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    39023 N Green Bay Rd Beach Park, IL 60087

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    Single tenant Walgreens with extended lease through March 2034.

    Property size:
    14,547 SF
    Lot size:
    2.02 Acres

    Property Features for 39023 N Green Bay Rd

    General Information

    Standard status
    Active
    Size
    14,547 SF
    Lot size
    2.02 Acres

    Building Details

    Year built
    2005

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    Listing Contact
    Randy Blankstein
    Source: Crexi

    Listing Agency: The Boulder Group Listing Agent: Randy Blankstein

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Net Leased Walgreens in Beach Park

    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.
    Location Intelligence

    Current Use by Public Records

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

    Suggested Use

    Real Estate Agency Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center Pharmacy Auto Parts Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Carol Comstock, RPH, COVID-19 Drive-Thru Testing at Walgreens, Walgreens Pharmacy, Cheryl Tersip

    Location Insight

    • Map
    • Local Demand
    City
    Beach Park
    County
    Lake
    State
    Illinois
    Longitude
    -87.8757799
    Latitude
    42.4290164

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    FAQs

    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 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)**
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    39023 N Green Bay Rd Beach Park, IL 60087
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    Beach Park, IL 60087
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    39023 N Green Bay Rd Beach Park, IL 60087
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    We can help!
    Listing Contact
    Randy Blankstein
    Real Estate License ID: IL 471005983
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