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    2744 California Ave Chicago, IL 60647

    For Sale
    $7,400,000

    High-yield Walgreens NNN lease

    Property size:
    12,515 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional investment opportunity presents a 12,515 square foot Walgreens located at 2744 N California Ave, Chicago, IL 60647. The property boasts a strong 7.50% cap rate and a substantial net operating income (NOI) of $555,000. Built in 2009, this single-building retail property sits on a 0.82-acre lot and features a 25-year absolute NNN lease with a corporate guarantee from Walgreens Boots Alliance, Inc. (NASDAQ: WBA), a Fortune 500 company. The lease commenced June 7, 2009, and expires June 6, 2034, leaving approximately 9.6 years remaining. The asking price is $7,400,000, translating to a price per square foot of $591.29. This strategically located retail corner offers excellent visibility and multiple access points, including a drive-thru pharmacy, making it highly resistant to e-commerce competition. The property benefits from outstanding demographics, with over 1,000,000 residents within a 5-mile radius. The NNN lease structure eliminates landlord responsibilities for taxes, insurance, and maintenance, providing a truly passive investment opportunity. This is a prime example of a stable, investment-grade tenant in a high-traffic location. The property is currently 100% occupied.

    Property Features for 2744 California Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    12,515 SF
    Lot Size
    35,719 SF

    Building Details

    Year Built
    2009
    Buildings
    1

    HighLights

    • Triple‑Net (NNN) Lease: Zero landlord responsibilities; tenant covers all expenses.
    • Investment‑Grade Tenant: Walgreens (WBA), Fortune 500 company with a BBB- S&P rating.
    • Prime Chicago Location: Established community staple since 2009.
    • High‑Visibility Corner Lot: Excellent visibility, multiple access points, drive‑thru pharmacy, and e‑commerce resistant.
    • Strong Demographics: Over 1,000,000 residents within a 5‑mile radius.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Walgreens Pharmacy Pharmacy Redbox Movie Rental Kiosk Walgreens Cosmetics Store Walgreens Photo Passport Photo Processor Dina Yousif Pharmacy

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.69784321
    Latitude
    41.93175687

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    FAQs

    What type of property is this?
    Individual retail property - High-yield Walgreens NNN lease
    Where is this individual retail property located?
    The property is located at 2744 California Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $7,400,000.
    What are key features of this property?
    This property features: Triple-Net (NNN) Lease: Zero landlord responsibilities; tenant covers all expenses.; Investment-Grade Tenant: Walgreens (WBA), Fortune 500 company with a BBB- S&P rating.; Prime Chicago Location: Established community staple since 2009.
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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
    2744 California Ave Chicago, IL 60647
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