1313 Lake St Aurora, IL 60506

Property Details for 1313 Lake St

Year built

1986

Construction

CONCRETE BLOCKS

Lot size

1.05 lot acres

Property size

7,568 SF

Property type

Commercial real estate

APN

15-10-352-007

APU

1510352007

Description

This exceptional investment opportunity presents a fee-simple, 10,234 square foot retail property located at 1313 N Lake St, Aurora, IL 60506. The property, built in 1986 and renovated in 2004, features a Class C building on a 1.17-acre lot with B-1 zoning. Currently 100% occupied by two tenants, Gerber Collision & Glass and Classic Towing, the property generates a substantial net operating income (NOI) of $166,044, representing an 8.50% cap rate. The asking price is $1,953,460, or $190.88 per square foot. Gerber Collision & Glass, a long-term tenant since 2006, has a net lease (NN+) in place until December 31, 2025, with four five-year lease options. Their lease includes a 10% rent increase every five years. Classic Towing also enjoys a long-term presence at the location. The property benefits from its strategic location in a high-traffic area of Aurora, Illinois, near numerous national credit tenants and a population of approximately 200,000 within a five-mile radius, boasting an average household income of $100,000. This presents a strong opportunity for investors seeking a stable, high-yield investment with significant upside potential. The property is suitable for a 1031 exchange.

Location Insight

City

Aurora

County

Kane

State

Illinois

Longitude

-88.3189

Latitude

41.7862

CBSA code

16980

CBSA name

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

Property Tax & Assessments