1039 Sheridan RdWinthrop Harbor, IL 60096

Property Details for 1039 Sheridan Rd

Year built

1960

Construction

FRAME

Lot size

0.28 AC

Property size (Sq ft)

4,032 SF

Property type

Retail properties

Property subtype

Retail space

APN

04-10-307-009

APU

410307009

Description

Exceptional investment opportunity in Winthrop Harbor, IL! This mixed-use property boasts 8,000 square feet on a 1.1-acre lot at the hard corner of Sheridan Rd and 11th St., offering high visibility and accessibility. The property features ten units: nine apartments (a mix of six two-bedroom and three one-bedroom units, all with long-term tenants and annual rent increases) and one coach house, plus four garages, all currently occupied at 100% occupancy. A restaurant tenant has occupied the retail space since 2017, with lease extensions in place. An additional retail pad (2,000-4,000 sq ft) is ready for development, presenting significant upside potential. The property benefits from a strong NOI of $112,368 (pro-forma NOI of $115,740) and a current cap rate of 6.24% (pro-forma 6.43%). Renovated in 2018, this property enjoys a prime location near the North Point Marina (the largest freshwater marina in the US), just 1.3 miles from the Wisconsin state line and benefits from high daily vehicle traffic (19,700 VPD). The site is also approved for cannabis sales, adding another potential revenue stream. Ample parking is available. This is a value-add opportunity with significant potential for increased profitability. Asking price is $1,800,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,070,197

  6.5%

  $987,875

  7%

  $917,312

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,031,540

  Geo Method

  $1,323,423

• Alternative Use

  Use

  Valuation

  Residential

  $833,309

  Hospitality

  $763,307

  Educational

  $635,062

  Medical

  $656,903

  Retail

  $987,875

Location Insight

City

Winthrop Harbor

County

Lake

State

Illinois

Latitude

42.4757

Longitude

-87.8235

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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