1039 Sheridan Rd Winthrop Harbor, IL 60096
- Retail space
- 4,032 SF
- 0.28 lot acres
Current Use by Public Records
- Retail space
Property Details for 1039 Sheridan Rd
- Year built
- 1960
- Construction
- FRAME
- Lot size
- 0.28 lot acres
- Property size
- 4,032 SF
- Property type
- 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.
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
- Winthrop Harbor
- County
- Lake
- State
- Illinois
- Longitude
- -87.8235
- Latitude
- 42.4757
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
