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    2031 Gary Ave Wheaton, IL 60187
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    2031 Gary Ave Wheaton, IL 60187

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    • Retail properties & Spaces
    • 4,400 SF
    • 1.60 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 2031 Gary Ave

    Year built
    2024
    Lot size
    1.60 lot acres
    Property size
    4,400 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Grocery and convenience stores

    Description

    This exceptional investment opportunity presents a 20-year absolute NNN ground lease to Thorntons, a wholly-owned subsidiary of BP (NYSE:BP), at 2031 N Gary Avenue in Wheaton, Illinois. The 4,400 square foot convenience store and gas station, built in 2024, sits on a 1.6-acre lot and features eight gas pumps. The property benefits from a prime location at a signalized intersection with high traffic counts (Gary Avenue: 16,100 AADT; Geneva Road: 26,900 AADT), offering excellent visibility and accessibility. The strong demographics are highlighted by an average household income of $182,091 within one mile and an average home value of $533,186 within the same radius. The Wheaton location, approximately 25 miles from downtown Chicago, is within the Chicago-Naperville-Elgin Metropolitan Statistical Area, a robust economy with over 9.5 million people. The lease includes six five-year options with 10% rent bumps every five years and at each option renewal. The current NOI is $160,875, resulting in a 5.35% cap rate, and the asking price is $3,007,000. This is a secure, passive income investment with a strong tenant and significant upside potential due to the lease terms and location within a thriving metropolitan area. The property's location within DuPage County, Illinois, and its proximity to a major metropolitan area contribute to its high value and potential for long-term growth. The substantial population within a five-mile radius (240,319) further underscores the property's strong market position.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wheaton
    County
    DuPage
    State
    Illinois
    Longitude
    -88.1208
    Latitude
    41.8871

    Comparable in this City

    • Value Estimation by Request
      0.59 Acres

      2031 Gary Ave

      Individual retail properties • 2,025 SF
      2031 Gary Ave, Wheaton, IL 60187
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    • Value Estimation by Request
      3,500 SF

      2031 Gary Ave

      Individual retail properties • 3,500 SF
      2031 Gary Ave, Wheaton, IL 60187
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    • Value Estimation
      $630,000
      4,656 SF

      100 Geneva Rd

      GAS STATION • 4,656 SF
      100 Geneva Rd, Wheaton, IL 60187-2442
      View Details
    • Value Estimation by Request
      1,943 SF

      325 Main St

      GAS STATION • 1,943 SF
      325 Main St, Wheaton, IL 60187-5233
      View Details
    • Value Estimation by Request
      1.42 Acres

      110 Geneva Rd

      GAS STATION • 1.42 Acres
      110 Geneva Rd, Wheaton, IL 60187-2442
      View Details
    • Value Estimation
      $870,000
      7,086 SF

      1100 Roosevelt Rd

      GAS STATION • 7,086 SF
      1100 Roosevelt Rd, Wheaton, IL 60187-6612
      View Details

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      Prime real estate opportunity with fully leased two-story strip center.
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      Geneva Crossing Retail Opportunity

      Retail property for sale in Carol Stream, Illinois.
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    Similar Nearby for Lease

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      520 SF

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      Retail Opportunity on County Farm

      Retail space available for lease with high traffic volume.
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    2031 Gary Ave
    Wheaton, IL 60187
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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