For Sale
$2,336,000

739 Lake StMundelein, IL 60060

High-yield, 20-year NNN ground lease. Prime location.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a 20-year absolute NNN ground lease for a Thorntons gas station located at two addresses in Mundelein, Illinois: 739 N Lake St and 10 E Maple Ave, zip code 60060. The property boasts a 4,400 square foot building on a 1.43-acre lot, built in 2024. The lease commenced March 30th, 2024, and expires March 31st, 2044, with a remaining term of approximately 19.4 years. The property features eight gas pumps and generates a Net Operating Income (NOI) of $125,000, resulting in a 5.35% cap rate. The asking price is $2,336,000. Rent increases by 10% every five years, ensuring consistent income growth. The lease includes six five-year renewal options. This strategically located gas station benefits from high visibility at a signalized intersection with high average daily traffic counts (11,600 AADT on East Maple Avenue and 18,300 AADT on North Lake Street). The surrounding area boasts strong demographics, including a population of 111,158 within a 5-mile radius, an average household income of $171,980, and an average home value of $455,768. The property's proximity to major employers, including those within the 1.2 million square foot Innovation Office Park, and educational institutions like the University of St. Mary of the Lake and Advocate Condell Medical Center, further enhances its appeal. This is a turnkey investment with no landlord responsibilities, offering significant long-term value in the thriving Chicago MSA.

Highlights

  • $2,336,000 asking price for a 4,400 SF gas station on a 1.43-acre lot in Mundelein, IL.
  • 20-year absolute NNN ground lease to Thorntons, commencing March 30, 2024.
  • 10% rent increases every five years.
  • No landlord responsibilities; absolute NNN lease.
  • Thorntons operates over 200 gas stations and convenience stores across six states.
  • Located near a 1.2 million square foot office park in the Chicago MSA, a market with 9.5 million people and $833 billion in GRP.

Property Details for 739 Lake St

Property type
Retail properties, Gas stations
Square Feet
4,400 SF
Year Built
2024
Lot Size (sq. ft)
62,291 SF

Location Insight

City
Mundelein
County
Lake
State
Illinois
Latitude
42.274619
Longitude
-88.0036121
739 Lake St, Mundelein, Illinois

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
739 Lake St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message