Net-Leased Shopping Center with EV
943 N McLean Blvd Elgin, IL 60123
943 N McLean Blvd, Elgin, IL, 60123
$3,950,000
For Sale
$3,950,000
100% occupied center anchored by Dollar Tree, with onsite EVgo fast-charging planned and current tenants on net leases.
Property Size23,403 SF
Lot Size2.14 Acres
Price / SF$168.78
Days on Market111
Property Features for 943 N McLean Blvd
General Information
- Standard status
- Active
- Size
- 23,403 SF
- Lot size
- 2.14 Acres
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 1990
Listing agency
Chicago Oak Brook Office
(630) 570-2163
Listed by
Adrian Mendoza · License #IL: 475.147980
(630) 570-2163
Source
Marcusmillichap
Added: Apr 3 Updated: Jul 21 at 6:53PM Checked: Jul 22 at 2:09AM
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.
This 100% occupied shopping center is anchored by Dollar Tree, which has operated on-site since 2014. The center is supported by new long-term tenant commitments, including EVgo, Total Wireless, Great Wall Chinese Restaurant, and Papa Saverio’s Pizza, with annual rent increases in nine of ten tenants. The property is described as fully net-leased and stable.
Plans include EVgo installing 12 fast-charging stalls onsite. The center is located on a 2.14-acre parcel with visibility along N. McLean Blvd (18K VPD) and nearby access to Interstate 90 (105K VPD). The surrounding area is described as having national retailers and dense industrial employment, with nearby key drivers including Judson University and Advocate Sherman Hospital.
With a tenant mix covering both retail and restaurant uses, the property is presented as a long-term, net-leased income stream supported by current occupancy and tenant renewals.
Plans include EVgo installing 12 fast-charging stalls onsite. The center is located on a 2.14-acre parcel with visibility along N. McLean Blvd (18K VPD) and nearby access to Interstate 90 (105K VPD). The surrounding area is described as having national retailers and dense industrial employment, with nearby key drivers including Judson University and Advocate Sherman Hospital.
With a tenant mix covering both retail and restaurant uses, the property is presented as a long-term, net-leased income stream supported by current occupancy and tenant renewals.
Key Highlights
- Shopping center built in 1990 with 100% occupancy and a Dollar Tree anchor operating since 2014
- New long‑term commitments include EVgo, Total Wireless, Great Wall Chinese Restaurant, and Papa Saverio’s Pizza
- Nine of ten tenants have annual rent increases, supporting a fully net‑leased, stable income stream
Local Financial Insights For 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 | $505.5k | $21.60 |
| − Vacancy | −$41.5k | −$1.77 |
| EGI | $464.1k | $19.83 |
| − OpEx | −$139.2k | −$5.95 |
| NOI | $324.8k | $13.88 |
23,403 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$5.60M
$4.90M – $6.53M
NOI $391,766 @ 7.0% cap · market cap 9.92%
Second Best
Retail
$4.64M
$4.06M – $5.41M
NOI $324,837 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$8.08M
$7.07M – $9.43M
NOI $565,599 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Windy City Jewelry ...
Discount Store
ASG Staffing
Employment Agency
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FAQs
What type of property is this?
Strip mall - 100% occupied center anchored by Dollar Tree, with onsite EVgo fast-charging planned and current tenants on net leases.
Where is this strip mall located?
The property is located at 943 N McLean Blvd Elgin, IL.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Shopping center built in 1990 with 100% occupancy and a Dollar Tree anchor operating since 2014; New long‑term commitments include EVgo, Total Wireless, Great Wall Chinese Restaurant, and Papa Saverio’s Pizza; Nine of ten tenants have annual rent increases, supporting a fully net‑leased, stable income stream
