3545-75 Grand Avenue, Gurnee, IL
Retail for Sale - $6,000,000 - 103,938 Sq. Ft. on 49299.44 acres
Property Info
| CIMLS# | 777082 |
| Location 3545-75 Grand Avenue Gurnee IL 60031 | |
| Updated | April 21st, 2015 |
| Type | Retail |
| Price | $6,000,000 |
| Building | 103,938 Sq. Ft. |
| Land | 49299.44 acres |
Property Description
Outstanding neighborhood shopping center with 17 tenants. The major tenants are Billion Dollar Tenants! Village Commons Shopping Center is on a 6.8 acre land site with room for an outlot.
Location Description:
Village Commons is a 103,938-square foot retail/office/flex property in Gurnee, IL. The property was originally constructed in 1953 and is 97 percent leased to a mix of national, regional and local tenants including Salvation Army, Habitat for Humanity Unique Auto Storage and Boost Mobile among others. The tenants have a mix of Triple Net (NNN), Double Net (NN), Single Net (N) and Gross leases, and more than 62-percent of tenants have renewed leases in the past three years. Several tenants have rental increases during the initial terms and options which offer an investor the opportunity to significantly increase the NOI in the next few years.
The property is strategically positioned at a hard corner at a signalized intersection on Grand Avenue, one of the busiest business corridors in Gurnee. The property benefits from more than 28,600 vehicles per day, which should continue to increase with the recent re-opening of the Grand Avenue exit ramp of the Tri-State Tollway (I-94/I-294) which was previously closed for several years due to renovations. The average household incomes within a five-mile radius are more than $79,900 with a dense population of more than 176,700 within five-miles.
Village Commons is within four miles of Six Flags Great America and Gurnee Mills Mall, which collectively draws more than 26 million tourists per year. The subject property is half a mile away from Interstate 41 and Route 131 and is approximately 32-miles Northeast of O'Hare International Airport.
Highlights:
>> 103,938 Square Foot Multi-Tenant Investment w/ Diverse Tenants
>> Staggered Lease Terms and Annual Rent Escalations
>> Most Leases Are At Post Recession Rates thus Huge Upside in Rents
>> 22.9% Cash On Cash Return when Including Principal Paydown
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Financials
Sales Info:
>> Cap rate: 9.07%
>> Commision split: 2.5%
>> NOI: $544075
