Chicago United Rentals Investment
For Sale
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4027 S Wells St, Chicago, IL 60609
NNN leased United Rentals property with billboard income in Chicago.
Property Size12,000 SF
Price / SF$352.75
Days on Market969
Property Features for 4027 S Wells St
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Retail, Industrial
Zoning
M2-3: Light Industry District
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$285,711
Building Details
Year Built
1960
Tenancy
Single
Listing Agency:
CP Partners
Listed By:
Max Finn · License #UT 12066979-SA00
(570) 762-6075
Source:
Crexi
Added: Feb 10, 2024
Changed: Sep 29
Last Checked: Oct 5 at 5:24PM
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 CP Partners
Investment Insights
Based on property information with market context.
This investment property in Chicago, Illinois, is an absolute NNN leased United Rentals. The tenant, United Rentals Realty, LLC, has 2.5 years remaining on the initial lease, with 3 (5-year) options to extend. The lease features 2.5% annual rental increases throughout the initial term and option periods. A billboard lease adds an additional $28,300 to the NOI, extended to 2029 with 3% annual increases. United Rentals, Inc. has an integrated network of 1,465 rental locations in North America, 14 in Europe, 27 in Australia and 19 in New Zealand. In North America, the company operates in 49 states and every Canadian province. The United Rentals is located along S. Wells St and S. Wentworth Ave. with a combined (7,500 VPD). The site benefits from nearby direct on/off ramp access to Interstate 90 & 94, averaging over 318,000 vehicles passing by daily. The asset is located in a dense retail corridor, with numerous national/credit tenants including Target, Walgreens, Starbucks, Davita, Fresenius, Wendy’s, Dunkin’, Home Depot. The subject property is in close proximity to Guaranteed Rate Field, a 40,600 seat Major League Baseball stadium. The 5-mile trade area is supported by more than 790,000 residents and 778,000 employees with an average household income of $97,353. The property size is 12,000 square feet.
Key Highlights
- Absolute Net (NN) Lease: Minimal landlord responsibilities.
- Strong Tenant: Leased to United Rentals, Inc., the world's largest equipment rental company.
- Rental Increases: Features 2.5% annual rental increases throughout the initial term and option periods.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$166,018
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,320,360
$3.3M
Cap Rate 7%
$2,371,686
$2.4M
Cap Rate 9%
$1,844,644
$1.8M
Market Conditions
NOI Build-Up for 12,000 SF
Gross rent
$259.2K $21.60/SF
− Vacancy
−$22.0K −$1.84/SF
EGI
$237.2K $19.76/SF
− OpEx
−$71.2K −$5.93/SF
NOI
$166.0K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,320,360
Cap Rate 7%
$2,371,686
Cap Rate 9%
$1,844,644
Alternative Uses
Best Use
Retail
$2.37M
$2.08M – $2.77M
NOI $166,018 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.66M
$4.95M – $6.60M
NOI $396,058 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
44k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
18,663 visits/mo
0.3 miles
Mobil
Shops & Services
13,876 visits/mo
0.2 miles
BP
Shops & Services
11,441 visits/mo
0.5 miles
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Retail space - NNN leased United Rentals property with billboard income in Chicago.
Where is this retail space located?
The property is located at 4027 S Wells St Chicago, IL.
What is the asking price?
The asking price for this property is $4,233,000.
What are key features of this property?
This property features: Absolute Net (NN) Lease: Minimal landlord responsibilities.; Strong Tenant: Leased to United Rentals, Inc., the world's largest equipment rental company.; Rental Increases: Features 2.5% annual rental increases throughout the initial term and option periods.
