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Urban-High Street

Starbucks Anchored Retail Condo Strip | Lakeview

3062 N Lincoln Ave, Chicago, IL 60657

Listing Price: $1,940,000

Cap Rate
6.75%
Gross SF
5,435
Rentable SF
5,435
Price/Gross SF
$356.95
Lot Size
0.24 acres
Year Built
1909

Investment Overview

Marcus & Millichap is pleased to offer investors the opportunity to purchase a Starbucks Anchored Retail Condo Strip located in the Lakeview neighborhood of Chicago, at the corner of Lincoln Avenue, Barry Avenue and Greenview Avenue, steps away from the new Whole Foods at the corner of Lincoln and Belmont. Positioned at a 6 way signalized intersection, the property consists of 3 retail condos leased to Starbucks, Big City Optical, and D'Aprile Properties, respectively. Starbucks most recently extended their lease almost a full year before it expired, in September of 2020. There are now 5.5 years remaining on their lease. Starbucks' investment grade credit backs 33% of the property's GLA. All tenants operate on NNN leases and reimburse for their share of real estate taxes, CAM, insurance and condo assessments. Rents are below market, at an average rent of $27 per square foot. This irreplaceable retail location enjoys demographic density of over 500,000 people within a 3-mile radius and average household incomes of over $129,000 within the same area. With the Paulina Brown Line stop exactly 0.5 miles away, the location is extremely walkable, even earning a Redfin "Walk Score" of 96. Please contact Marcus & Millichap with additional questions about this Starbucks Anchored Retail Condo opportunity.

Investment Highlights

  • Located in the Lakeview neighborhood on Chicago's North Side | +500,000 people live within 3 miles, average household incomes exceed $129,000
  • Positioned at a 6 way signalized intersection on Lincoln Avenue, one of the most prominent arteries connecting Chicago's wealthy North Side neighborhoods
  • Located 1 block north of the new 75,000 SF Whole Foods at the corner of Lincoln and Belmont | Location has a Redfin "Walk Score" of 96 | 1/2 Mile from the Paulina Brown Line Stop
  • Below market rents | Starbucks is paying $25/sf NNN | Starbucks renewed their lease almost a year early in September of 2020 for an additional 6 years
  • Starbucks' investment grade credit (S&P Rating of BBB+) backs 33% of the property's gross leasable area

Exclusively Listed By

Financing By

Urban-High Street

Starbucks Anchored Retail Condo Strip | Lakeview

Listing Price: $1,940,000

Cap Rate
6.75%
Gross SF
5,435
Rentable SF
5,435
Price/Gross SF
$356.95
Lot Size
0.24 acres
Year Built
1909

Investment Highlights

  • Located in the Lakeview neighborhood on Chicago's North Side | +500,000 people live within 3 miles, average household incomes exceed $129,000
  • Positioned at a 6 way signalized intersection on Lincoln Avenue, one of the most prominent arteries connecting Chicago's wealthy North Side neighborhoods
  • Located 1 block north of the new 75,000 SF Whole Foods at the corner of Lincoln and Belmont | Location has a Redfin "Walk Score" of 96 | 1/2 Mile from the Paulina Brown Line Stop
  • Below market rents | Starbucks is paying $25/sf NNN | Starbucks renewed their lease almost a year early in September of 2020 for an additional 6 years
  • Starbucks' investment grade credit (S&P Rating of BBB+) backs 33% of the property's gross leasable area

Investment Overview

Marcus & Millichap is pleased to offer investors the opportunity to purchase a Starbucks Anchored Retail Condo Strip located in the Lakeview neighborhood of Chicago, at the corner of Lincoln Avenue, Barry Avenue and Greenview Avenue, steps away from the new Whole Foods at the corner of Lincoln and Belmont. Positioned at a 6 way signalized intersection, the property consists of 3 retail condos leased to Starbucks, Big City Optical, and D'Aprile Properties, respectively. Starbucks most recently extended their lease almost a full year before it expired, in September of 2020. There are now 5.5 years remaining on their lease. Starbucks' investment grade credit backs 33% of the property's GLA. All tenants operate on NNN leases and reimburse for their share of real estate taxes, CAM, insurance and condo assessments. Rents are below market, at an average rent of $27 per square foot. This irreplaceable retail location enjoys demographic density of over 500,000 people within a 3-mile radius and average household incomes of over $129,000 within the same area. With the Paulina Brown Line stop exactly 0.5 miles away, the location is extremely walkable, even earning a Redfin "Walk Score" of 96. Please contact Marcus & Millichap with additional questions about this Starbucks Anchored Retail Condo opportunity.

Exclusively Listed By

Financing By

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