179 Northwest HwyCary, IL 60013

Property Details for 179 Northwest Hwy

Year built

1950

Property size (Sq ft)

4,000 SF

Property type

Retail properties

Property subtype

Office properties

Description

This exceptional multi-tenant commercial building, located at 179 South Northwest Highway in Cary, Illinois (60013), presents a compelling investment opportunity. The property boasts 4,000 square feet of leasable space, divided among four units, and sits on a sizable 16,059 square foot lot. The building, constructed in 1950, comprises two structures, each with a full basement. Recent capital improvements include a new roof (installed in 2022 at a cost of $50,000), and new windows and doors within the past five years. The property benefits from a prominent location on busy Route 14, offering 147 feet of frontage and visibility to 25,500 vehicles per day, along with monument signage. Currently fully leased through April 14, 2025, at a gross monthly rent of $2,700, with 90-day cancellation rights for both landlord and tenant, the property generates a strong net operating income (NOI) of $35,067, resulting in a 9.35% cap rate. The asking price is $375,000, translating to $93.75 per square foot. The property is zoned B-3 and situated within a Tax Increment Financing (TIF) district, offering potential for redevelopment. The tenant holds a right of first refusal to purchase. Showings are by appointment only.

Location Insight

City

Cary

County

McHenry

State

Illinois

Latitude

42.2046

Longitude

-88.2297

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