884 Waukegan Rd Lake Forest, IL 60045
- Commercial land
- 0.19 lot acres
Current Use by Public Records
- Commercial land
Property Details for 884 Waukegan Rd
- Lot size
- 0.19 lot acres
- Property type
- Commercial land
- APN
- 16-07-200-086
- APU
- 1607200086
Description
This exceptional investment opportunity presents a 3,600 square foot Chase Bank located at 884 S Waukegan Rd, Lake Forest, IL 60045. The property sits on a 41,610 square foot lot and is offered at $6,368,420, representing a price per square foot of $1,769.01 and a 4.75% cap rate. The property features a single-tenant, absolute NNN ground lease with a credit-rated tenant, Chase Bank, providing significant financial stability. The lease commenced December 11, 2018, and has a remaining term of 13.1 years, expiring January 1, 2038. The lease includes built-in rent bumps of 10% every 5 years, offering protection against inflation. Additionally, there are three, five-year lease options available. The property boasts 100% occupancy since its opening date, December 11, 2018, generating a net operating income (NOI) of $302,500. This prime location in affluent Lake Forest, Illinois, adjacent to the METRA North line, serves a high net worth demographic and is near major corporations including Grainger, Abbott, Pfizer, and more. This is a rare opportunity to acquire a strong performing, long-term net lease investment in a highly desirable market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lake Forest
- County
- Lake
- State
- Illinois
- Longitude
- -87.8742
- Latitude
- 42.2239
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
