Steak 'n Shake 4333 Fox Valley 3,760 SF Retail Building Aurora, IL 60504 $2,009,179 CAD ($534.36 CAD/SF) 8% Cap Rate

The Boulder Group is pleased to exclusively market for sale a single-tenant net-leased Steak ‘n Shake property located within the Chicago MSA in Aurora, Illinois. Steak ‘n Shake has been successfully operating from this location since 1998. In 2018, Steak ‘n Shake signed a long-term lease extending through July 2030, demonstrating a strong commitment to the site. The lease features 6.25% rental escalations in 2028 and in the second renewal option. Additionally, the lease is absolute triple net, presenting zero landlord responsibilities.
The 3,760 square-foot building bene?ts from its position along the high-traffic Route 59 Corridor, which experiences 68,000 vehicles per day. The subject property is positioned as an outparcel to Fox Valley Mall, a 1,000,000 square-foot regional shopping center home to over 120 retail tenants. Nationally recognized neighboring retailers include Target, Meijer, Whole Foods Market, The Home Depot, Walmart, Best Buy, ALDI, Burlington, At Home, Floor & Décor, Costco, Lowe’s, and many others. The property also bene?ts from 627 luxury apartment units on-site, as Fox Valley Mall’s “Reimagining Fox Valley” redevelopment has introduced Lumen Fox Valley (304 units) and Lucca Fox Valley (323 units), delivering a built-in, high-quality customer base. Furthermore, the property is surrounded by a dense and affluent population, with 260,000 residents living within a 5-mile radius who earn an average household income of over $161,000. Lastly, the site enjoys immediate proximity to three major hospitals — Rush Copley Medical Center (210 beds), Ascension Mercy Medical Center (292 beds), and Edward Hospital in Naperville (371 beds) serving as a signi?cant demand driver for the surrounding retail corridor.
Steak ‘n Shake is an iconic American fast-food chain founded in February 1934 by Gus Belt in Normal, Illinois, where he converted a gas station into the ?rst location along historic Route 66. Renowned for pioneering the “Steakburger”—made from ground steak and ground fresh in view of customers—and hand-dipped milkshakes, the company built its reputation on high-quality ingredients, including its famous beef tallow fries. Headquartered in Indianapolis, Indiana, it operates as a wholly owned subsidiary of Biglari Holdings. In recent years, the chain has undergone a successful revitalization, achieving its best same-store sales performance in decades with a 10.2% increase in 2025—driven by moves like switching to 100% all-natural beef tallow for fries, accepting Bitcoin (which boosted sales dramatically), eliminating microwaves for traditional cooking, and launching packaged beef tallow products.