Strip Center with Available Retail
For Sale
Contact for pricing
2320-2360 East Lincoln Highway, New Lenox, IL 60451
A 15,080 SF strip center with one 1,623 SF suite available and strong existing occupancy.
Property Size15,080 SF
Price / SF$293.82
Days on Market109
Property Features for 2320-2360 East Lincoln Highway
General Information
Standard status
Active
Size
15,080 SF
Total Parking Spaces
72
Property subtype
Retail
Zoning
C-3: General Business District
Occupancy
89%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$299,075
Additional Details
Traffic Count
27,300 vehicles/day
Building Details
Year Built
2006
Units
9
Tenancy
Multi
Listing Agency:
CBRE - Oak Brook
Listed By:
Adam Foret · License #IL 475160621
Source:
Crexi
Added: May 28
Changed: Sep 10
Last Checked: Sep 13 at 6:23AM
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 CBRE - Oak Brook
Investment Insights
Based on property information with market context.
Shops of New Lenox is a 15,080 SF strip center with 89.2% occupancy and one available retail suite totaling 1,623 SF. The center has a documented history of leasing activity totaling 7,398 SF over a recent period, giving a future owner an opportunity to complete lease-up on the remaining space.
The property benefits from adjacency to the New Lenox Retail Center, described as a highly trafficked shopping center with over 2.4 million visits. It also offers prominent visibility on the south side of Lincoln Highway, a primary east-west thoroughfare. Traffic counts in front of the property are stated as exceeding 27,300 vehicles per day.
For prospective buyers, this is a straightforward acquisition of a largely occupied neighborhood retail asset positioned along a major commuter corridor. The combination of in-place tenants, nearby retail draw, and a dedicated available suite can support a practical ownership goal of retaining current momentum while marketing the remaining space to qualified retail tenants.
The property benefits from adjacency to the New Lenox Retail Center, described as a highly trafficked shopping center with over 2.4 million visits. It also offers prominent visibility on the south side of Lincoln Highway, a primary east-west thoroughfare. Traffic counts in front of the property are stated as exceeding 27,300 vehicles per day.
For prospective buyers, this is a straightforward acquisition of a largely occupied neighborhood retail asset positioned along a major commuter corridor. The combination of in-place tenants, nearby retail draw, and a dedicated available suite can support a practical ownership goal of retaining current momentum while marketing the remaining space to qualified retail tenants.
Key Highlights
- 15,080 SF strip center built in 2006 in New Lenox, IL
- One suite available totaling 1,623 SF, with leasing activity totaling 7,398 SF
- Currently 89.2% occupied
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
$142,506
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
3.22%
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%
$2,850,120
$2.9M
Cap Rate 7%
$2,035,800
$2.0M
Cap Rate 9%
$1,583,400
$1.6M
Market Conditions
NOI Build-Up for 15,080 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
$226.2K $15.00/SF
− Vacancy
−$22.6K −$1.50/SF
EGI
$203.6K $13.50/SF
− OpEx
−$61.1K −$4.05/SF
NOI
$142.5K $9.45/SF
Area
Will County, IL
Vacancy
10.00%
Lease Rate
$15.00 /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%
$2,850,120
Cap Rate 7%
$2,035,800
Cap Rate 9%
$1,583,400
Alternative Uses
Best Use
Retail
$2.04M
$1.78M – $2.38M
NOI $142,506 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.42M
$2.99M – $3.99M
NOI $239,410 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
27,300 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
295k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Superstores 26%
Shops & Services 13%
Home Improvements & Furnishings 10%
Target
Superstores
76,942 visits/mo
0.1 miles
Portillo's
Dining
43,210 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
30,862 visits/mo
0.2 miles
Cooper's Hawk Winery & Restaurant
Dining
30,530 visits/mo
0.2 miles
Casey's General Store
Shops & Services
18,553 visits/mo
0.4 miles
Demographics for 60451, IL
36,561
Population
12,972
Households
2.8
Avg Household Size
39
Median Age
42%
College-Educated
98%
High-School Grad
25.2 sq mi
ZIP Area
1,451
Density / Sq Mi
$132,260
Median Household Income
$63,418
Median Earnings
$1,304
Median Rent
$373,100
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
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Similar Off Market Nearby
- New Lenox Retail Center — 2480 E Lincoln Hwy, New Lenox, IL 60451
- Country Charm Plaza — 13150 E Lincoln Hwy, New Lenox, IL 60451
Frequently Asked Questions
What type of property is this?
Shopping center - A 15,080 SF strip center with one 1,623 SF suite available and strong existing occupancy.
Where is this shopping center located?
The property is located at 2320-2360 East Lincoln Highway New Lenox, IL.
What is the asking price?
The asking price for this property is $4,430,740.
What are key features of this property?
This property features: 15,080 SF strip center built in 2006 in New Lenox, IL; One suite available totaling 1,623 SF, with leasing activity totaling 7,398 SF; Currently 89.2% occupied
