, receptions, banquets and many other uses.

The property is situated on a 58,780 square foot site, accommodating parking for 75 vehicles (includingparking lot across the street and two easements).

The building is equipped with an elevator, full bar and table seating on the first floor, dining on thesecond floor, banquet facility on the third floor, storage on the fourth floor, attic/Loft on the fifth floorand numerous restrooms. The property also features a fully stocked kitchen, walk-in cooler, and freezer,custom made rotisserie smoker wood with a gas assist (holds five pigs, side smoker for fish - 10 rackswith element cover). All existing furniture, fixtures, and equipment are included in the price. There is anoutdoor patio for weddings.

A full renovation on the property was done in 1996 - 1999. It was gutted to its primary structure.Recent renovations were done in 2003, which consisted of attaching an adjacent building called the PinkCup to Gray’s Mill and converting it into a full kitchen in the upper level. The first floor was convertedinto storage and kitchen for patio service.

The building is located across from Montgomery Village Hall and in close proximity to Rt. 30, Rt. 34 andI-88. 211 N River St offers a unique chance to own a prime location with excellent visibility in the heart ofDowntown Montgomery.

Page 4


INVESTMENT HIGHLIGHTS

• FOR SALE OR LEASE - Historic 1853 Gray's Mill on Fox River

• 12,300 square foot retail/restaurant property

• Ideal location for High-end Restaurant/Bar, Banquet Hall,

Brewery, Distillery, Winery, Bed & Breakfast, Retail, Boutique

Hotel, Office Building, Mixed-use Development, or Data Center

• 4-story with a loft, zoned: MD Milldistrict

• 58,780 square foot site, parking for 75 vehicles

• Elevator building

• Fully stocked kitchen, walk-in cooler and freezer, custom made rotisserie smoker wood with gas assist

• 1st fl: full bar, table seating with fireplace, restrooms

• 2nd fl: dining area, full kitchen, bar area, restrooms, storage and kitchen for patio service

• 3rd fl: banquet room, bar area, restrooms , waitress station

• 4th fl: storage, 5th fl: attic/Loft

• Outdoor patio for weddings

• Property is sold “as-is”, low real estate taxes

Page 5


PROPERTY IMPROVEMENTS

211 N River St is a 12,300 square foot, 4-story with a loft, freestanding historically recognizedbuilding adjacent to the Fox River and the Mill St bridge in Downtown Montgomery, Illinois. Theimprovements are situated on a 58,780 square foot site with parking for 75 vehicles.

A full renovation on the property was done in 1996 - 1999. It was gutted to its primary structureand what remained was the posts, floor joist, 30"- 36" thick stone walls, ceiling rafters, originalflooring, windows, entrance door, roof, front & rear stairs, elevator and the original well locatedin the parking lot.

Starting with the first floor there was a new bar and grease trap installed, new plumbing &electrical, new elevator and elevator room, two ADA compliant restrooms, new dumbwaiter, aflagstone faced fireplace, double airlock handicapped entrance doors, liquor storage room,concrete floor with custom stain, custom shutters, beaded panels, drywall, paint, double up onfloor joist, enlarged pump in elevator pit and new lighting.

The second floor had all wood flooring & stone power cleaned with crushed walnuts, newbalcony installed, restrooms and exits also. A small kitchen area was installed to servicebanquets. Plumbing, electrical, H.V.A.C, dumbwaiter, airlock double French doors, elevatorwere installed along with new wood floors & stairs to balcony and baths. Historic railings &wood trim, new lighting, hardware and paint were also part of the renovation.

Page 6


PROPERTY IMPROVEMENTS

The 3rd floor was adjusted and leveled, and original wood floor was re-installed. New elevator,dumbwaiter, two new restrooms, waitress station, new utility room, drywall, paint, storage roomfor sprinkler system and a front staircase leading to the fourth floor were part of therenovation. The 4th floor was used for office and storage space which also included plumbing,electrical, H.V.A.C and the 5th floor also known as the loft area was also used for storage. A newroof was also installed. Each floor has been fire-rated and there is a complete security system.

Recent renovations were done in 2003, which consisted of attaching an adjacent building calledthe Pink Cup to Gray’s Mill and converting it into a full kitchen in the upper level and the firstfloor was converted into storage and kitchen for patio service. Two walk-in coolers, employeerestrooms, double doors for access to exterior dumpster and deliveries were installed also.

The property also features custom made rotisserie smoker wood with gas assist.

There is new sewer & water and two new grease traps, each one has a 1500-gallon capacity. Thebuilding is fully sprinkled.

Page 7






FINANCIAL SUMMARY

Page 8



$725,000

General Property Information

Property Type Mixed-use

Building Size (SF) No. of Floors 4 + Loft

Land Area (SF) Elevators 1

Current Rent Roll Monthly Modified Annual Modified

Tenant Floors Type Size Gross Rent Gross Rent

New Tenant 4 + Loft Mixed-use 12300 $6,000 $72,000

Proforma (2018)

Operating Statement

Potential Gross Income Rates Amount psf

Gross Income 72,000 5.85

Vacancy 10% (7,200) 0.59

Effective Gross Income (EGI) 64,800 5.27

Expenses*

Property Taxes (2018) 7,374 0.60

Flood Insurance 5,500 0.45

Building Insurance 10,500 0.85

Total Expenses $23,374 1.90

NOI $41,426 3.37

Notes: *In addition to base rent, tenant pays for utilities, water, sewer, security, landscaping, snow removal , elevator and maintenance (approx. $1,270/month)

$58.94 per SF


12,300

58,780

LOCATION

Page 9

211 N River St is located in the Village of Montgomery, in Kane County, Illinois. Montgomery is afast growing community quietly nestled along both banks of the Fox River in Kane and Kendallcounties in Illinois, just south of Aurora and about 40 miles west of Chicago. Montgomery wasfounded in 1835 and incorporated as a Village in 1858. A sharp increase in residential constructionresulted in a population of 18,438 by 2010, an increase of 237 percent in 10 years. Despite this rapidgrowth, Montgomery has maintained its warm, small-town atmosphere and is a close-knitcommunity where neighbors care about each other.

The subject property is located across from Montgomery Village Hall and in close proximity to Rt.30, Rt. 34 and I-88.


LOCAL MAP

Page 10


ZONING MAP

Page 11






FLOOD PLAIN MAP

Page 12






SURVEY

Page 13






REAL ESTATE TAX DATA

Page 14



Page 15



Page 15


PROPERTY PHOTOS

The information contained in the following Offering Memorandum Is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Century 21

Affiliated and Dobreva Commercial, Inc. and should not be made available to any other person or entity without the written consent of Century 21 Affiliated and Dobreva Commercial,

Inc. . This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the

information. References to square footage or age are approximate. Purchaser must verify the information and bears all risk for any inaccuracies.

Page 16

211 N River St – Front of the building

Bridge on Fox River

River view

South elevation – entrance to 1st floor Outdoor Patio for receptions/weddings

211 N River St – Parking lot


PROPERTY PHOTOS

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Century 21




Page 17

1st floor – bar area 1st floor – bar area 1st floor – bar area

1st floor – restrooms 1st floor – fireplace 1st floor – bar area


PROPERTY PHOTOS





Page 18

3rd floor 3rd floor fireplace Basement – electrical meters

1st floor – bar area 1st floor – elevator 1st floor – food lift


PROPERTY PHOTOS





Page 19

2nd floor – entrance to dining area 2nd floor – dining area/balcony 2nd floor – elevator


PROPERTY PHOTOS





Page 20

2nd floor – dining area 2nd floor – dining area 2nd floor – dining area

2nd floor – dining area 2nd floor – dining area 2nd floor – restroom


PROPERTY PHOTOS





Page 21

2nd floor – kitchen area 2nd floor – kitchen area 2nd floor – kitchen area

2nd floor – kitchen area 2nd floor – kitchen area 1st floor – kitchen for patio service


PROPERTY PHOTOS





Page 22

3rd floor – banquet area 3rd floor – banquet area 3rd floor – restrooms

4th floor – storage area 4th floor – office area 5th floor – loft/storage area


PROPERTY PHOTOS





Page 23

Out door Patio Parking lot

East elevation – outdoor patio Outdoor patio Fox River

Outdoor patio


LIST OF EQUIPMENT

Page 24

1st Floor BarTriple sink – 2 drain boardsHand sink /ice bin/ liquor railDrain boardIce binSoap & hand towel dispensers2 Coolers – need workContinental draft – 4Cooler – slideTop – 2 liquor rails2 Metro shelves

2nd Floor BarHand sink /ice bin/Liquor railStainless table, 3 shelvesSoap & hand towel dispensers

2nd Floor Dinning Area Waitress stationHostess station

Total tables: 21 4 round, 6 each16 square, 4 each 1 square, 2 each

Total chairs: 903 Tray tables10 custom made valances

Upper kitchenCleaning area -

Dirty dish table / pre washTable with sink and faucetPost wash drying table Large triple sink w/2 drain boards2 Large stainless steel shelves1 Pot rackMop sinkStorage room w/metro shelves2 Hand sinks


LIST OF EQUIPMENT

Page 25

Cooking area-One connection oven6 Burner /single ovenRange - American range6 burner /double ovenRaised broiler/griddleAmerican range30” Grill13’ Stainless hood with ansul systemCustom made 13’ steam table – 4 wells2 double door under counter refrigerator, beverage-air13’ Warming shelf13’ Dish storage3-Door beverage-air salad/sandwich table coveredStainless prep table2 Prep sinks w/tables and storageSoup and sauce w/water4 Large stainless shelves2 Metro shelf unitsMisc. dishes & flat ware

Lower kitchen2 Large walk-in coolers1 Small walk-in freezer1 Free standing traulsen refrigerator -2 doors1 Free standing traulsen refrigerator -8 door’sMop sinkSteam table 3 wells1 Convection

3rd FloorPortable bar wood5 Small (for hors d’oeuvre)Consul table - buffetHot table - 4 wellWaitress stationStorage – banquet tables (4)8 Custom-made valance

4th FloorStorage


LIST OF EQUIPMENT

Page 26

Office - 3 stations, desk, chairs, filesAssorted banquet tables & chairs, 200+12 Large round tables12 Small round tables1 Small safeSmall hostess station

5th FloorMisc. decoration for:

SeasonsPartiesBanquets

Outdoor PatioCustom made rotisserie smoker wood with gas assist (holds five pigs, side smoker for fish - 10 racks with element cover).

Sound system – 5 floors & patio area






DEMOGRAPHICS

Page 27


DEMOGRAPHICS

Page 28


CONTACT INFORMATION

EXCLUSIVE BROKERS:

FOR MORE INFORMATION AND PROPERTY TOURSPLEASE CONTACT:

Page 29

Anna DobrevaManaging Broker, Principal

Dobreva Commercial, [email protected]

(312) 388-1818

Josie F. Arena-WissingerReal Estate Broker, SFR, ADPR, CNASCentury 21 [email protected](312) 925-6914


Documents

Offering Memorandum - 211 River St, Montgomery, IL · 2019-10-09 · Distillery, Winery, Bed & Breakfast, Retail, Boutique Hotel, Office Building, Mixed-use Development, or Data Center