39 North Ave Northlake, IL 60164
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NNN Leased Cannabis Dispensary, High NOI
Property size:
4,940 SFProperty Features for 39 North Ave
General Information
- Property type
- Individual retail properties
- Square Feet
- 4,940 SF
Building Details
- Year Built/Renovated
- 1968/2023
- Buildings
- 1
- Stories
- 1
Listing Agency: Northmarq - Chicago Listing Agent: Christian Tremblay
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This fee-simple retail property in Northlake, IL, offers a compelling investment opportunity. The 4,940-square-foot building is 100% occupied by ASCEND Wellness under a 12-year Absolute NNN lease (10.9 years remaining) commencing October 1, 2023, and expiring September 30, 2035, with two 5-year renewal options. The lease includes a 3% annual rent increase (base + options). The property boasts a strong NOI of $309,000 and an 8% cap rate. A complete renovation was finished in 2023, including a new roof, HVAC system upgrades, modernized bathrooms and plumbing, and parking lot improvements. The building is strategically located on North Avenue, a major thoroughfare with over 45,000 vehicles per day, and is an outparcel to a Sam's Club, Walmart, Farmer's Best Market, and Home Depot. Its proximity to the I-290 and I-294 interchange (266,000+ VPD) provides excellent regional access, and its location approximately 8 miles south of O'Hare International Airport further enhances its appeal. The property benefits from the strong demographics of the Chicago metropolitan area (over 9.6 million residents) and the expanding Illinois cannabis market. The tenant, ASCEND Wellness Holdings (OTCQX: AAWH), is a publicly traded multi-state operator, providing a corporate guaranty. This is a passive income investment with minimal landlord responsibilities. Built in 1968, the single-story building underwent a significant renovation in 2023. The asking price is $3,862,500.
Property Profile
Location Intelligence
Current Use by Public Records
Ascend Cannabis Outlet ...
(Bike/Boat/Book/etc) Store
Location Insight
- Map
- Local Demand
- City
- Northlake
- County
- Cook
- State
- Illinois
- Longitude
- -87.9058593
- Latitude
- 41.9069816
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FAQs
What type of property is this?
Individual retail property - NNN Leased Cannabis Dispensary, High NOI
Where is this individual retail property located?
The property is located at 39 North Ave Northlake, IL.
What is the asking price?
The asking price for this property is $3,862,500.
What are key features of this property?
This property features: $3,862,500 asking price, 8.00% cap rate, and $309,000 NOI.; 4,940 square foot, single-tenant storefront in Northlake, IL, 100% occupied by ASCEND Wellness (OTCQX: AAWH).; 12-year Absolute NNN lease with 10.9 years remaining, including two 5-year renewal options and 3% annual rent increases.