179 Northwest Hwy Cary, IL 60013
- Retail properties
- 4,000 SF
Current Use by Public Records
- Retail properties
Property Details for 179 Northwest Hwy
- Year built
- 1950
- Property size
- 4,000 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional multi-tenant commercial building, located at 179 South Northwest Highway in Cary, Illinois (60013), presents a compelling investment opportunity. The property boasts 4,000 square feet of leasable space, divided among four units, and sits on a sizable 16,059 square foot lot. The building, constructed in 1950, comprises two structures, each with a full basement. Recent capital improvements include a new roof (installed in 2022 at a cost of $50,000), and new windows and doors within the past five years. The property benefits from a prominent location on busy Route 14, offering 147 feet of frontage and visibility to 25,500 vehicles per day, along with monument signage. Currently fully leased through April 14, 2025, at a gross monthly rent of $2,700, with 90-day cancellation rights for both landlord and tenant, the property generates a strong net operating income (NOI) of $35,067, resulting in a 9.35% cap rate. The asking price is $375,000, translating to $93.75 per square foot. The property is zoned B-3 and situated within a Tax Increment Financing (TIF) district, offering potential for redevelopment. The tenant holds a right of first refusal to purchase. Showings are by appointment only.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cary
- County
- McHenry
- State
- Illinois
- Longitude
- -88.2297
- Latitude
- 42.2046
