2202-2230 Algonquin Rd Rolling Meadows, IL 60008

Property Details for 2202-2230 Algonquin Rd

Year built

1966

Property type

Lifestyle centers

Property subtype

Power centers

Description

This three-story, 26,561 square foot shopping center in Rolling Meadows, IL (60008), offers a compelling investment opportunity. Located at 2202-2230 W Algonquin Road, this property boasts a 7.84% cap rate and is currently 79.85% occupied by a mix of long-term, e-commerce resistant tenants, including a dentist, clothing stores, and a discount store. The oldest tenant has occupied the space since 1989, demonstrating strong tenant loyalty and consistent renewal history. All tenants are under NNN leases, minimizing landlord responsibilities. Built in 1966 and renovated in 2011 and 2024, the center benefits from a prime location on a busy commercial thoroughfare with 33,600 vehicles per day, adjacent to major expressways (I-90 & I-290) and numerous apartment complexes. Its proximity to affluent northwest suburbs, including Arlington Heights, Hoffman Estates, and Schaumburg, ensures a strong customer base. The ample 120-vehicle parking lot further enhances its appeal. Significant value-add potential exists through leasing the currently vacant spaces at market rates and implementing more hands-on property management. This property presents a strong cash flow with a history of high occupancy, making it an attractive investment for discerning buyers. The property is situated near Cook County Court and other densely populated areas.

Location Insight

City

Rolling Meadows

County

Cook

State

Illinois

Longitude

-88.0167

Latitude

42.0661