39023 N Green Bay Rd, Beach Park, IL 60087

Building Details

Year Built 2005 More

Tenancy Single More

Listing Agency: The Boulder Group

Listed By: Randy Blankstein · License IL #471005983 Show Phone

Source: Crexi

Added: Jan 13 Changed: Nov 8 Last Checked: Nov 10 at 8:09AM

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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

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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 / Yr

$267,790

Cap Rate

6.92%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,355,800 $5.4M

Cap Rate 7%

$3,825,571 $3.8M

Cap Rate 9%

$2,975,444 $3.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,547 SF

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 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 (±1% cap)

NOI $267,790 @ 7.0% cap · market cap 6.92%

Second Best

Retail

$2.13M

$1.86M – $2.48M (±1% cap)

NOI $148,772 @ 7.0% cap · market cap 3.84%

Theoretical Best

Office A

$3.97M

$3.47M – $4.63M (±1% cap)

NOI $277,666 @ 7.0% cap · market cap 7.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Carol Comstock, RPH Pharmacy Skincare Solutions Store Medical Clinic Walgreens Pharmacy COVID-19 Drive-Thru Testing ... Pharmacy Walgreens Pharmacy Pharmacy

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Auto Repair Shop Hair Salon Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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)**