Standalone Retail Net-Lease
1323 W Lake St Addison, IL 60101
1323 W Lake St, Addison, IL, 60101
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For Sale
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Standalone retail building constructed in 2005 with two tenants, including a closed Chicago pizza restaurant and a national cellphone store.
Property Size7,025 SF
Price / SF$283.68
Days on Market958
Property Features for 1323 W Lake St
General Information
- Standard status
- Active
- Size
- 7,025 SF
- Property subtype
- RETAIL
Listing agency
Colliers | Chicago Rosemont
(312) 343-1800
Listed by
Peter Block · License #471002226
(312) 343-1800
Source
Moodyscre
Added: Dec 6, 2023 Updated: Jul 21 at 5:36AM Checked: Jul 21 at 5:36AM
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 Colliers | Chicago Rosemont
Investment Insights
Based on property information with market context.
This standalone retail net-leased property was constructed in 2005 and includes two tenants: a closed Chicago pizza restaurant and a national cellphone store. The offering is presented as a stabilized asset with a value-add component related to the pizza space.
The property is located at 1323 W Lake St in Addison, Illinois, positioned along US Hwy 20 just southeast of the I-355 interchange and Route 53 interchange. It is part of a larger development that also includes numerous residential condominiums, a BMO Harris Bank branch, Culver’s, and an Amita Health immediate care and medical imaging facility.
With its existing tenant mix and highway-area accessibility, the building is suited for investors seeking a net-leased retail asset with near-term leasing considerations for the closed restaurant space.
The property is located at 1323 W Lake St in Addison, Illinois, positioned along US Hwy 20 just southeast of the I-355 interchange and Route 53 interchange. It is part of a larger development that also includes numerous residential condominiums, a BMO Harris Bank branch, Culver’s, and an Amita Health immediate care and medical imaging facility.
With its existing tenant mix and highway-area accessibility, the building is suited for investors seeking a net-leased retail asset with near-term leasing considerations for the closed restaurant space.
Key Highlights
- Standalone retail building constructed in 2005 at 1323 W. Lake St in Addison, IL
- Single building with 2 tenants: a closed Chicago pizza restaurant and a national cellphone store
- Net‑leased retail positioned on US Hwy 20 near the I‑355 and Route 53 interchanges
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 | $168.6k | $24.00 |
| − Vacancy | −$11.8k | −$1.68 |
| EGI | $156.8k | $22.32 |
| − OpEx | −$39.2k | −$5.58 |
| NOI | $117.6k | $16.74 |
7,025 SF · lease $24.00/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,599 @ 7.0% cap · market cap 5.90%
Second Best
Retail
$1.39M
$1.22M – $1.63M
NOI $97,508 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,779 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Giordano's
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Standalone retail building constructed in 2005 with two tenants, including a closed Chicago pizza restaurant and a national cellphone store.
Where is this retail space located?
The property is located at 1323 W Lake St Addison, IL.
What is the asking price?
The asking price for this property is $1,992,863.
What are key features of this property?
This property features: Standalone retail building constructed in 2005 at 1323 W. Lake St in Addison, IL; Single building with 2 tenants: a closed Chicago pizza restaurant and a national cellphone store; Net‑leased retail positioned on US Hwy 20 near the I‑355 and Route 53 interchanges
