Freestanding Furniture Retail
2900 Highland Avenue, Downers Grove, IL 60515
For Sale
Contact for pricing
Freestanding Ashley HomeStore on a dominant retail corridor with strong interstate-adjacent visibility.
Property Size33,891 SF
Price / SF$167.95
Days on Market157
Property Features for 2900 Highland Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Occupancy
Lease Type
Investment Type
Net Operating Income
Site & Location
Traffic Count
Highway Access
Building Details
Year Built
Year Renovated
Tenancy
Listing Agency:
CBRE - Oak Brook
Listed By:
Keegan Barrett · License IL #475190002
Source:
Crexi
Added: Jun 8
Changed: Nov 10
Last Checked: Nov 10 at 6:06AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
CBRE’s Net Lease Property Group – Midwest presents a fee simple opportunity featuring a freestanding Ashley HomeStore. The property is located directly along the dominant retail corridor between Downers Grove and Lombard, Illinois, and is currently operated as an Ashley-branded furniture retail location. The tenant has been in place since 2017, after assuming a prior Savers lease that commenced in 2010. The Ashley HomeStore recently exercised its second 5-year option at contractual rent and there were no rent concessions. Per the public remarks, the lease now has zero options remaining, returning control to the landlord to re-tenant the building or develop the site given its current location profile.
The store sits directly off the egress of Interstate 88, with the property described as benefiting from traffic counts of 161,400 VPD and visibility from three major thoroughfares serving Chicago’s western suburbs.
For buyers and operators, this asset offers the opportunity to acquire a completed, freestanding retail building with a documented branded tenant history and a defined leasing inflection point due to zero remaining options, as noted in the remarks.
The store sits directly off the egress of Interstate 88, with the property described as benefiting from traffic counts of 161,400 VPD and visibility from three major thoroughfares serving Chicago’s western suburbs.
For buyers and operators, this asset offers the opportunity to acquire a completed, freestanding retail building with a documented branded tenant history and a defined leasing inflection point due to zero remaining options, as noted in the remarks.
Key Highlights
- Freestanding Ashley HomeStore built in 1993
- Located directly off the egress of I‑88 (161,400 VPD) on a dominant retail corridor between Downers Grove and Lombard
- Ashley HomeStore has operated at this location since 2017, after assuming the Savers lease that commenced in 2010
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$476,690
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,533,800
$9.5M
Cap Rate 7%
$6,809,857
$6.8M
Cap Rate 9%
$5,296,556
$5.3M
Market Conditions
NOI Build-Up for 33,891 SF
Gross rent
$744.2K $21.96/SF
− Vacancy
−$63.3K −$1.87/SF
EGI
$681.0K $20.09/SF
− OpEx
−$204.3K −$6.03/SF
NOI
$476.7K $14.07/SF
Area
DuPage County, IL
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,533,800
Cap Rate 7%
$6,809,857
Cap Rate 9%
$5,296,556
Alternative Uses
Best Use
Retail
$6.81M
$5.96M – $7.94M
NOI $476,690 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.24M
$8.09M – $10.78M
NOI $646,894 @ 7.0% cap · market cap 11.36%
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
Lease Details
161,400 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,227
Businesses Nearby
464k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Apparel 34%
Shops & Services 13%
Electronics 10%
Von Maur
Apparel
111,828 visits/mo
0.5 miles
Portillo's
Dining
64,768 visits/mo
0.5 miles
Best Buy
Electronics
39,073 visits/mo
0.3 miles
McDonald's
Dining
30,425 visits/mo
0.5 miles
Dollar Tree
Shops & Services
28,626 visits/mo
0.2 miles
Demographics for 60515, IL
29,278
Population
12,443
Households
2.4
Avg Household Size
43
Median Age
61%
College-Educated
98%
High-School Grad
11.8 sq mi
ZIP Area
2,481
Density / Sq Mi
$121,358
Median Household Income
$69,341
Median Earnings
$1,563
Median Rent
$453,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Retail space in DuPage County
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Freestanding Ashley HomeStore on a dominant retail corridor with strong interstate-adjacent visibility.
Where is this retail space located?
The property is located at 2900 Highland Avenue Downers Grove, IL.
What is the asking price?
The asking price for this property is $5,692,000.
What are key features of this property?
This property features: Freestanding Ashley HomeStore built in 1993; Located directly off the egress of I‑88 (161,400 VPD) on a dominant retail corridor between Downers Grove and Lombard; Ashley HomeStore has operated at this location since 2017, after assuming the Savers lease that commenced in 2010
