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Shopping Strip

Lakeview Plaza | Add-Value Opportunity | Napa Auto Parts Anchored

41-193 S Rand Rd, Lake Zurich, IL 60047

Listing Price: $4,790,000

Cap Rate
5.23%
Gross SF
52,400
Rentable SF
52,400
Price/Gross SF
$91.41
Lot Size
5.69 acres
Year Built
1987

Investment Overview

Marcus & Millichap is pleased to present Lakeview Plaza located in Lake Zurich, Illinois. This property is a multi-tenant shopping center anchored by NAPA Auto Parts and is part of the Chicago metropolitan statistical area (MSA). There are annual rent increases between 1% and 3% for A-1 Cleaners, Kavkaz Grill & Bakery, Foot Place, SOL, BeerAbility, and Pilates & Yoga. The tenants have long operating history, including A-1 Cleaners being located three since 1988, and five other tenants have occupied space since 2012 including NAPA Auto Parts, Kitchen Discounters of America, All Ways Healthy, Pilates & Yoga, and Diva Nails. There is also the Opportunity to add value and cap rate growth through leasing the remaining 22,480 square feet of vacancy. The property is located on a heavily traveled, signalized, hard-corner intersection with over 40,750 vehicles passing per day. It is located on a major retail thoroughfare just north of the Rand Road and Route 22 intersection. Notable retailers in the area include Jewel-Osco, Target, Trader Joe’s, T.J. Maxx, Petco, Five Below, Starbucks, Dunkin’, McDonald’s, and many more. The subject property has attractive real estate including excellent visibility with over 600 feet of frontage, ample parking with 350 surface spaces, and a new pylon sign along Rand Road. It is in a populated affluent area. 38,641 people live within three miles of subject property with an average household income of $187,002. 45,044 People work within three miles of subject property.

Investment Highlights

  • 13.51% Pro-Forma Cap Rate | Significant Value-Add Opportunity with 43% Vacancy to be Leased
  • Multi-Tenant Shopping Center Anchored by NAPA Auto Parts
  • Annual Rental Increases Between 1% and 3% for A-1 Cleaners, Kavkaz Grill & Bakery, Foot Place, SOL, BeerAbility, and Pilates & Yoga
  • Opportunity to Add Value and Cap Rate Growth Through Leasing the Remaining 22,480 Square Feet of Vacant Space
  • Situated on a Heavily Traveled, Signalized, Hard-Corner Intersection | 40,750 Total Vehicles Pass per Day
  • Located on a Major Retail Thoroughfare Just North of the Rand Road and Route 22 (Main Street) Intersection
  • Attractive Real Estate
  • Populated, Affluent Area

Exclusively Listed By

Shopping Strip

Lakeview Plaza | Add-Value Opportunity | Napa Auto Parts Anchored

Listing Price: $4,790,000

Cap Rate
5.23%
Gross SF
52,400
Rentable SF
52,400
Price/Gross SF
$91.41
Lot Size
5.69 acres
Year Built
1987

Investment Highlights

  • 13.51% Pro-Forma Cap Rate | Significant Value-Add Opportunity with 43% Vacancy to be Leased
  • Multi-Tenant Shopping Center Anchored by NAPA Auto Parts
  • Annual Rental Increases Between 1% and 3% for A-1 Cleaners, Kavkaz Grill & Bakery, Foot Place, SOL, BeerAbility, and Pilates & Yoga
  • Opportunity to Add Value and Cap Rate Growth Through Leasing the Remaining 22,480 Square Feet of Vacant Space
  • Situated on a Heavily Traveled, Signalized, Hard-Corner Intersection | 40,750 Total Vehicles Pass per Day
  • Located on a Major Retail Thoroughfare Just North of the Rand Road and Route 22 (Main Street) Intersection
  • Attractive Real Estate
  • Populated, Affluent Area

Investment Overview

Marcus & Millichap is pleased to present Lakeview Plaza located in Lake Zurich, Illinois. This property is a multi-tenant shopping center anchored by NAPA Auto Parts and is part of the Chicago metropolitan statistical area (MSA). There are annual rent increases between 1% and 3% for A-1 Cleaners, Kavkaz Grill & Bakery, Foot Place, SOL, BeerAbility, and Pilates & Yoga. The tenants have long operating history, including A-1 Cleaners being located three since 1988, and five other tenants have occupied space since 2012 including NAPA Auto Parts, Kitchen Discounters of America, All Ways Healthy, Pilates & Yoga, and Diva Nails. There is also the Opportunity to add value and cap rate growth through leasing the remaining 22,480 square feet of vacancy. The property is located on a heavily traveled, signalized, hard-corner intersection with over 40,750 vehicles passing per day. It is located on a major retail thoroughfare just north of the Rand Road and Route 22 intersection. Notable retailers in the area include Jewel-Osco, Target, Trader Joe’s, T.J. Maxx, Petco, Five Below, Starbucks, Dunkin’, McDonald’s, and many more. The subject property has attractive real estate including excellent visibility with over 600 feet of frontage, ample parking with 350 surface spaces, and a new pylon sign along Rand Road. It is in a populated affluent area. 38,641 people live within three miles of subject property with an average household income of $187,002. 45,044 People work within three miles of subject property.

Exclusively Listed By

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