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Building Details

Building Size 2,635 SF

Year Built 1995

Listing Agency: Latitude Commercial

Listed By: Myles Rapchak · License #IN #RB14052315 Show Phone

Source: Latitudeco

Added: Apr 8 Changed: Oct 6 Last Checked: Oct 14 at 8:34PM

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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 Latitude Commercial

Investment Insights

Based on property information with market context.

This property, constructed in 1995, offers a 2,635-square-foot building with a drive-thru on a 0.83-acre site. Zoned B-2, General Business District, the location allows for a wide range of commercial uses and presents a lease-up or redevelopment opportunity. Situated in a retail area, the property provides direct access to residential communities, national and regional tenants, and freeways. The site benefits from traffic counts of over 19,500 vehicles per day on North Galena Avenue (U.S. Highway 52).

Key Highlights

• High‑traffic location: Over 19,500 Vehicles Per Day (VPD) on North Galena Ave (U.S. Hwy 52).
• Excellent lease‑up or redevelopment opportunity.
• Zoned B‑2 General Business District: Allows for a wide range of uses.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$41,577

Cap Rate

5.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$831,540 $831.5K

Cap Rate 7%

$593,957 $594.0K

Cap Rate 9%

$461,967 $462.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,635 SF

Gross rent

$56.9K $21.60/SF

− Vacancy

−$1.5K −$0.56/SF

EGI

$55.4K $21.04/SF

− OpEx

−$13.9K −$5.26/SF

NOI

$41.6K $15.78/SF

Area

Lee County, IL

Vacancy

2.60%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$831,540

Cap Rate 7%

$593,957

Cap Rate 9%

$461,967

Alternative Uses

Best Use

Specialty Retail

$594.0K

$519.7K – $693.0K (±1% cap)

NOI $41,577 @ 7.0% cap · market cap 5.94%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$718.2K

$628.5K – $837.9K (±1% cap)

NOI $50,276 @ 7.0% cap · market cap 7.18%

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

Drive through restaurants

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Restaurant HVAC Service Parking Lot & Garage

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

550

Businesses Nearby

95k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 56% Shops & Services 36% Home Improvements & Furnishings 8%

McDonald's Dining

29,689 visits/mo 0.5 miles

Circle K Shops & Services

12,237 visits/mo 0.4 miles

Wendy's Dining

9,188 visits/mo 0.5 miles

Ace Hardware & Outdoor Center Home Improvements & Furnishings

7,690 visits/mo 0.1 miles

Marathon Shops & Services

7,163 visits/mo 0.2 miles

Demographics for 61021, IL

22,984

Population

10,110

Households

2.3

Avg Household Size

44

Median Age

21%

College-Educated

89%

High-School Grad

150.1 sq mi

ZIP Area

153

Density / Sq Mi

$65,719

Median Household Income

$40,805

Median Earnings

$823

Median Rent

$144,800

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

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Frequently Asked Questions

What type of property is this?

Drive through restaurant - 2,635 SF building on 0.83 acres with drive-thru.

Where is this drive through restaurant located?

The property is located at 737 N Galena Ave Dixon, IL.

What is the asking price?

The asking price for this property is $700,000.

What are key features of this property?

This property features: High‑traffic location: Over 19,500 Vehicles Per Day (VPD) on North Galena Ave (U.S. Hwy 52).; Excellent lease‑up or redevelopment opportunity.; Zoned B‑2 General Business District: Allows for a wide range of uses.