2312 Grand Ave Waukegan, IL 60087

Property Details for 2312 Grand Ave

Year built

1971

Lot size

0.34 lot acres

Property size

5,940 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 5,940 square foot retail shopping center in Waukegan, IL, presents a compelling investment opportunity. Located on Grand Avenue, this single-story, 1971-built property boasts 100% occupancy with five tenants, including a long-term tenant (since 2005). The net lease structure ensures consistent income, further enhanced by rent bumps built into three of the five leases (2-3% annual increases). The property features 14 parking spaces and sits on a 0.34-acre lot. With a strong NOI of $98,725 and an 8.30% cap rate, this asset offers significant return potential. The property benefits from high visibility due to its location on a major thoroughfare with approximately 19,300 vehicles passing daily. Convenient public transportation is also readily available, with seven bus stops within a half-mile radius and a Metra station within a short distance. The surrounding area demonstrates strong demographics, with a substantial population and high average household income within a five-mile radius. The leases have a remaining term of approximately four years, expiring November 30, 2028. The property's APN is 08-17-320-028. This is a rare opportunity to acquire a well-performing, fully occupied retail property in a prime location.