115 Illinois 83 Grayslake, IL 60030
- Retail properties
- 2,790 SF
- 1.64 lot acres
Current Use by Public Records
- Retail properties
Property Details for 115 Illinois 83
- Year built
- 1997
- Lot size
- 1.64 lot acres
- Property size
- 2,790 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a fee-simple ownership of a Taco Bell restaurant located at 115 S Illinois 83, Grayslake, IL 60030. The property, built in 1997 and extensively renovated in 2024, boasts 2,790 square feet on a 1.64-acre lot. The single-tenant, absolute NNN lease with Taco Bell, a franchisee of Ampler Restaurant Group (a large, experienced operator with 475+ units), offers significant financial stability. The current lease, commencing May 1, 2019, and expiring February 7, 2030, includes two five-year renewal options, providing a total lease term of approximately 15.5 years. The lease features 10% rent increases every five years, providing a built-in hedge against inflation. The property benefits from a strong NOI of $99,489, resulting in a 6.00% cap rate and a price per square foot of $594.37. The asking price is $1,658,300. The location enjoys high visibility on IL Route 83 (13,000+ vehicles per day) and serves a densely populated area with an average household income exceeding $119,000 within a five-mile radius. This location is part of the Chicago MSA, the third largest in the country. The property's long operating history (over 25 years) and recent remodel underscore the tenant's commitment and the site's enduring success. The lease is guaranteed by AG Bells II, LLC, further enhancing the investment's security. This is a passive investment opportunity with a strong tenant, attractive lease terms, and a prime location.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Grayslake
- County
- Lake
- State
- Illinois
- Longitude
- -88.0327
- Latitude
- 42.3418
