2031 Gary Ave Wheaton, IL 60187

Property Details for 2031 Gary Ave

Year built

2024

Lot size

1.60 lot acres

Property size

4,400 SF

Property type

Retail properties

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.

Location Insight

City

Wheaton

County

DuPage

State

Illinois

Longitude

-88.1208

Latitude

41.8871