1039 Sheridan Rd Winthrop Harbor, IL 60096
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10-Unit Multifamily, High NOI, Prime Location
Property size:
8,000 SFProperty Features for 1039 Sheridan Rd
General Information
- Property type
- Multifamily properties
- Square Feet
- 8,000 SF
- Lot Size
- 47,916 SF
Building Details
- Year Renovated
- 2018
- Units
- 10
Listing Agency: Colliers - Rosemont, Illinois Listing Agent: Brad Belden
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Exceptional investment opportunity in Winthrop Harbor, IL! This mixed-use property boasts 8,000 square feet on a 1.1-acre lot at the hard corner of Sheridan Rd and 11th St., offering high visibility and accessibility. The property features ten units: nine apartments (a mix of six two-bedroom and three one-bedroom units, all with long-term tenants and annual rent increases) and one coach house, plus four garages, all currently occupied at 100% occupancy. A restaurant tenant has occupied the retail space since 2017, with lease extensions in place. An additional retail pad (2,000-4,000 sq ft) is ready for development, presenting significant upside potential. The property benefits from a strong NOI of $112,368 (pro-forma NOI of $115,740) and a current cap rate of 6.24% (pro-forma 6.43%). Renovated in 2018, this property enjoys a prime location near the North Point Marina (the largest freshwater marina in the US), just 1.3 miles from the Wisconsin state line and benefits from high daily vehicle traffic (19,700 VPD). The site is also approved for cannabis sales, adding another potential revenue stream. Ample parking is available. This is a value-add opportunity with significant potential for increased profitability. Asking price is $1,800,000.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
Location Insight
- Map
- Local Demand
- City
- Winthrop Harbor
- County
- Lake
- State
- Illinois
- Longitude
- -87.8242496
- Latitude
- 42.47565537
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FAQs
What type of property is this?
Multifamily property - 10-Unit Multifamily, High NOI, Prime Location
Where is this multifamily property located?
The property is located at 1039 Sheridan Rd Winthrop Harbor, IL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Mixed-use property with nine apartments and one retail space.; All rents feature annual increases.; Apartment mix includes six two-bedroom and three one-bedroom units.
