2780 Belvidere Rd Waukegan, IL 60085-6008
- Turn key restaurants
- 2,642 SF
- 0.70 lot acres
Current Use by Public Records
- Taco Bell / Lunch Restaurant / Takeout Restaurant
Property Details for 2780 Belvidere Rd
- Year built
- 2001
- Construction
- FRAME
- Lot size
- 0.70 lot acres
- Property size
- 2,642 SF
- Property type
- Turn key restaurants
- APN
- 08-30-200-026
- APU
- 830200026
Description
This exceptional investment opportunity presents a fee-simple Taco Bell property in Waukegan, IL (Chicago MSA), boasting a 2,600 square foot building on a 0.7-acre lot. The property, built in 2000 and renovated in 2018, features a single-tenant, absolute NNN lease with Taco Bell, a subsidiary of Flynn Restaurant Group, the nation's largest franchisee operator. The 20-year lease, commencing March 30, 2016, and expiring March 29, 2036, has approximately 11.4 years remaining, with four, five-year renewal options. The lease includes annual rent increases of 1.25 times the CPI increase (capped at 1.50%), offering inflation protection. The current annual net operating income (NOI) is $131,240, resulting in a 5.84% cap rate and a 6.4% rent-to-sales ratio. The property benefits from a high-traffic location on Belvidere Road, exceeding 25,000 vehicles per day, and is surrounded by various major retailers. The strong local economy, with a 5-mile radius population exceeding 153,000 residents and an average household income over $89,310, contributes to consistent sales growth. This is a passive investment opportunity with significant upside potential in a prime Chicago MSA location. The asking price is $2,248,000.
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
- Waukegan
- County
- Lake
- State
- Illinois
- Longitude
- -87.8705
- Latitude
- 42.3499
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
