Current Use by Public Records
- Ascend Cannabis Outlet - Northlake / (Bike/Boat/Book/etc) Store
Property Details for 39 North Ave
- Year built
- 1968
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This fee-simple retail property in Northlake, IL, offers a compelling investment opportunity. The 4,940-square-foot building is 100% occupied by ASCEND Wellness under a 12-year Absolute NNN lease (10.9 years remaining) commencing October 1, 2023, and expiring September 30, 2035, with two 5-year renewal options. The lease includes a 3% annual rent increase (base + options). The property boasts a strong NOI of $309,000 and an 8% cap rate. A complete renovation was finished in 2023, including a new roof, HVAC system upgrades, modernized bathrooms and plumbing, and parking lot improvements. The building is strategically located on North Avenue, a major thoroughfare with over 45,000 vehicles per day, and is an outparcel to a Sam's Club, Walmart, Farmer's Best Market, and Home Depot. Its proximity to the I-290 and I-294 interchange (266,000+ VPD) provides excellent regional access, and its location approximately 8 miles south of O'Hare International Airport further enhances its appeal. The property benefits from the strong demographics of the Chicago metropolitan area (over 9.6 million residents) and the expanding Illinois cannabis market. The tenant, ASCEND Wellness Holdings (OTCQX: AAWH), is a publicly traded multi-state operator, providing a corporate guaranty. This is a passive income investment with minimal landlord responsibilities. Built in 1968, the single-story building underwent a significant renovation in 2023. The asking price is $3,862,500.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Northlake
- County
- Cook
- State
- Illinois
- Longitude
- -87.9059
- Latitude
- 41.907
