Absolute NNN Car
New
For Sale
$2,800,000
2101 N Gary Avenue, Wheaton, IL 60187
Newly constructed operation with a long-term lease, multiple access points, and direct exposure along N. Gary Avenue.
Property Size10,000 SF
Days on Market2
Property Features for 2101 N Gary Avenue
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Retail
Zoning
C-3 General Business District
Site & Location
Traffic Count
16,100 vehicles/day
Road Access
Yes
Building Details
Building Size
10,000 SF
Year Built
2025
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Chicago
(312) 972-7978
Listed By:
Dan Elliot · License #475132482
(312) 972-7978
Source:
Srsre
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 3:27AM
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 SRS Real Estate Partners Chicago
Investment Insights
Based on property information with market context.
This 2025-built Tommy’s Express Car Wash is offered as a leased-fee asset under an absolute NNN ground lease. ZJF Wash One, LLC operates the property under a new 25-year lease with seven 5-year extension options. Contractual rent increases occur at 10% every five years during the initial term and at the start of each option period, while landlord responsibilities are eliminated under the lease structure.
The property fronts N. Gary Avenue in Wheaton, Illinois, with two access points and exposure to approximately 16,100 vehicles per day. It sits south of Geneva Road, which carries approximately 26,900 vehicles per day, within a retail corridor that includes Tim Hortons, Dunkin’, Subway, Starbucks, Goodwill, Jiffy Lube, PNC Bank, Verizon, UPS, Firestone, Wendy’s, Home Depot, and Jewel-Osco. Nearby demand drivers include Wheaton North High School, Wheaton College, and Northwestern Medicine Central DuPage Hospital, a 390-bed, 505,000-square-foot facility.
The property fronts N. Gary Avenue in Wheaton, Illinois, with two access points and exposure to approximately 16,100 vehicles per day. It sits south of Geneva Road, which carries approximately 26,900 vehicles per day, within a retail corridor that includes Tim Hortons, Dunkin’, Subway, Starbucks, Goodwill, Jiffy Lube, PNC Bank, Verizon, UPS, Firestone, Wendy’s, Home Depot, and Jewel-Osco. Nearby demand drivers include Wheaton North High School, Wheaton College, and Northwestern Medicine Central DuPage Hospital, a 390-bed, 505,000-square-foot facility.
Key Highlights
- New 25‑year lease with seven 5‑year extension options
- Absolute NNN ground lease with zero landlord responsibilities
- 2025 construction and leased‑fee ownership
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
$167,400
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
5.98%
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%
$3,348,000
$3.3M
Cap Rate 7%
$2,391,429
$2.4M
Cap Rate 9%
$1,860,000
$1.9M
Market Conditions
NOI Build-Up for 10,000 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
$240.0K $24.00/SF
− Vacancy
−$16.8K −$1.68/SF
EGI
$223.2K $22.32/SF
− OpEx
−$55.8K −$5.58/SF
NOI
$167.4K $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 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%
$3,348,000
Cap Rate 7%
$2,391,429
Cap Rate 9%
$1,860,000
Alternative Uses
Best Use
Specialty Retail
$2.39M
$2.09M – $2.79M
NOI $167,400 @ 7.0% cap · market cap 5.98%
Second Best
Retail
$1.98M
$1.74M – $2.31M
NOI $138,802 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$3.45M
$3.02M – $4.03M
NOI $241,678 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16,100 VPD
Traffic count
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
17k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Dining 18%
Mobil
Shops & Services
11,303 visits/mo
0.1 miles
Bricks & Minifigs
Shops & Services
2,887 visits/mo
0.5 miles
Lou Malnati's Pizzeria
Dining
2,082 visits/mo
0.5 miles
SUBWAY
Dining
1,118 visits/mo
0.0 miles
Demographics for 60187, IL
30,059
Population
10,619
Households
2.8
Avg Household Size
37
Median Age
62%
College-Educated
95%
High-School Grad
6.6 sq mi
ZIP Area
4,554
Density / Sq Mi
$119,048
Median Household Income
$49,625
Median Earnings
$1,744
Median Rent
$432,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Newly constructed operation with a long-term lease, multiple access points, and direct exposure along N. Gary Avenue.
Where is this car wash located?
The property is located at 2101 N Gary Avenue Wheaton, IL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: New 25‑year lease with seven 5‑year extension options; Absolute NNN ground lease with zero landlord responsibilities; 2025 construction and leased‑fee ownership
