Staples Retail NNN
For Sale
Contact for pricing
Pending
1600 N Milwaukee Ave, Vernon Hills, IL 60061
Fee-simple retail NNN asset with Staples on an NN lease and about 13.6 years of primary term remaining.
Property Size19,150 SF
Days on Market232
Property Features for 1600 N Milwaukee Ave
General Information
Standard status
Pending
Size
19,150 SF
Property subtype
RETAIL
Listing Agency:
JLL | Miami
(305) 704-1403
Listed By:
Alex Sharrin · License #475170243
(305) 913-5545
Source:
Moodyscre
Added: Mar 12
Changed: Oct 25
Last Checked: Oct 28 at 7:46AM
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 JLL | Miami
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Investment Insights
Based on property information with market context.
Jones Lang LaSalle Americas, Inc. (JLL) is pleased to offer the fee simple interest in a Staples retail property known as the Staples at 1600 N Milwaukee Avenue in Vernon Hills, Illinois. The property comprises approximately 19,150 square feet and is operated by Staples under an NN lease.
The lease has approximately 13.6 years remaining in the primary term and includes one five-year option with a 10% rent increase. The offering remarks also indicate a significant mark-to-market opportunity, citing rents 47% below market.
This is a straightforward NNN retail investment opportunity centered on the existing leased Staples location, presented for acquisition on a fee simple basis.
The lease has approximately 13.6 years remaining in the primary term and includes one five-year option with a 10% rent increase. The offering remarks also indicate a significant mark-to-market opportunity, citing rents 47% below market.
This is a straightforward NNN retail investment opportunity centered on the existing leased Staples location, presented for acquisition on a fee simple basis.
Key Highlights
- Fee‑simple retail NNN asset with Staples at 1600 N Milwaukee Avenue in Vernon Hills, IL
- Staples is operating on an NNN lease with about 13.6 years of primary term remaining
- Lease includes one 5‑year option with a 10% rent increase
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$195,847
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,916,940
$3.9M
Cap Rate 7%
$2,797,814
$2.8M
Cap Rate 9%
$2,176,078
$2.2M
Market Conditions
NOI Build-Up for 19,150 SF
Gross rent
$287.3K $15.00/SF
− Vacancy
−$7.5K −$0.39/SF
EGI
$279.8K $14.61/SF
− OpEx
−$83.9K −$4.38/SF
NOI
$195.8K $10.23/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,916,940
Cap Rate 7%
$2,797,814
Cap Rate 9%
$2,176,078
Alternative Uses
Best Use
Retail
$2.80M
$2.45M – $3.26M
NOI $195,847 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.61M
$5.79M – $7.71M
NOI $462,814 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,085
Businesses Nearby
214k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 54%
Dining 18%
Shops & Services 11%
Home Improvements & Furnishings 10%
Trader Joe's
Groceries
49,700 visits/mo
0.1 miles
Mariano's
Groceries
37,048 visits/mo
0.2 miles
Aldi
Groceries
27,788 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
19,679 visits/mo
0.1 miles
Starbucks
Dining
12,506 visits/mo
0.1 miles
Demographics for 60061, IL
27,581
Population
11,649
Households
2.4
Avg Household Size
41
Median Age
66%
College-Educated
96%
High-School Grad
8.4 sq mi
ZIP Area
3,283
Density / Sq Mi
$121,588
Median Household Income
$60,647
Median Earnings
$1,862
Median Rent
$390,300
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?
NNN property - Fee-simple retail NNN asset with Staples on an NN lease and about 13.6 years of primary term remaining.
Where is this nnn property located?
The property is located at 1600 N Milwaukee Ave Vernon Hills, IL.
What is the asking price?
The asking price for this property is $3,830,000.
What are key features of this property?
This property features: Fee‑simple retail NNN asset with Staples at 1600 N Milwaukee Avenue in Vernon Hills, IL; Staples is operating on an NNN lease with about 13.6 years of primary term remaining; Lease includes one 5‑year option with a 10% rent increase
