Multi-Tenant Retail
For Sale
Contact for pricing
1852 Towne Center Drive, North Aurora, IL 60542
Multi-tenant retail asset with direct access and strong visibility near Interstate 88, featuring national brand tenancy.
Property Size15,796 SF
Price / SF$231.58
Days on Market95
Property Features for 1852 Towne Center Drive
General Information
Standard status
Active
Size
15,796 SF
Total Parking Spaces
87
Property subtype
Retail
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Net Operating Income
$310,854
Additional Details
Highway Access
Yes
Building Details
Year Built
2008
Tenancy
Multi
Listing Agency:
Greenstone Partners
Listed By:
AJ Patel · License #475.190820
Source:
Crexi
Added: Jun 3
Changed: Aug 24
Last Checked: Sep 2 at 7:07AM
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 Greenstone Partners
Investment Insights
Based on property information with market context.
NorthAurora Towne Center is a multi-tenant retail asset presented for acquisition on a 100% fee-simple basis. Positioned as an outlot to the larger North Aurora Towne Center, the property totals 15,796 square feet and is configured to support a tenant mix of nationally recognized brands. The current roster includes Verizon, MassageEnvy, Cosmo Prof, and Hair Cuttery, with tenant tenure supported by an approximately weighted average lease tenure of 11.21 years.
The property benefits from visibility and direct access, with proximity to Interstate I-88. It sits within a retail node anchored by Target, Michaels, Petco, Dollar Tree, and Woodman’s Food Market, providing an established shopping environment.
For investors, the lineup of durable, established tenants and the longer weighted average lease tenure are central considerations. The property’s outlot positioning within an anchored retail center also supports compatibility with operators seeking exposure to an existing consumer draw while maintaining day-to-day retail tenancy continuity.
The property benefits from visibility and direct access, with proximity to Interstate I-88. It sits within a retail node anchored by Target, Michaels, Petco, Dollar Tree, and Woodman’s Food Market, providing an established shopping environment.
For investors, the lineup of durable, established tenants and the longer weighted average lease tenure are central considerations. The property’s outlot positioning within an anchored retail center also supports compatibility with operators seeking exposure to an existing consumer draw while maintaining day-to-day retail tenancy continuity.
Key Highlights
- Multi‑tenant retail asset built in 2008 with 15,796 SF and 100% fee‑simple ownership interest
- Outlot retail position with direct access and proximity to Interstate I‑88
- Tenant roster includes Verizon, MassageEnvy, Cosmo Prof, and Hair Cuttery
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$190,670
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,813,400
$3.8M
Cap Rate 7%
$2,723,857
$2.7M
Cap Rate 9%
$2,118,556
$2.1M
Market Conditions
NOI Build-Up for 15,796 SF
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.
Gross rent
$284.3K $18.00/SF
− Vacancy
−$11.9K −$0.76/SF
EGI
$272.4K $17.24/SF
− OpEx
−$81.7K −$5.17/SF
NOI
$190.7K $12.07/SF
Area
Kane County, IL
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,813,400
Cap Rate 7%
$2,723,857
Cap Rate 9%
$2,118,556
Alternative Uses
Best Use
Retail
$2.72M
$2.38M – $3.18M
NOI $190,670 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.45M
$4.77M – $6.36M
NOI $381,755 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
154k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 45%
Shops & Services 36%
Apparel 11%
Beauty & Spa 6%
Target
Superstores
69,338 visits/mo
0.2 miles
Dollar Tree
Shops & Services
25,593 visits/mo
0.1 miles
Michaels
Shops & Services
18,217 visits/mo
0.2 miles
JCPenney
Apparel
15,268 visits/mo
0.1 miles
Petco
Shops & Services
8,254 visits/mo
0.1 miles
Demographics for 60542, IL
18,540
Population
7,328
Households
2.5
Avg Household Size
42
Median Age
41%
College-Educated
93%
High-School Grad
9.5 sq mi
ZIP Area
1,952
Density / Sq Mi
$112,362
Median Household Income
$59,575
Median Earnings
$1,596
Median Rent
$324,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Randall Plaza Shopping Center — Aurora, IL 60506
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail asset with direct access and strong visibility near Interstate 88, featuring national brand tenancy.
Where is this shopping center located?
The property is located at 1852 Towne Center Drive North Aurora, IL.
What is the asking price?
The asking price for this property is $3,658,000.
What are key features of this property?
This property features: Multi‑tenant retail asset built in 2008 with 15,796 SF and 100% fee‑simple ownership interest; Outlot retail position with direct access and proximity to Interstate I‑88; Tenant roster includes Verizon, MassageEnvy, Cosmo Prof, and Hair Cuttery
