739 Lk St Mundelein, IL 60060-1322

Property Details for 739 Lk St

Lot size

0.93 lot acres

Property type

Industrial properties

APN

11-19-300-038

APU

1119300038

Description

This exceptional investment opportunity presents a 20-year absolute NNN ground lease for a Thorntons gas station located at two addresses in Mundelein, Illinois: 739 N Lake St and 10 E Maple Ave, zip code 60060. The property boasts a 4,400 square foot building on a 1.43-acre lot, built in 2024. The lease commenced March 30th, 2024, and expires March 31st, 2044, with a remaining term of approximately 19.4 years. The property features eight gas pumps and generates a Net Operating Income (NOI) of $125,000, resulting in a 5.35% cap rate. The asking price is $2,336,000. Rent increases by 10% every five years, ensuring consistent income growth. The lease includes six five-year renewal options. This strategically located gas station benefits from high visibility at a signalized intersection with high average daily traffic counts (11,600 AADT on East Maple Avenue and 18,300 AADT on North Lake Street). The surrounding area boasts strong demographics, including a population of 111,158 within a 5-mile radius, an average household income of $171,980, and an average home value of $455,768. The property's proximity to major employers, including those within the 1.2 million square foot Innovation Office Park, and educational institutions like the University of St. Mary of the Lake and Advocate Condell Medical Center, further enhances its appeal. This is a turnkey investment with no landlord responsibilities, offering significant long-term value in the thriving Chicago MSA.

Location Insight

City

Mundelein

County

Lake

State

Illinois

Longitude

-88.0036

Latitude

42.2746

CBSA code

16980

CBSA name

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

Property Tax & Assessments