Offering Memorandum - 211 River St, Montgomery, IL ... OFFERING MEMORANDUM 210 & 211 N RIVER ST MONTGOMERY,

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  • OFFERING MEMORANDUM

    210 & 211 N RIVER ST MONTGOMERY, IL

    ANNA DOBREVA Managing Broker, Principal

    Dobreva Commercial, Inc. anna@dobrevacres.com

    (312) 388-1818

    JOSIE F ARENA-WISSINGER Real Estate Broker, SFR, ADPR, CNAS Century 21 Affiliated jwissinger@c21affiliated.com (312) 925-6914

    FOR SALE/LEASE

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

    CONFIDENTIALITY AND DISCLAIMER 1

    BRIEF HISTORY 2

    EXECUTIVE SUMMARY 3

    INVESTMENT OVERVIEW 4

    INVESTMENT HIGHTLIGHTS 5

    DESCRIPTION OF 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 to be reviewed only by the party receiving it from Century 21 Affiliated and Dobreva Commercial, Inc. It should not be distributed to any other party without the written consent of Century 21 Affiliated and Dobreva Commercial, Inc. This Offering Memorandum was prepared to provide summary information which has not been verified and it should be used only to establish a preliminary level of interest in the subject property. The information contained herein is NOT a substitute for 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 any investigations, 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 Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. All estimates of market rents and/or projected rents and pro-forma expenses that may be provided to a party do not necessarily mean that rents can be established at or increased to that level or that the property can be operated at that expense level. Potential Buyers must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues 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 contained herein, nor have Century 21 Affiliated and Dobreva Commercial, Inc. conducted any investigations regarding these matters and 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 SET FORTH HEREIN. POTENTIAL BUYERS ASSUME ALL RISK OF ANY INACCURACIES OR INCONSISTENCIES. Legal questions should be discussed with an attorney. Tax questions should be discussed with a certified public accountant or tax attorney. Title questions should be discussed with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed with appropriate 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 employees shall use the information for any purpose rather than evaluating the specific transaction described herein, or divulge such information to any other party, and shall return the Offering Memorandum to Century 21 Affiliated and Dobreva Commercial, Inc. upon request. This Offering Memorandum, in whole or in part, may not be photocopied, reproduced, or distributed 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 River to mill flour for Union soldiers in the Civil War. The building was used in many different facets. It was the home of Daisey & White Rose Flour, which was produced and exported from the mill in the building. There were also artesian wells on the property that had the highest quality of water in the area. This is where Hinckley & Schmitt bought and bottled their water. There is still one functioning 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 December 17, 1979.

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

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

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

    210 & 211 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: $850,000

    Lease Rate: $6,000/month

    Property Type: Mixed-use

    Building Size (SF): 12,300

    Land Area (SF): 52,752

    Stories: 4 + Loft

    Occupancy: Vacant

    Price per SF: $69.11

    Wall Thickness: 3 feet

    Electrical Service: ±1,200 Amps

    Year Built: 1853

    Years Renovated: 1996-1999, 2003

    Zoning: MD Milldistrict

    Parking: 75 cars

    2017 RE Taxes: $6,709.22

    Tax PINs: 15-32-433-001 15-32-433-003

    Ceiling Height: 8’4’’ – 13’5’’

    Elevator: 1

    210 & 211 N River St, Montgomery, IL

  • INVESTMENT OVERVIEW

    Century 21 Affiliated and Dobreva Commercial, Inc. are proud to present an excellent opportunity for an 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 Downtown Montgomery, 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 for weddings, receptions, banquets and many other uses.

    The property is situated on a 52,752 square foot site, accommodating parking for 75 vehicles (including parking lot across the street).

    The building is equipped with elevator, full bar and table seating on first floor, dining on second floor, banquet facility on third floor, storage on fourth floor, attic/Loft on fifth floor and numerous restrooms. The property also features fully stocked kitchen, walk-in cooler and freezer, custom made rotisserie smoker wood with gas assist (holds five pigs, side smoker for fish - 10 racks with element cover). All existing furniture, fixtures and equipment are included in price. There is an outdoor 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 Pink Cup to Gray’s Mill and converting it into a full kitchen in the upper level. The first floor was converted into storage and kitchen for patio service.

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

    Page 4

    210 & 211 N River St, Montgomery, IL

  • 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