1730 Belvidere Rd Waukegan, IL 60085-7220

Property Details for 1730 Belvidere Rd

Lot size

0.19 lot acres

Property type

Commercial real estate

APN

08-29-217-026

APU

829217026

Description

This exceptional investment opportunity presents a stabilized, single-tenant retail property ideally suited for an auto sales business or owner-operator. Located at 1730 Belvidere Rd, Waukegan, IL 60085, this 8,483 square foot building sits on an 8,483 square foot lot and boasts a current cap rate of 6.44%, with a pro-forma cap rate of 9.52%. The property, built in 1965, is currently 100% occupied under a month-to-month lease expiring November 22, 2023, offering significant upside potential for increased rental income. The current Net Operating Income (NOI) is $27,040, projected to increase to $40,000. The asking price is $420,000, translating to a price per square foot of $49.51. Zoned for commercial use, this Class C property presents a rare chance to acquire a well-established business in a prime location. The property features one building, one story, and is a single-unit operation. This is a gross lease, and the property is not subject to a ground lease. The property's long history as a successful used car lot, coupled with its strong location and potential for increased NOI, makes this an attractive investment for both seasoned investors and owner-operators seeking a high-return opportunity. The property's APN is 0829217026.