Net-Leased Neighborhood Retail
1833 Deerfield Rd Highland Park, IL 60035
1833 Deerfield Rd, Highland Park, IL, 60035
$7,990,000
For Sale
$7,990,000
Anchored by a long-tenured freestanding Starbucks with strong ingress/egress and a durable mix of net-leased tenants.
Property Size20,537 SF
Price / SF$389.05
Days on Market48
Property Features for 1833 Deerfield Rd
General Information
- Standard status
- Active
- Size
- 20,537 SF
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 1988
Listing Agency
Marcus & Millichap | Chicago Oak Brook
(630) 570-2163
Listed by
Adrian Mendoza · License #License(s): IL: 475.147980
(630) 570-2163
Source
Marcusmillichap
Added: Jun 1 Checked: Jul 17 at 2:20 am
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 Marcus & Millichap | Chicago Oak Brook
Investment Insights
Based on property information with market context.
This neighborhood retail center is anchored by a freestanding Starbucks that has operated at the location since 2002 and has nearly six years of remaining lease term. The center includes a strong, long-tenured mix of medical, service, and restaurant tenants, all operating under net leases, supporting a stable income profile. In addition, the property is laid out to provide practical day-to-day customer access.
Full ingress and egress are available off Deerfield Road, which carries 21,700 vehicles per day, and the site also benefits from close proximity to Skokie Highway with 63,600 vehicles per day. The surrounding area includes multiple country clubs, schools, and retail destinations, all contributing to consistent local traffic demand.
The combination of an established coffee anchor, a diversified tenant mix, and net lease structures makes this property well-suited for investors seeking neighborhood-oriented retail exposure in an affluent, densely populated trade area. With the area’s reported average household income of $214,881 within a one-mile radius and 92,917 employees within a three-mile radius, the center is positioned to serve both everyday convenience needs and longer dwell-time shopping and service patterns.
Full ingress and egress are available off Deerfield Road, which carries 21,700 vehicles per day, and the site also benefits from close proximity to Skokie Highway with 63,600 vehicles per day. The surrounding area includes multiple country clubs, schools, and retail destinations, all contributing to consistent local traffic demand.
The combination of an established coffee anchor, a diversified tenant mix, and net lease structures makes this property well-suited for investors seeking neighborhood-oriented retail exposure in an affluent, densely populated trade area. With the area’s reported average household income of $214,881 within a one-mile radius and 92,917 employees within a three-mile radius, the center is positioned to serve both everyday convenience needs and longer dwell-time shopping and service patterns.
Key Highlights
- Neighborhood retail center built in 1988
- Anchored by a freestanding Starbucks operating since 2002 with nearly six years remaining on its lease term
- Long‑tenured mix of medical, service, and restaurant tenants operating under net leases
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 | $517.5k | $25.20 |
| − Vacancy | −$13.5k | −$0.66 |
| EGI | $504.1k | $24.54 |
| − OpEx | −$126.0k | −$6.14 |
| NOI | $378.1k | $18.41 |
20,537 SF · lease $25.20/SF/yr · vacancy 2.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$5.40M
$4.73M – $6.30M
NOI $378,057 @ 7.0% cap · market cap 4.73%
Second Best
Retail
$3.00M
$2.63M – $3.50M
NOI $210,032 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$7.09M
$6.20M – $8.27M
NOI $496,334 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Starbucks
Cafe & Coffee Shop
Similar For Sale Nearby
FAQs
What type of property is this?
Strip mall - Anchored by a long-tenured freestanding Starbucks with strong ingress/egress and a durable mix of net-leased tenants.
Where is this strip mall located?
The property is located at 1833 Deerfield Rd Highland Park, IL.
What is the asking price?
The asking price for this property is $7,990,000.
What are key features of this property?
This property features: Neighborhood retail center built in 1988; Anchored by a freestanding Starbucks operating since 2002 with nearly six years remaining on its lease term; Long‑tenured mix of medical, service, and restaurant tenants operating under net leases
