For Sale
$1,339,000

2525 Sherman AveNorth Chicago, IL 60064

High-yield daycare, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
116
Exceptional investment opportunity: a 7,490 square foot, single-tenant, net-leased daycare center in North Chicago, Illinois. This property boasts a 9.00% cap rate, 4.1 years remaining on the lease, and 3% annual rent increases. Located at 2525 Sherman Ave, the daycare benefits from high visibility on Green Bay Rd (12,900+ VPD) and proximity to Buckley Rd (combined 31,000+ VPD). Built in 2020, the property sits on a 0.78-acre lot and enjoys 100% occupancy since March 31, 2022. The lease, commencing March 31, 2021, and expiring December 31, 2028, is with a franchisee tenant. The property's strong financial performance is reflected in its $120,529 NOI and $178.77 price per square foot. The surrounding area features a dense residential population, with over 18,302 households within a 3-mile radius and 44,742 within a 5-mile radius, boasting average household incomes exceeding $97,667 and $106,008 respectively. The strategic location near Naval Station Great Lakes, a significant economic driver for the region, further enhances the property's value and long-term prospects. This is a rare opportunity to acquire a stable, high-performing investment property in a thriving community.

Highlights

  • $1,339,000 asking price for a 7,490 SF retail property in North Chicago, IL.
  • Net lease investment with a 9.00% cap rate and $120,529 annual net operating income (NOI).
  • Single-tenant, NN lease with a franchisee tenant (Step-by-Step Daycare) with 4.1 years remaining until expiration in December 2028.
  • 3% annual rent increases built into the lease.
  • Property features a 0.78-acre lot and was built in 2020.

Property Details for 2525 Sherman Ave

Property type
Day care centers & nurseries, Retail properties
Square Feet
7,490 SF
Year Built
2020
Lot Size (sq. ft)
33,977 SF

Location Insight

City
North Chicago
County
Lake
State
Illinois
Latitude
42.3133468
Longitude
-87.8617078
2525 Sherman Ave, North Chicago, Illinois

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2525 Sherman Ave
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