1403-1425 N Main St - Retail FOR SALE


$5,500,000 USD
312-624-7006
1403-1425 N Main St, Wheaton, IL for Sale
$5,500,000 USD
Retail - FOR SALE
1/11
null | 7% Cap Rate


HIGHLIGHTS

  • 100% occupied masonry retail strip sited at an optimal elevation overlooking Main Street in Wheaton, IL
  • All leases feature annual rent increases, providing steady NOI growth over time
  • Positioned at a signalized intersection with multiple points of ingress and egress
  • Recent multi-million dollar building renovation that provided new services, updated sidewalks and building façade
  • Flagship location and the starting place of Wheaton’s 4th of July parade, guaranteeing continued exposure for the tenants
  • Less than 1-mile from Wheaton College | Main Street is the primary artery leading to downtown Wheaton

OVERVIEW

Marcus & Millichap is pleased to present the opportunity to purchase an ~18,000 square foot retail property in suburban Wheaton, Illinois. The property is fully leased to three complimentary tenants – a dentist, a resale shop backed by Wheaton’s College Church, and a Re/Max Suburban real estate office. All leases feature strong annual rent increases, and while The Dental Studio and Stars Resale both operate on pure NNN leases, the Re/Max lease features landlord favorable expense stops that allow any increase over current operating expenses to be passed through to the tenant. The building is positioned on Main Street, between two smaller residential streets, providing easy access to the site. Furthermore, the property benefits from its location at a signalized intersection which further slows passing traffic. With its elevation above Main Street, this retail property appears noticeably prominent from street level. Wheaton is an especially appealing suburb of Chicago. The demographics jump off the page – with 110,000 people residing within a 3-mile radius and household incomes approaching $150,000 on average, this is also a growing community with a storied history rooted in local Wheaton College – established in 1860, and the affiliated religious organizations associated with it. This opportunity should appeal to investors looking for a stabilized asset. The weighted average lease term is over 7½ years currently, allowing for a new owner to easily finance this acquisition, while enjoying secure cash flows after debt service that should increase year over year at a steady clip.

FOR SALE DETAILS

PRICE

$5,500,000 USD

PRICE/SF

$306 USD /SF

CAP RATE

7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Fully Occupied Retail in DuPage County

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2021

SPRINKLERS

-

PARKING SPACES

82

LAND DETAILS

LAND ACRES

2 AC

LAND SF

87,120 SF

ZONING

C3/R6

APN/PARCEL ID

05-09-305-002,05-09-305-004,05-09-305-005,05-09-305-014,05-09-305-015

ASK ABOUT THIS PROPERTY

Mitchell KivenMarcus & MillichapMore Info
312-624-7006

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Mitchell KivenMarcus & MillichapMore Info
312-624-7006

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.