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Shopping Strip

The Crossroads at Crystal Lake

1305 N Randall Rd, Crystal Lake, IL 60014

Listing Price: $3,118,000

Cap Rate
7.75%
Gross SF
16,592
Rentable SF
16,592
Price/Gross SF
$187.92
Lot Size
2.64 acres
Year Built
2008

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in The Crossroads of Crystal Lake, a service-oriented, 16,592 square foot, multi-tenant retail center, located at the corner of two signalized intersections on Randall Road in Crystal Lake, IL. With average daily traffic counts of approximately 50,000 cars per day, ~70,000 people residing within a 3-mile radius, and average household incomes over $110,000, this retail asset is stabilized with only one vacancy, in highly leasable condition. This Class A retail property was constructed in 2008 and has been professionally managed by the original developer. Ownership recently executed two new leases at a significantly higher per square foot rent than the average rental rate in the center – in the midst of what many might have characterized as a challenging leasing market. Shadow-anchored by a 24-hour CVS, the site also benefits from prominent visibility and multiple points of ingress and egress. While Randall Road is home to many big box retailers, the shallow depths of the suites at Crossroads, and ease of access, make this appealing for tenants who don't want their patrons to have to navigate a football field sized parking lot in order to access their businesses. Positioned at the corners of both Randall & Ackman and Randall & McHenry Avenue, the property also benefits from unusually high traffic counts and optimal traffic flows. Furthermore, Crystal Lake High School is less than a half mile away, meaning that there are inherent traffic drivers to this location that are essentially irreplaceable. With the influx in suburban home buying, suburban retail centers with service-oriented tenants are likely to remain stable investments for investors seeking above market returns for the foreseeable future. Given the Class A construction of the property, there is no known deferred maintenance, and the income and expenses are likely to remain predictable. Priced at an 7.75% cap rate and a price per square foot of $178, currently available debt will provide a new owner with leveraged returns of 11%, at list price. The property is currently 93% occupied, with one vacant, 1,200 square foot unit. Filling this last space will increase a new owner’s return to about 15%. This is an opportunity to purchase a stabilized multi-tenant retail center, with upside. Please contact Marcus & Millichap with additional questions and interest in the Crossroads of Crystal Lake.

Investment Highlights

  • Located at the signalized intersection of three major roads - Randall Road, Ackman Road and McHenry Avenue | Average Daily Traffic Counts of ~50,000 Cars
  • Class A construction | Built in 2008 | Priced at an 8.25% cap rate and $164/sf | Cash on Cash return of over 12% at list price
  • Shadow-anchored by a 24-hour CVS | Located 0.5 miles from Crystal Lake High School with 1,800 students
  • Strong demographics | 70,000 people live within a 3-mile radius | Average household incomes exceed $110,000 annually
  • Ownership recently executed two new leases at a higher rent per square foot than the average rent per square foot in the center
  • Currently 93% occupied with one 1,080 square foot vacancy space | Leasing that space will push the cash flow to over 15%

Exclusively Listed By

Financing By

Shopping Strip

The Crossroads at Crystal Lake

Listing Price: $3,118,000

Cap Rate
7.75%
Gross SF
16,592
Rentable SF
16,592
Price/Gross SF
$187.92
Lot Size
2.64 acres
Year Built
2008

Investment Highlights

  • Located at the signalized intersection of three major roads - Randall Road, Ackman Road and McHenry Avenue | Average Daily Traffic Counts of ~50,000 Cars
  • Class A construction | Built in 2008 | Priced at an 8.25% cap rate and $164/sf | Cash on Cash return of over 12% at list price
  • Shadow-anchored by a 24-hour CVS | Located 0.5 miles from Crystal Lake High School with 1,800 students
  • Strong demographics | 70,000 people live within a 3-mile radius | Average household incomes exceed $110,000 annually
  • Ownership recently executed two new leases at a higher rent per square foot than the average rent per square foot in the center
  • Currently 93% occupied with one 1,080 square foot vacancy space | Leasing that space will push the cash flow to over 15%

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in The Crossroads of Crystal Lake, a service-oriented, 16,592 square foot, multi-tenant retail center, located at the corner of two signalized intersections on Randall Road in Crystal Lake, IL. With average daily traffic counts of approximately 50,000 cars per day, ~70,000 people residing within a 3-mile radius, and average household incomes over $110,000, this retail asset is stabilized with only one vacancy, in highly leasable condition. This Class A retail property was constructed in 2008 and has been professionally managed by the original developer. Ownership recently executed two new leases at a significantly higher per square foot rent than the average rental rate in the center – in the midst of what many might have characterized as a challenging leasing market. Shadow-anchored by a 24-hour CVS, the site also benefits from prominent visibility and multiple points of ingress and egress. While Randall Road is home to many big box retailers, the shallow depths of the suites at Crossroads, and ease of access, make this appealing for tenants who don't want their patrons to have to navigate a football field sized parking lot in order to access their businesses. Positioned at the corners of both Randall & Ackman and Randall & McHenry Avenue, the property also benefits from unusually high traffic counts and optimal traffic flows. Furthermore, Crystal Lake High School is less than a half mile away, meaning that there are inherent traffic drivers to this location that are essentially irreplaceable. With the influx in suburban home buying, suburban retail centers with service-oriented tenants are likely to remain stable investments for investors seeking above market returns for the foreseeable future. Given the Class A construction of the property, there is no known deferred maintenance, and the income and expenses are likely to remain predictable. Priced at an 7.75% cap rate and a price per square foot of $178, currently available debt will provide a new owner with leveraged returns of 11%, at list price. The property is currently 93% occupied, with one vacant, 1,200 square foot unit. Filling this last space will increase a new owner’s return to about 15%. This is an opportunity to purchase a stabilized multi-tenant retail center, with upside. Please contact Marcus & Millichap with additional questions and interest in the Crossroads of Crystal Lake.

Exclusively Listed By

Financing By

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