For Sale | Davita & BMO Harris Bank Strip Center

3113 North Lewis Avenue, Waukegan, IL

$3,430,000

Price

7.75%

Cap Rate

$266,203

NOI

Overview
Cap Rate
7.75%
NOI
$266,203
Building Size
12,448 sqft
Lot Area
1.21 acres
Lease Type
Triple Net
Year Built
2016
Parking Spots
73
Description

CAPITAL PACIFIC is pleased to present the opportunity to acquire a 100% leased, retail strip center in Waukegan, IL (Chicago MSA). The subject property is leased to a mix of nationally recognized tenants including DaVita Dialysis and BMO Harris Bank. The leases are all NNN, with the tenants reimbursing for their shares of common area, tax, and insurance expenses, resulting in limited Landlord responsibilities. Additionally, the leases include 2-3% rental increases annually and numerous 5-year options to extend, offering a long-term, inflation-protected income stream to an investor.

THE SUBJECT PROPERTY is located in Waukegan, IL, a suburb of Chicago located roughly 40 miles north of city center. The property is positioned at the intersection of N Lewis Avenue and York House Road, the largest and busiest retail hub in the trade area, drawing over 20,000 vehicles per day. This intersection includes multiple national, daily-needs retailers including: Target, Jewel-Osco, CVS, Starbucks, Dollar Tree, and Ace Hardware, all of which create tremendous synergy. The property features excellent street appeal, signage, and ample parking. The trade area includes over 150,000 residents within a 5-mile radius, and average household incomes above $72,000. Nearby traffic drivers include the Waukegan National Airport (1 mile away) and Six Flags Great America (7 miles away).

Listed in Conjunction with IL Licensed Broker:
Pace Properties
Joe Ciapciak
jciapciak@paceproperties.com
PH: 314.968.9898

Highlights
  • 100% leased NNN retail strip center in Chicago suburb
  • Anchored by DaVita Dialysis and BMO Harris Bank (investment Grade tenant)
  • High population density – over 150K residents within a 5-mile radius
  • Located within the Chicago MSA with average HH incomes over $80K in a 1-mile radius
  • This information has been secured from sources we believe to be reliable but we Adjacent to 18,000 SF Target anchored strip center
Documents
Title
Offering Memorandum
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Location
Gallery