399 Lake Marian Rd - Drug Store FOR SALE


Carpentersville, IL 60110- Elgin/Dundee
$3,232,335 USD
408-510-9057
399 Lake Marian Rd, Carpentersville, IL for Sale
$3,232,335 USD
Drug Store - FOR SALE
1/5
null | 7.75% Cap Rate

399 Lake Marian Rd
Carpentersville, IL 60110
Elgin/Dundee


HIGHLIGHTS

  • Walgreens Has Operated Here Since 1999 With $2.1M in Annual Sales and 5.5 Years Remaining on the Lease Plus 8 Renewal Options
  • Double-Net Lease With Landlord Responsible Only for Roof and Structure; New Roof Installed in 2023 With Warranty Through 2043
  • Assumable ~$1.84M Loan at 6.5% Fixed Rate; $12.4K Monthly Debt Service and $101K in Annual Cash Flow After Debt Service
  • Current Rent Is Just $18.18/SF, Well Below Market; Occupancy Cost Ratio ~12% Supports Long-Term Retention
  • Outparcel to Walmart at Signalized Corner With ±33,574 VPD; Surrounded by Starbucks, AutoZone, Wingstop, and Subway
  • 5-Mile Population of 112K+ With Avg. Income Over $114K; Located 41 Miles From Downtown Chicago in a Dense Retail Trade Area

OVERVIEW

Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens pharmacy located at 399 Lake Marian Road in Carpentersville, Illinois, within the greater Chicago MSA. Walgreens has occupied the ±13,776-square-foot building for over 25 years and operates under a double-net (NN) lease with approximately 5.5 years remaining. The lease includes eight (8) five-year renewal options, with landlord responsibilities limited to roof and structure. A new roof was installed in 2023 and is under warranty through 2043. Located at a signalized hard corner with over 33,500 vehicles per day, the property sits as an outparcel to a Walmart Supercenter and benefits from strong national co-tenancy including Starbucks, Wingstop, Subway, and AutoZone. Annual reported store sales are approximately $2.1 million, with current rent well below market at $18.18/SF—supporting a healthy occupancy cost ratio of approximately 12%. This asset offers a compelling loan assumption opportunity with a ~$1,842,750 loan at 6.50% fixed interest, maturing in March 2031. Monthly debt service is $12,442.38, generating approximately $101,197 in annual cash flow after debt service. In March 2025, Walgreens Boots Alliance agreed to be acquired by Sycamore Partners for $10 billion. Although credit agencies downgraded Walgreens to speculative-grade (BB- by S&P and Ba3 by Moody’s), the transition to private ownership is expected to allow more operational flexibility and targeted investment, which may support long-term performance. This offering presents a rare chance to secure a passive, cash-flowing NN asset in a dense, affluent Chicago suburb with proven tenant performance and favorable debt in place. Illinois Broker of Record: Steven Weinstock One Mid America Plaza, Ste. 200Oakbrook Terrace, IL 60181 Steven.Weinstock@MarcusMillichap.com Lic #: 471.011175

FOR SALE DETAILS

PRICE

$3,232,335 USD

PRICE/SF

$235 USD /SF

CAP RATE

7.75%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Walgreens | 7.75% Cap | $18/SF | 25yr History

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Convenience Store, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1999

SPRINKLERS

-

PARKING SPACES

55

LAND DETAILS

LAND ACRES

1.74 AC

LAND SF

75,794 SF

ZONING

-

APN/PARCEL ID

03-14-276-030

ASK ABOUT THIS PROPERTY

Tyler BindiMarcus & MillichapMore Info
408-510-9057

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

Tyler BindiMarcus & MillichapMore Info
408-510-9057

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