404 Palatine Rd Palatine, IL 60074

Property Details for 404 Palatine Rd

Year built

2021

Lot size

0.79 lot acres

Property size

3,010 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 3,010 square foot 7-Eleven convenience store and gas station, built in 2021, situated on a 0.79-acre lot at 404 E Palatine Rd, Palatine, IL 60074. The property boasts a 15-year net lease (NNN) with 11.6 years remaining, featuring a corporate guarantee from 7-Eleven, the world's largest convenience store operator. The lease includes a favorable 7.5% rent increase every five years, ensuring consistent income growth. The property enjoys a prime location with easy access to major roads like Route 53, I-90, and I-290, less than a mile from downtown Palatine and under 10 miles from O'Hare International Airport. The high-traffic intersection sees a combined 42,200+ vehicles per day. With a current NOI of $215,000 and a 5.00% cap rate, this offering presents a strong return on investment. The asking price is $4,300,000, translating to $1,428.57 per square foot. The property is 100% occupied and benefits from a strong demographic area, serving a population of 67,223+ within Palatine and a MSA population exceeding 9.57 million. This is a rare opportunity to acquire a well-performing, established asset with a long-term lease and significant upside potential. The property is located approximately 30 miles northwest of downtown Chicago.