Dual-Tenant NNN
For Sale
Contact for pricing
948 Dundee Rd, Palatine, IL 60074
Two nationally recognized restaurant concepts operate under separate NNN leases in a recently built commercial property.
Property Size4,336 SF
Lot Size0.51 Acres
Price / SF$533.37
Days on Market196
Property Features for 948 Dundee Rd
General Information
Standard status
Active
Size
4,336 SF
Lot size
0.51 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$150,324
Additional Details
Gross Income
$150,324
Building Details
Year Built
2021
Tenancy
Multi
Listing Agency:
SURMOUNT
Listed By:
Glen Kunofsky · License #NY 49KU1129178
(332) 345-4222
Source:
Crexi
Added: Apr 2
Changed: Oct 10
Last Checked: Oct 12 at 5:22PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This dual-tenant commercial property contains approximately 4,336 rentable square feet on an estimated 0.51-acre parcel. Completed in 2021, the building is occupied by IHOP and Teriyaki Madness under separate triple-net lease agreements.
IHOP has a 20-year NNN lease with 10% rent increases every five years. Teriyaki Madness is committed under a 10-year NNN lease with annual 3% rent escalations. The property is located at 948 Dundee Road in Palatine, Illinois.
IHOP has a 20-year NNN lease with 10% rent increases every five years. Teriyaki Madness is committed under a 10-year NNN lease with annual 3% rent escalations. The property is located at 948 Dundee Road in Palatine, Illinois.
Key Highlights
- Approximately 4,336 rentable square feet on an estimated 0.51‑acre parcel
- Built in 2021
- Leased to IHOP and Teriyaki Madness
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,585
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,451,700
$1.5M
Cap Rate 7%
$1,036,929
$1.0M
Cap Rate 9%
$806,500
$806.5K
Market Conditions
NOI Build-Up for 4,336 SF
Gross rent
$104.1K $24.00/SF
− Vacancy
−$7.3K −$1.68/SF
EGI
$96.8K $22.32/SF
− OpEx
−$24.2K −$5.58/SF
NOI
$72.6K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,451,700
Cap Rate 7%
$1,036,929
Cap Rate 9%
$806,500
Alternative Uses
Best Use
Specialty Retail
$1.04M
$907.3K – $1.21M
NOI $72,585 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,792 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
936
Businesses Nearby
550k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 29%
Dining 28%
Shops & Services 25%
Home Improvements & Furnishings 8%
Walmart
Superstores
82,141 visits/mo
0.1 miles
Target
Superstores
76,065 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
42,789 visits/mo
0.2 miles
McDonald's
Dining
36,188 visits/mo
0.1 miles
Aldi
Groceries
22,350 visits/mo
0.3 miles
Demographics for 60074, IL
37,705
Population
14,953
Households
2.5
Avg Household Size
38
Median Age
42%
College-Educated
85%
High-School Grad
7.1 sq mi
ZIP Area
5,311
Density / Sq Mi
$81,911
Median Household Income
$45,217
Median Earnings
$1,429
Median Rent
$307,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
NNN property - Two nationally recognized restaurant concepts operate under separate NNN leases in a recently built commercial property.
Where is this nnn property located?
The property is located at 948 Dundee Rd Palatine, IL.
What is the asking price?
The asking price for this property is $2,312,676.
What are key features of this property?
This property features: Approximately 4,336 rentable square feet on an estimated 0.51‑acre parcel; Built in 2021; Leased to IHOP and Teriyaki Madness
