884 Waukegan RdLake Forest, IL 60045

Property Details for 884 Waukegan Rd

Lot size

0.19 AC

Property type

Commercial land

APN

16-07-200-086

APU

1607200086

Description

This exceptional investment opportunity presents a 3,600 square foot Chase Bank located at 884 S Waukegan Rd, Lake Forest, IL 60045. The property sits on a 41,610 square foot lot and is offered at $6,368,420, representing a price per square foot of $1,769.01 and a 4.75% cap rate. The property features a single-tenant, absolute NNN ground lease with a credit-rated tenant, Chase Bank, providing significant financial stability. The lease commenced December 11, 2018, and has a remaining term of 13.1 years, expiring January 1, 2038. The lease includes built-in rent bumps of 10% every 5 years, offering protection against inflation. Additionally, there are three, five-year lease options available. The property boasts 100% occupancy since its opening date, December 11, 2018, generating a net operating income (NOI) of $302,500. This prime location in affluent Lake Forest, Illinois, adjacent to the METRA North line, serves a high net worth demographic and is near major corporations including Grainger, Abbott, Pfizer, and more. This is a rare opportunity to acquire a strong performing, long-term net lease investment in a highly desirable market.

• Alternative Use

  Use

  Valuation

  Residential

  $1,710,433

  Hospitality

  $1,566,748

  Educational

  $1,303,516

  Medical

  $1,348,346

  Retail

  $2,027,691

Location Insight

City

Lake Forest

County

Lake

State

Illinois

Latitude

42.2239

Longitude

-87.8742

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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