305 10Th Ave Milan, IL 61264

Property Details for 305 10Th Ave

Year built

1974

Construction

FRAME

Lot size

1.10 lot acres

Property size

10,900 SF

Zone code

MIL

Property type

Commercial real estate

APN

16-23-409-004

APU

1623409004

Description

This exceptional investment opportunity presents the Gaslite Square Plaza, a 10,790 square foot, single-story retail center in Milan, Illinois. Boasting 100% occupancy with six tenants, this property offers a strong net operating income (NOI) of $124,408 and an 8.50% cap rate. Built in 1977 and extensively renovated in 2023, the property sits on a 2.35-acre lot at a prime intersection with high traffic counts (nearly 23,000 vehicles daily). The tenant mix includes a diverse range of retail businesses, many with long-term leases and recent improvements. The property benefits from its strategic location near major roadways (US Hwy 92, I-280, I-74, and the Quad City Airport), and is surrounded by other national retailers such as Dollar General, KFC, AutoZone, Hy-Vee, and CVS, driving significant foot traffic. The strong demographics of the area, including a large population within a 10-mile radius and the presence of major employers like John Deere's Parts Distribution Center and XPAC, further enhance the investment potential. Recent significant investments by tenants in renovations underscore their commitment to the location. The asking price is $1,463,624, representing a price per square foot of $135.65. This is a fee-simple ownership opportunity with a triple-net (NNN) lease structure. The property's excellent location, strong tenant base, and recent renovations make it an attractive investment for discerning buyers. Note that Dollar General and Happy Joe's are not included in this sale. New 5-year leases are in place for several tenants.