Standalone Retail Net-Lease
For Sale
Contact for pricing
1323 W Lake St, Addison, IL 60101
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 Market1050
Property Features for 1323 W Lake St
General Information
Standard status
Active
Size
7,025 SF
Property subtype
RETAIL
Additional Details
Cap Rate
8%
Highway Access
Yes
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
Colliers | Chicago Rosemont
(847) 698-8444
Listed By:
Peter Block · License #471002226
(312) 343-1800
Source:
Moodyscre
Added: Dec 6, 2023
Changed: Oct 1
Last Checked: Oct 20 at 5:51PM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$117,599
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,351,980
$2.4M
Cap Rate 7%
$1,679,986
$1.7M
Cap Rate 9%
$1,306,656
$1.3M
Market Conditions
NOI Build-Up for 7,025 SF
Gross rent
$168.6K $24.00/SF
− Vacancy
−$11.8K −$1.68/SF
EGI
$156.8K $22.32/SF
− OpEx
−$39.2K −$5.58/SF
NOI
$117.6K $16.74/SF
Area
DuPage County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,351,980
Cap Rate 7%
$1,679,986
Cap Rate 9%
$1,306,656
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 authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
93k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 80%
Electronics 13%
Shops & Services 6%
Beauty & Spa 1%
Culver's
Dining
17,006 visits/mo
0.1 miles
Starbucks
Dining
14,485 visits/mo
0.5 miles
Panera Bread
Dining
13,130 visits/mo
0.5 miles
La Hacienda
Dining
12,951 visits/mo
0.4 miles
Verizon
Electronics
7,230 visits/mo
0.5 miles
Demographics for 60101, IL
37,644
Population
14,145
Households
2.7
Avg Household Size
38
Median Age
22%
College-Educated
77%
High-School Grad
11.4 sq mi
ZIP Area
3,302
Density / Sq Mi
$87,860
Median Household Income
$42,007
Median Earnings
$1,236
Median Rent
$315,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
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
