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Auto Dealership

Enterprise Car Sales & Rentals Ground Lease

2234 N Rand Rd, Palatine, IL 60074

Listing Price: $2,100,000

Cap Rate
6.29%
Tenant Name
Enterprise Car Sales & Rentals
Years Remaining On Lease
2.6
Gross SF
5,000
Guarantor
Corporate Guarantee
Rentable SF
5,000
Price/Gross SF
$420.00
Lease Type
NNN Ground Lease
Rent Per Square Feet
$26.40

Investment Overview

Marcus & Millichap is pleased to present a corporate guaranteed Enterprise Rent-a-Car ground lease located at 2234 North Rand Road, Palatine, IL. Enterprise finished construction on the property in 2015 and invested approximately $1.4 million in their building. The property currently consists of approximately a 5,000-square-foot freestanding building on a 3.56-acre parcel of land. The location benefits from strong demographics, with a population of 224,003 and an average household income of $147,593 within a 5-mile radius. Strategically located on Rand Road less than half a mile from the intersection of Lake Cook Road and North Rand (over 50,000 VPD) and the intersection of North Rand Road and Highway 53 (over 25,000 VPD). The numerous car dealerships (10+), and auto service shops in the surrounding area create a retail corridor. The tenant, Enterprise Leasing of Company of Chicago LLC, is owned by Enterprise Holdings, with an S&P A- Credit Rating, and reported $25.9B of annual revenue. They have approximately two plus remaining on the base term of their lease, along with 2 (5) year options which have 10% rental increases. Enterprise Rent-A-Car has a 6-month kick-out clause which is highly unlikely to happen due to their investment in their building and the possibility of adding additional space.

Investment Highlights

  • Corporate Guaranteed Absolute NNN Ground Lease
  • High Traffic Location Visible to Over 15,000 Vehicles Per Day
  • S&P A- Credit Rating $25.9 Billion Annual Revenue
  • Automotive Retail Corridor- Rental Car Demand from Surrounding Repair Shops & Car Dealerships

Exclusively Listed By

Auto Dealership

Enterprise Car Sales & Rentals Ground Lease

Listing Price: $2,100,000

Cap Rate
6.29%
Tenant Name
Enterprise Car Sales & Rentals
Years Remaining On Lease
2.6
Gross SF
5,000
Guarantor
Corporate Guarantee
Rentable SF
5,000
Price/Gross SF
$420.00
Lease Type
NNN Ground Lease
Rent Per Square Feet
$26.40

Investment Highlights

  • Corporate Guaranteed Absolute NNN Ground Lease
  • High Traffic Location Visible to Over 15,000 Vehicles Per Day
  • S&P A- Credit Rating $25.9 Billion Annual Revenue
  • Automotive Retail Corridor- Rental Car Demand from Surrounding Repair Shops & Car Dealerships

Investment Overview

Marcus & Millichap is pleased to present a corporate guaranteed Enterprise Rent-a-Car ground lease located at 2234 North Rand Road, Palatine, IL. Enterprise finished construction on the property in 2015 and invested approximately $1.4 million in their building. The property currently consists of approximately a 5,000-square-foot freestanding building on a 3.56-acre parcel of land. The location benefits from strong demographics, with a population of 224,003 and an average household income of $147,593 within a 5-mile radius. Strategically located on Rand Road less than half a mile from the intersection of Lake Cook Road and North Rand (over 50,000 VPD) and the intersection of North Rand Road and Highway 53 (over 25,000 VPD). The numerous car dealerships (10+), and auto service shops in the surrounding area create a retail corridor. The tenant, Enterprise Leasing of Company of Chicago LLC, is owned by Enterprise Holdings, with an S&P A- Credit Rating, and reported $25.9B of annual revenue. They have approximately two plus remaining on the base term of their lease, along with 2 (5) year options which have 10% rental increases. Enterprise Rent-A-Car has a 6-month kick-out clause which is highly unlikely to happen due to their investment in their building and the possibility of adding additional space.

Exclusively Listed By

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