Freestanding Furniture Retail
For Sale
Contact for pricing
2900 Highland Avenue, Downers Grove, IL 60515
Freestanding Ashley HomeStore on a dominant retail corridor with strong interstate-adjacent visibility.
Property Size33,891 SF
Price / SF$167.95
Days on Market66
Property Features for 2900 Highland Avenue
General Information
Standard status
Active
Size
33,891 SF
Total Parking Spaces
140
Property subtype
Retail
Zoning
B-3
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$441,150
Site & Location
Traffic Count
161,400 vehicles/day
Highway Access
Yes
Building Details
Year Built
1993
Year Renovated
2010
Tenancy
Single
Listing Agency:
CBRE - Oak Brook
Listed By:
Keegan Barrett · License #475190002
Source:
Crexi
Added: Jun 8
Changed: Aug 8
Last Checked: Aug 10 at 2:46PM
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.
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 = 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
$470,413
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
8.26%
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%
$9,408,260
$9.4M
Cap Rate 7%
$6,720,186
$6.7M
Cap Rate 9%
$5,226,811
$5.2M
Market Conditions
NOI Build-Up for 33,891 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
$732.0K $21.60/SF
− Vacancy
−$60.0K −$1.77/SF
EGI
$672.0K $19.83/SF
− OpEx
−$201.6K −$5.95/SF
NOI
$470.4K $13.88/SF
Area
DuPage County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$9,408,260
Cap Rate 7%
$6,720,186
Cap Rate 9%
$5,226,811
Alternative Uses
Best Use
Retail
$6.72M
$5.88M – $7.84M
NOI $470,413 @ 7.0% cap · market cap 8.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.70M
$10.24M – $13.65M
NOI $819,071 @ 7.0% cap · market cap 14.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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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
