Modified Gross
A modified gross lease
is a lease structure where both the landlord and the tenant are responsible for paying a property’s operating expenses. The specific operating expenses paid by a tenant or a landlord under a modified gross lease can and do vary widely.
This newly constructed, high-end medical and office building offers 7,840 SF of flexible space, located directly across from Elmhurst Hospital. The entire building can be leased or subdivided by floor, with each level featuring its own metered gas, heating, and electric utilities. The property is ADA-compliant with an elevator and features floor-to-ceiling windows, a 480-volt utility system capable of supporting a wide range of medical machinery, and four on-site parking spaces. A 15-year ICAP tax abatement is in place. The location benefits from high foot traffic, and is situated near major subway lines (7, E, F, M, R), providing easy access for patients and staff.
Modified Gross
A modified gross lease
is a lease structure where both the landlord and the tenant are responsible for paying a property’s operating expenses. The specific operating expenses paid by a tenant or a landlord under a modified gross lease can and do vary widely.