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Walgreens | 8.00% Cap | $18/SF | 25yr History 399 Lake Marian Rd 13,776 SF Retail Building Carpentersville, IL 60110 $4,280,333 CAD ($310.71 CAD/SF) 8% Cap Rate
Investment Highlights
- Walgreens Has Operated Here Since 1999 With $2.1M in Annual Sales and 5.5 Years Remaining on the Lease Plus 8 Renewal Options
- Assumable ~$1.84M Loan at 6.5% Fixed Rate; $12.4K Monthly Debt Service and $101K in Annual Cash Flow After Debt Service
- Outparcel to Walmart at Signalized Corner With ±33,574 VPD; Surrounded by Starbucks, AutoZone, Wingstop, and Subway
- Double-Net Lease With Landlord Responsible Only for Roof and Structure; New Roof Installed in 2023 With Warranty Through 2043
- Current Rent Is Just $18.18/SF, Well Below Market; Occupancy Cost Ratio ~12% Supports Long-Term Retention
- 5-Mile Population of 112K+ With Avg. Income Over $114K; Located 41 Miles From Downtown Chicago in a Dense Retail Trade Area
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens pharmacy located at 399 Lake Marian Road in Carpentersville, Illinois, within the greater Chicago MSA. Walgreens has occupied the ±13,776-square-foot building for over 25 years and operates under a double-net (NN) lease with approximately 5.5 years remaining. The lease includes eight (8) five-year renewal options, with landlord responsibilities limited to roof and structure. A new roof was installed in 2023 and is under warranty through 2043.
Located at a signalized hard corner with over 33,500 vehicles per day, the property sits as an outparcel to a Walmart Supercenter and benefits from strong national co-tenancy including Starbucks, Wingstop, Subway, and AutoZone. Annual reported store sales are approximately $2.1 million, with current rent well below market at $18.18/SF—supporting a healthy occupancy cost ratio of approximately 12%.
This asset offers a compelling loan assumption opportunity with a ~$1,842,750 loan at 6.50% fixed interest, maturing in March 2031. Monthly debt service is $12,442.38, generating approximately $101,197 in annual cash flow after debt service.
In March 2025, Walgreens Boots Alliance agreed to be acquired by Sycamore Partners for $10 billion. Although credit agencies downgraded Walgreens to speculative-grade (BB- by S&P and Ba3 by Moody’s), the transition to private ownership is expected to allow more operational flexibility and targeted investment, which may support long-term performance. This offering presents a rare chance to secure a passive, cash-flowing NN asset in a dense, affluent Chicago suburb with proven tenant performance and favorable debt in place.
Illinois Broker of Record: Steven Weinstock
One Mid America Plaza, Ste. 200Oakbrook Terrace, IL 60181
Steven.Weinstock@MarcusMillichap.com
Lic #: 471.011175
Located at a signalized hard corner with over 33,500 vehicles per day, the property sits as an outparcel to a Walmart Supercenter and benefits from strong national co-tenancy including Starbucks, Wingstop, Subway, and AutoZone. Annual reported store sales are approximately $2.1 million, with current rent well below market at $18.18/SF—supporting a healthy occupancy cost ratio of approximately 12%.
This asset offers a compelling loan assumption opportunity with a ~$1,842,750 loan at 6.50% fixed interest, maturing in March 2031. Monthly debt service is $12,442.38, generating approximately $101,197 in annual cash flow after debt service.
In March 2025, Walgreens Boots Alliance agreed to be acquired by Sycamore Partners for $10 billion. Although credit agencies downgraded Walgreens to speculative-grade (BB- by S&P and Ba3 by Moody’s), the transition to private ownership is expected to allow more operational flexibility and targeted investment, which may support long-term performance. This offering presents a rare chance to secure a passive, cash-flowing NN asset in a dense, affluent Chicago suburb with proven tenant performance and favorable debt in place.
Illinois Broker of Record: Steven Weinstock
One Mid America Plaza, Ste. 200Oakbrook Terrace, IL 60181
Steven.Weinstock@MarcusMillichap.com
Lic #: 471.011175
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
13,776 SF
Building Class
C
Year Built
1999
Price
$4,280,333 CAD
Price Per SF
$310.71 CAD
Cap Rate
8%
NOI
$342,427 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.74 AC
Parking
55 Spaces (3.99 Spaces per 1,000 SF Leased)
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- -
Walgreens Boots Alliance traces its roots to Walgreens, founded in Chicago in 1901, and later grew through the combination with Alliance Boots into a broader healthcare, pharmacy, and retail business. The company describes itself as an integrated healthcare, pharmacy, and retail leader serving millions of customers and patients every day. Its business spans retail pharmacy, prescription services, health and wellness products, and related healthcare offerings, reflecting a focus on community-based care and access to medicines and services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Triple Net | - |
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 03-14-276-030 | Improvements Assessment | $0 CAD |
| Land Assessment | $195,856 CAD | Total Assessment | $195,856 CAD |
Property Taxes
Parcel Number
03-14-276-030
Land Assessment
$195,856 CAD
Improvements Assessment
$0 CAD
Total Assessment
$195,856 CAD
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Walgreens | 8.00% Cap | $18/SF | 25yr History | 399 Lake Marian Rd
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