Net Leased Walgreens in Beach
For Sale
Contact for pricing
39023 N Green Bay Rd, Beach Park, IL 60087
Single tenant Walgreens with extended lease through March 2034.
Property Size14,547 SF
Price / SF$266.10
Days on Market210
Property Features for 39023 N Green Bay Rd
General Information
Standard status
Active
Size
14,547 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$300,000
Building Details
Year Built
2005
Tenancy
Single
Listing Agency:
The Boulder Group
(847) 562-0003
Listed By:
Randy Blankstein · License #IL 471005983
Source:
Crexi
Added: Jan 13
Changed: Aug 8
Last Checked: Aug 10 at 3:25PM
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 The Boulder Group
Investment Insights
Based on property information with market context.
The property is a single tenant net leased Walgreens located within the Chicago MSA in Beach Park, Illinois. The 14,547 square-foot building has been operating since its construction in 2005. Walgreens has extended their lease through March 2034, and the lease is absolute triple net, offering no landlord responsibilities and featuring ten 5-year renewal options. The building benefits from its position on a signalized hard corner along Green Bay Road and Wadsworth Road, which experience 27,700 vehicles per day. The property is located in an area with limited competition, with over 127,000 people living within a five-mile radius. The population within one mile earns an average household income of $113,848. The asset is adjacent to Waukegan National Airport and numerous single-family communities. It is also near Route 41 (31,700 VPD) and Interstate 94 (66,800 VPD). The property is less than a 10-minute drive from Illinois State Beach Park, which hosts over 1.25 million visitors annually. Walgreens is an American retail pharmacy chain founded in 1901. Operating nearly 8,500 stores across the United States, Walgreens serves approximately 9 million customers and patients daily, offering prescription medications, health and wellness products, and general merchandise.
Key Highlights
- Long‑term lease with Walgreens through March 2034
- Absolute triple net (NNN) lease structure provides zero landlord responsibilities
- Located at a signalized hard corner with high traffic volume (27,700 VPD)
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
$267,790
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
6.92%
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%
$5,355,800
$5.4M
Cap Rate 7%
$3,825,571
$3.8M
Cap Rate 9%
$2,975,444
$3.0M
Market Conditions
NOI Build-Up for 14,547 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
$366.6K $25.20/SF
− Vacancy
−$9.5K −$0.66/SF
EGI
$357.1K $24.54/SF
− OpEx
−$89.3K −$6.14/SF
NOI
$267.8K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /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%
$5,355,800
Cap Rate 7%
$3,825,571
Cap Rate 9%
$2,975,444
Alternative Uses
Best Use
Specialty Retail
$3.83M
$3.35M – $4.46M
NOI $267,790 @ 7.0% cap · market cap 6.92%
Second Best
Retail
$2.13M
$1.86M – $2.48M
NOI $148,772 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$5.02M
$4.39M – $5.86M
NOI $351,569 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
27k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Home Improvements & Furnishings 11%
Speedway
Shops & Services
15,981 visits/mo
0.0 miles
Dollar General
Shops & Services
5,313 visits/mo
0.1 miles
Tractor Supply Co.
Home Improvements & Furnishings
3,007 visits/mo
0.2 miles
Marathon
Shops & Services
2,481 visits/mo
0.0 miles
Demographics for 60087, IL
28,207
Population
10,047
Households
2.8
Avg Household Size
36
Median Age
18%
College-Educated
77%
High-School Grad
13.0 sq mi
ZIP Area
2,170
Density / Sq Mi
$79,162
Median Household Income
$38,929
Median Earnings
$1,294
Median Rent
$185,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Carol Comstock, RPH — 39023 N Green Bay Rd, Beach Park, IL 60087
- COVID-19 Drive-Thru Testing at Walgreens — 39023 N Green Bay Rd, Beach Park, IL 60087
- Walgreens Pharmacy — 39023 N Green Bay Rd, Beach Park, IL 60087
- Cheryl Tersip — 39023 N Green Bay Rd, Beach Park, IL 600871978
Frequently Asked Questions
What type of property is this?
Drug store - Single tenant Walgreens with extended lease through March 2034.
Where is this drug store located?
The property is located at 39023 N Green Bay Rd Beach Park, IL.
What is the asking price?
The asking price for this property is $3,870,968.
What are key features of this property?
This property features: Long‑term lease with Walgreens through March 2034; Absolute triple net (NNN) lease structure provides zero landlord responsibilities; Located at a **signalized hard corner with high traffic volume (27,700 VPD)**
