Prime Aurora Investment
1313 N Lake St, Aurora, IL 60506
Dual-income property with long-term tenants in a high-traffic location.
Type:Retail
Property size:
10,234 SFPrice / SF:
$234/SF- Added:
- Aug 5, 2024
- Days on Market:
- 667
- Last Refresh:
- May 12 at 8:38 pm
Property Features for 1313 N Lake St
General Information
- Standard status
- Active
- Size
- 10,234 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1986
Listing agent Robert Bender License #MI 6501323470
Listing office Fortis Net Lease
Listing date Aug 5, 2024
Source Crexi
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 Fortis Net Lease
HighLights
- Dual income streams from Gerber Collision and Classic Towing, providing financial stability.
- Gerber Collision's long‑term commitment with 20 years of occupancy and lease amendment including four, five‑year extension options.
- 10% rent increase from Gerber Collision on January 1, 2026.
- Classic Towing's yearly lease offers potential to boost NOI and achieve an exceptional Cash on Cash return.
- Located in Aurora, Illinois, a highly livable and safe city only 20 miles west of Downtown Chicago.
- High population density and strong demographics: Approximately 200,000 residents within a five‑mile radius and an average household income of $100,000.
Overview
Located in Aurora, Illinois, approximately 20 miles west of Downtown Chicago, this property features dual rental income streams from Gerber Collision and Classic Towing, who share a mutually beneficial relationship. Gerber Collision has been operating at this location for two decades. Their commitment to the site is demonstrated by a proactive lease amendment, which includes four additional five-year extension options. Classic Towing has also been at this location for over 20 years. Gerber Collision's rent is scheduled to increase by 10% on January 1, 2026. The yearly lease arrangement with Classic Towing offers the potential to increase Net Operating Income (NOI) and achieve a strong Cash on Cash return. The property is situated in a high-traffic area with approximately 200,000 residents within a five-mile radius and an average household income of $100,000. The surrounding area features National Credit Tenants such as AutoZone, Meineke, Firestone, Starbucks, Sherwin Williams, Five Below, and various Quick Service Restaurants. The property is located in Aurora, the second most populous city in Illinois, approximately 40 miles west of Chicago.
Local Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $187.9k | $18.36 |
| − Vacancy | −$11.3k | −$1.10 |
| EGI | $176.6k | $17.26 |
| − OpEx | −$53.0k | −$5.18 |
| NOI | $123.6k | $12.08 |
10,234 SF · lease $18.36/SF/yr · vacancy 6.00% · expense 30.00%
Alternative Uses
Best Use
Industrial
$1.77M
$1.55M – $2.06M
NOI $123,636 @ 7.0% cap · market cap 5.15%
Second Best
Retail
$1.42M
$1.24M – $1.66M
NOI $99,398 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$2.93M
$2.56M – $3.42M
NOI $205,089 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Gerber Collision & Glass
Auto Repair Shop
Classic Towing (Aurora)
Auto Repair Shop
SCR Towing & Recovery ...
Auto Repair Shop
Similar Places Nearby
- Diamond Tier tint — 582 2nd Ave, Aurora, IL 60505
- Baeza Auto Repair Aurora — 544 E Benton St, Aurora, IL 60505
- The Car Doctor — 554 S Lake St, Aurora, IL 60506
- George's Auto Services — 544 E Benton St, Aurora, IL 60505
- I NEED ROADSIDE ASSISTANCE-AURORA
Location Insight
- Map
- Local Demand
- City
- Aurora
- County
- Kane
- State
- Illinois
- Longitude
- -88.3192739
- Latitude
- 41.7861617
Nearby Similar for Sale
FAQs
What type of property is this?
Auto shop - Dual-income property with long-term tenants in a high-traffic location.
Where is this auto shop located?
The property is located at 1313 N Lake St Aurora, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Dual income streams from Gerber Collision and Classic Towing, providing financial stability.; Gerber Collision's long‑term commitment with 20 years of occupancy and lease amendment including four, five‑year extension options.; 10% rent increase from Gerber Collision on January 1, 2026.
