Shadow-Anchored Retail Strip
2-16 Tyler Creek Plaza Elgin, IL 60123
2-16 Tyler Creek Plaza, Elgin, IL, 60123
$3,324,000
For Sale
$3,324,000
Five-tenant strip center anchored by a remodeled grocery provides a built-in retail mix for durable day-to-day traffic.
Property Size10,825 SF
Price / SF$307.07
Days on Market25
Property Features for 2-16 Tyler Creek Plaza
General Information
- Standard status
- Active
- Size
- 10,825 SF
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 1975
Listing agency
Chicago Oak Brook Office
(630) 570-2163
Listed by
Adrian Mendoza · License #License(s): IL: 475.147980
(630) 570-2163
Source
Marcusmillichap
Added: Jun 28 Updated: Jul 10 at 4:02PM Checked: Jul 22 at 2:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Chicago Oak Brook Office
Investment Insights
Based on property information with market context.
Tyler Creek Plaza is a five-tenant, grocery shadow-anchored retail strip center in Elgin, IL (Kane County). The center is shadow anchored by Frank’s Freshway Market, a local family-owned grocery chain that recently completed a major remodel. The tenant mix includes three restaurants, one specialty grocer/restaurant, and one service tenant, with Rosati’s Pizza as a longstanding cornerstone of the property. Wingstop anchors the west end cap.
Patrons have full access to parking on the adjacent parcels, including the Frank’s Freshway Market parcel. The property is located 1.4 miles from Interstate 90, and one mile from the MD-W Metra station serving more than 2.7 million annual riders. The trade area is supported by dense industrial corridors, with nearly 88,000 workers within three miles described as a daytime employment base.
From an ownership standpoint, the leases are structured as net leases with management fee reimbursement, and many include annual rent increases, creating inflation-hedge characteristics. The center’s tenant lineup is designed to support both grocery-related and restaurant-oriented traffic patterns, with long-term operating continuity from established concepts including Rosati’s Pizza.
Patrons have full access to parking on the adjacent parcels, including the Frank’s Freshway Market parcel. The property is located 1.4 miles from Interstate 90, and one mile from the MD-W Metra station serving more than 2.7 million annual riders. The trade area is supported by dense industrial corridors, with nearly 88,000 workers within three miles described as a daytime employment base.
From an ownership standpoint, the leases are structured as net leases with management fee reimbursement, and many include annual rent increases, creating inflation-hedge characteristics. The center’s tenant lineup is designed to support both grocery-related and restaurant-oriented traffic patterns, with long-term operating continuity from established concepts including Rosati’s Pizza.
Key Highlights
- Five‑tenant grocery shadow anchored strip center in Elgin, IL (Kane County), built in 1975
- Shadow anchored by Frank’s Freshway Market, which recently completed a major remodel
- Tenant mix includes 3 restaurants, 1 specialty grocer/restaurant, and 1 service tenant
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $259.8k | $24.00 |
| − Vacancy | −$18.2k | −$1.68 |
| EGI | $241.6k | $22.32 |
| − OpEx | −$60.4k | −$5.58 |
| NOI | $181.2k | $16.74 |
10,825 SF · lease $24.00/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.59M
$2.27M – $3.02M
NOI $181,211 @ 7.0% cap · market cap 5.45%
Second Best
Retail
$2.15M
$1.88M – $2.50M
NOI $150,253 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,617 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
Similar Off Market Nearby
- Tyler Creek Plaza — 50 Tyler Creek Plaza, Elgin, IL 60123
FAQs
What type of property is this?
Shopping center - Five-tenant strip center anchored by a remodeled grocery provides a built-in retail mix for durable day-to-day traffic.
Where is this shopping center located?
The property is located at 2-16 Tyler Creek Plaza Elgin, IL.
What is the asking price?
The asking price for this property is $3,324,000.
What are key features of this property?
This property features: Five‑tenant grocery shadow anchored strip center in Elgin, IL (Kane County), built in 1975; Shadow anchored by Frank’s Freshway Market, which recently completed a major remodel; Tenant mix includes 3 restaurants, 1 specialty grocer/restaurant, and 1 service tenant
