39 North AveNorthlake, IL 60164

Property Details for 39 North Ave

Year built

1968

Property size (Sq ft)

4,940 SF

Property type

Retail properties

Property subtype

Retail space

Description

This fee-simple retail property in Northlake, IL, offers a compelling investment opportunity. The 4,940-square-foot building is 100% occupied by ASCEND Wellness under a 12-year Absolute NNN lease (10.9 years remaining) commencing October 1, 2023, and expiring September 30, 2035, with two 5-year renewal options. The lease includes a 3% annual rent increase (base + options). The property boasts a strong NOI of $309,000 and an 8% cap rate. A complete renovation was finished in 2023, including a new roof, HVAC system upgrades, modernized bathrooms and plumbing, and parking lot improvements. The building is strategically located on North Avenue, a major thoroughfare with over 45,000 vehicles per day, and is an outparcel to a Sam's Club, Walmart, Farmer's Best Market, and Home Depot. Its proximity to the I-290 and I-294 interchange (266,000+ VPD) provides excellent regional access, and its location approximately 8 miles south of O'Hare International Airport further enhances its appeal. The property benefits from the strong demographics of the Chicago metropolitan area (over 9.6 million residents) and the expanding Illinois cannabis market. The tenant, ASCEND Wellness Holdings (OTCQX: AAWH), is a publicly traded multi-state operator, providing a corporate guaranty. This is a passive income investment with minimal landlord responsibilities. Built in 1968, the single-story building underwent a significant renovation in 2023. The asking price is $3,862,500.

Location Insight

City

Northlake

County

Cook

State

Illinois

Latitude

41.907

Longitude

-87.9059

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