3424 Belmont Ave Chicago, IL 60618
- Retail properties
- 14,490 SF
- 0.91 lot acres
Current Use by Public Records
- Walgreens Photo / Passport Photo Processor / Photo Lab
- Walgreens Pharmacy / Pharmacy
- Caroline IEM, PharmD / Pharmacy
- Redbox / Movie Rental Store / Movie Rental Kiosk
- Walgreens / Stationery Store / Cosmetics Store
Property Details for 3424 Belmont Ave
- Year built
- 2009
- Lot size
- 0.91 lot acres
- Property size
- 14,490 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a fee-simple ownership of a 14,490 square-foot Walgreens located at 3424 W Belmont Ave, Chicago, IL 60618. The property boasts a strong 7.50% cap rate and a substantial net operating income (NOI) of $546,375. Secured by a corporate guarantee from Walgreens Boots Alliance (NASDAQ: WBA), this absolute NNN lease offers significant passive income with zero landlord responsibilities. The lease, originally commenced on October 18, 2009, has a remaining term of 10 years, extending to October 30, 2034. Situated on a 0.91-acre lot, this strategically located retail corner enjoys excellent visibility and accessibility, featuring a drive-thru pharmacy. Built in 2009, the property benefits from a dense urban population exceeding 1,000,000 residents within a 5-mile radius. The asking price is $7,285,000, translating to a price per square foot of $502.76. This is a truly exceptional opportunity to acquire a stable, high-performing asset in a prime Chicago location. The property is 100% occupied and offers a sleep-at-night investment with a blue-chip tenant. No rent bumps are included in the lease agreement.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.7133
- Latitude
- 41.9397
