823 W Lake St - Service Station FOR SALE


Hanover Park, IL 60133
$5,850,000 USD
314-324-8792
823 W Lake St, Hanover Park, IL for Sale
$5,850,000 USD
Service Station - FOR SALE
1/6
null | 5.5% Cap Rate

823 W Lake St
Hanover Park, IL 60133


OVERVIEW

Corporate-Backed Tenant: Thorntons operates more than 200 locations across the Midwest and was acquired by BP in 2021, providing exceptional corporate stability and global brand backing. Highly Affluent Immediate Radius: The site serves an affluent local consumer base, boasting an average household income of $133,862 within a 1-mile radius. Long Term Absolute NNN Ground Lease: Thorntons has approximately 15 years of lease term remaining on their absolute NNN ground lease, providing no landlord maintenance responsibilities and completely passive ownership. Attractive Basis: Typical costs to build comparable c-store / gas stations can be atleast $8mm, providing an opportunity to acquire the asset well below replacement cost. Dedicated High Speed Diesel Lanes: The property has 20 MPDs and 10 high speed diesel MPDs, serving both the daily needs customer and the trucks working at the surrounding businesses. Industrial Space: Hanover Park has over 5mm SF of Class A industrial space, including about 2.5-3mm SF in the immediate surrounding area., creating a diverse customer base for the c-store. Highly Trafficked Corridor: Thorntons is positioned along Lake St. (43,000 VPD), a dense traffic thoroughfare connecting to the Elgin O’Hare Tollway (48,900 VPD) which is less than 1 mile down the street, providing convenient access to the site. Multi-Functional Building on Large Lot: The building is comprised of a +/- 6,875 SF c-store and has a +/- 2,000 SF end-cap with drive thru on a 6 acre lot, allowing Thornton’s to sublease a portion of the space to lower operating costs and create additional draw from a co-tenant.

FOR SALE DETAILS

PRICE

$5,850,000 USD

PRICE/SF

$2,250 USD /SF

CAP RATE

5.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Thorntons

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Service Station

ADD'L SUBTYPES

Convenience Store, Truck Stop

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2021

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

6.02 AC

LAND SF

262,231 SF

ZONING

B-2

APN/PARCEL ID

02-08-220-001

ASK ABOUT THIS PROPERTY

Graham GoldStream Capital PartnersMore Info
314-324-8792

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Graham GoldStream Capital PartnersMore Info
314-324-8792

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