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    474 Redington Dr South Elgin, IL 60177

    Sponsored
    For Sale
    $2,325,000

    High-Cap Rate Auto Shop, NNN Lease

    Property size:
    11,569 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional Class A, 11,569 square foot auto shop presents a compelling investment opportunity in South Elgin, Illinois. Located at 474 Redington Dr, this single-tenant property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $162,780. The property is situated on a 1.036-acre lot and includes 30 parking spaces, ensuring ample customer convenience. Built in 2005 and renovated in 2017, the building is in excellent condition and features a permitted B-2 Community Business zoning. The current lease, a Net Lease (NNN) agreement with a corporate guarantee, has a remaining term of approximately 0.4 years, followed by two 5-year lease options. The lease commenced on November 1, 2017, and is set to expire on May 1, 2025. The tenant enjoys 100% occupancy, providing immediate and consistent cash flow. The asking price is $2,325,000, translating to a price per square foot of $200.97. The property's strong tenant, lease terms, and location make it an ideal addition to any investment portfolio. The property features a single story building and the APN is 09-05-278-007. Rent bumps are included in the lease agreement.

    Property Features for 474 Redington Dr

    General Information

    Property type
    Automotive properties
    Square Feet
    11,569 SF
    Class
    A
    Lot Size
    45,128 SF

    Building Details

    Year Built/Renovated
    2005/2017
    Buildings
    1
    Stories
    1
    Units
    1
    Property Profile Location Intelligence

    Current Use by Public Records

    Total Offroad & More: ... Truck Accessories Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    South Elgin
    County
    Kane
    State
    Illinois
    Longitude
    -88.3425275
    Latitude
    41.97985

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    FAQs

    What type of property is this?
    Automotive property - High-Cap Rate Auto Shop, NNN Lease
    Where is this automotive property located?
    The property is located at 474 Redington Dr South Elgin, IL.
    What is the asking price?
    The asking price for this property is $2,325,000.
    (630) 674-8424
    Request Owner's contact information
    474 Redington Dr South Elgin, IL 60177
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    South Elgin, IL 60177
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    Realmo Value Estimation

    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.

    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.

    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
    474 Redington Dr South Elgin, IL 60177
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