385 North Ave Northlake, IL 60164

Property Details for 385 North Ave

Year built

1968

Lot size

0.46 lot acres

Property size

4,862 SF

Property type

Retail properties

Property subtype

Auto shops

Description

This exceptional investment opportunity presents the fee simple ownership of a 4,862 square foot Meineke Car Care center in Northlake, Illinois, a suburb within the Chicago MSA. The property boasts a brand-new 15-year absolute NNN lease with a franchisee tenant, ensuring minimal landlord responsibilities. The lease includes five 5-year renewal options and features 10% rent increases every five years, providing built-in inflation protection and significant NOI growth. Built in 1968 and renovated in 2022, the property sits on a 0.46-acre lot with six parking spaces and is zoned B-2 for retail and service businesses. Its prime location along West North Avenue offers high visibility and accessibility, benefiting from proximity to major commuter routes (State Highway 45, I-290, I-294) and the Bellwood Metra station. The property enjoys strong tenant synergy within a dense retail corridor, including nearby national retailers like Walmart, Sam's Club, and The Home Depot at the Northlake Commons (293,523 sq ft). A substantial residential population within a 5-mile radius, boasting an average household income of $99,687, provides a robust customer base. The property's current NOI is $121,500, resulting in a 7.25% cap rate, and the asking price is $1,676,000 ($344.71/sq ft). This is a truly passive, management-free investment opportunity with exceptional long-term growth potential.

Location Insight

City

Northlake

County

Cook

State

Illinois

Longitude

-87.8891

Latitude

41.907