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    884 Waukegan Rd Lake Forest, IL 60045

    Sponsored
    For Sale
    $6,368,420

    High-yield, credit-rated bank investment.

    Property size:
    3,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a 3,600 square foot Chase Bank located at 884 S Waukegan Rd, Lake Forest, IL 60045. The property sits on a 41,610 square foot lot and is offered at $6,368,420, representing a price per square foot of $1,769.01 and a 4.75% cap rate. The property features a single-tenant, absolute NNN ground lease with a credit-rated tenant, Chase Bank, providing significant financial stability. The lease commenced December 11, 2018, and has a remaining term of 13.1 years, expiring January 1, 2038. The lease includes built-in rent bumps of 10% every 5 years, offering protection against inflation. Additionally, there are three, five-year lease options available. The property boasts 100% occupancy since its opening date, December 11, 2018, generating a net operating income (NOI) of $302,500. This prime location in affluent Lake Forest, Illinois, adjacent to the METRA North line, serves a high net worth demographic and is near major corporations including Grainger, Abbott, Pfizer, and more. This is a rare opportunity to acquire a strong performing, long-term net lease investment in a highly desirable market.

    Property Features for 884 Waukegan Rd

    General Information

    Property type
    Individual retail properties
    Square Feet
    3,600 SF

    Building Details

    Buildings
    1
    Units
    1

    HighLights

    • 20‑year lease with Chase, commencing December 2018.
    • 10% rent increases every 5 years.
    • Excellent location adjacent to Metra North Line, serving affluent clientele.
    • Lake Forest boasts average household incomes exceeding $384,000.
    • Strong trade area anchored by major corporations including Grainger, Abbott, Pfizer, and others.
    Property Profile Location Intelligence

    Current Use by Public Records

    Banks

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Forest
    County
    Lake
    State
    Illinois
    Longitude
    -87.8738668
    Latitude
    42.2240237

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    FAQs

    What type of property is this?
    Individual retail property - High-yield, credit-rated bank investment.
    Where is this individual retail property located?
    The property is located at 884 Waukegan Rd Lake Forest, IL.
    What is the asking price?
    The asking price for this property is $6,368,420.
    What are key features of this property?
    This property features: 20-year lease with Chase, commencing December 2018.; 10% rent increases every 5 years.; Excellent location adjacent to Metra North Line, serving affluent clientele.
    Request Owner's contact information
    884 Waukegan Rd Lake Forest, IL 60045
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    Lake Forest, IL 60045
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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
    884 Waukegan Rd Lake Forest, IL 60045
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