1555 Lake StMundelein, IL 60060

Property Details for 1555 Lake St

Lot size

7.48 AC

Property type

Other commercial real estate

APN

11-31-403-002

APU

1131403002

Description

This fee-simple, debt-free shopping center in Mundelein, Illinois, offers a compelling investment opportunity. The 89,357 square foot property boasts a 97.52% occupancy rate and a strong net operating income (NOI) of $1,228,922, resulting in an 8.21% cap rate. Anchored by LA Fitness, the center features three additional national tenants: Picklr, The Dog Stop, and Kids Empire, all operating under net leases with a weighted average lease term (WALT) of 10.25 years remaining. The property is strategically located at the highly trafficked intersection of South Lake Street and Townline Road, experiencing 56,000 vehicles daily, within the Townline Square Shopping Center, which receives 1.7 million visits annually. Neighboring prominent retailers include Jewel Osco, Dollar Tree, and several national food and beverage chains. Mundelein's thriving economy, with over 2,400 new residential units recently completed or under construction, and its low property taxes compared to Cook County, contribute to the property's strong investment potential. The surrounding area demonstrates robust market demand, with a 95.2% occupancy rate within a 3-mile radius. Exceptional demographics within a 5-mile radius include a population of 124,800, an average household income of $157,000, and a median home value of $399,000. The asking price is $14,974,000, representing a price per square foot of $167.58. This is a one-story building with four units.

• Alternative Use

  Use

  Valuation

  Residential

  $67,340,352

  Hospitality

  $61,683,396

  Educational

  $51,319,864

  Medical

  $53,084,832

  Retail

  $79,830,896

Location Insight

City

Mundelein

County

Lake

State

Illinois

Latitude

42.2416

Longitude

-87.9923

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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