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    39 North Ave Northlake, IL 60164

    Sponsored
    For Sale
    $3,862,500

    NNN Leased Cannabis Dispensary, High NOI

    Property size:
    4,940 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    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 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

    HighLights

    • $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.
    • 2023 renovation including roof, HVAC, plumbing, bathrooms, and parking lot.
    • Excellent location on North Avenue, a high‑traffic thoroughfare, with visibility and proximity to major retailers (Sam's Club, Walmart, Home Depot).
    • Strategic location near I‑290 and I‑294 interchange, providing easy access to O'Hare International Airport and the Chicago metro area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ascend Cannabis Outlet ... Cannabis Store

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Skin Care Clinic

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

    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.
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    39 North Ave Northlake, IL 60164
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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
    39 North Ave Northlake, IL 60164
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