1758-1776 W Algonquin Rd
Mount Prospect, IL 60056
Commerce de détail Propriété À vendre

Marcus & Millichap is pleased to offer the opportunity to purchase the fee simple interest in a 22,900-square foot retail center located at 1700
Algonquin Rd, Mount Prospect, IL. Positioned betwixt three signalized intersections, the property features exposure to over 50,000 vehicles per
day. The site is 74% percent occupied and priced at an 8.15% CAP Rate on the in-place Net Operating Income, with room to push the CAP over
10% by leasing the vacant space at a modest rent.
All tenants are on true NNN leases, reimbursing for their pro rata share of Real Estate Taxes, CAM, Insurance, Management, and Administrative
Fees. Current rents average out below $12/sf and most tenants do not have fixed rents in their option periods, allowing a new owner to continue
pushing rents higher. The majority of leases also feature above market rent bumps and there’s a history of enforcement of both increasingly
higher rents, as well as full collection of pass-thru expenses.
The demographics surrounding the property are especially dense, with 100,000 people and average household income of $113,000 within a
3-mile radius. The site is well-trafficked, with unrestricted ingress/egress onto Algonquin and Dempster St.
In addition to the return metrics, the $130 asking price per square foot is far below where other retail properties currently on the market are
priced. This is a unique opportunity to purchase a value-add retail center at a great basis and with significant in-place cash flow.