Shopping Strip
Unanchored Neighborhood Strip Center
265 W Peace Rd, Sycamore, IL 60178
Listing Price: $2,500,000
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a 100 percent occupied neighborhood strip center located in Sycamore, Illinois. With an average suite size of 2,000 square feet, this retail property features a mix convenience-based retailers that are the lifeblood of this asset class. Positioned at a signalized intersection, across the street from Sycamore’s primary grocery store, the underlying fundamentals of the real estate would be impossible to recreate elsewhere in this market and would certainly cost more than the $155 per square foot that comprise the asking price.
Unanchored Neighborhood Strip Center
Investment Highlights
- 100 Percent Occupied Neighborhood Strip Center Offered at an Eight Percent Cap Rate, Positioned at a Signalized Intersection, Across the Street from the Jewel Grocery Store in Sycamore, Illinois
- Average Rents are Quite Low Approximately $15 Gross, with a Wide Range in what Tenants are Currently Paying – Indicating Significant Upside can be Achieved by Marking Rents to Market
- Built in 2008, the Property is Currently Undergoing a Significant Renovation Project to Update the Roof
- Most of the Tenant Leases Feature Fixed Annual Increases Ranging from Two to Four Percent Annually
- The Liquor Store Tenant Positioned on the Endcap is Paying Below $12 per Square Foot in Gross Rent
- Notably Low Acquisition Basis of $155 per Square Foot
- Abundant New Construction of Single-Family homes in Sycamore as Housing Costs in Inner and Outer Ring Chicago Suburbs have Grown Prohibitively Expensive
- High Annual Household Incomes of $116,000 Within a Three-Mile Radius
Exclusively Listed By
Listing Price: $2,500,000
Investment Highlights
- 100 Percent Occupied Neighborhood Strip Center Offered at an Eight Percent Cap Rate, Positioned at a Signalized Intersection, Across the Street from the Jewel Grocery Store in Sycamore, Illinois
- Average Rents are Quite Low Approximately $15 Gross, with a Wide Range in what Tenants are Currently Paying – Indicating Significant Upside can be Achieved by Marking Rents to Market
- Built in 2008, the Property is Currently Undergoing a Significant Renovation Project to Update the Roof
- Most of the Tenant Leases Feature Fixed Annual Increases Ranging from Two to Four Percent Annually
- The Liquor Store Tenant Positioned on the Endcap is Paying Below $12 per Square Foot in Gross Rent
- Notably Low Acquisition Basis of $155 per Square Foot
- Abundant New Construction of Single-Family homes in Sycamore as Housing Costs in Inner and Outer Ring Chicago Suburbs have Grown Prohibitively Expensive
- High Annual Household Incomes of $116,000 Within a Three-Mile Radius
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a 100 percent occupied neighborhood strip center located in Sycamore, Illinois. With an average suite size of 2,000 square feet, this retail property features a mix convenience-based retailers that are the lifeblood of this asset class. Positioned at a signalized intersection, across the street from Sycamore’s primary grocery store, the underlying fundamentals of the real estate would be impossible to recreate elsewhere in this market and would certainly cost more than the $155 per square foot that comprise the asking price.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
