Multi-Tenant Waukegan Retail Offering

Listing Multi-Tenant Waukegan Retail Offering Price:$1,132,500 Status:For Sale Greenstone Partners has been exclusively retained to offer the fee-simple interest in the Waukegan Retail Center located at 2811-2817 West Grand Avenue (“the Property”) in Waukegan, IL (Lake County), a northern Chicago suburban community. The 4,460 rentable square foot retail asset is currently fully leased to three established tenants, Juan’s Hair Salon, Big Daddy Liquors and Dotty’s Café. Both the liquor store and hair salon have occupied their spaces since the building was delivered in 2008 and further demonstrating their commitment to this location, both tenants recently renewed their leases for an additional five years. Dotty’s Café, a national tenant with more than 175 locations just signed a six year lease and consequently there is no lease rollover until May of 2019 or later. At the offering price of $1,132,500, the Property offers initial year-one returns of an 8.00% cap rate and 10.72% cash-on-cash return, based on 70% Loan-to-Value, 4.75% Interest Rate, and 25 Year Amortization. The return quickly jumps to a 8.31% cap rate and 11.74% cash-on-cash return in year three and a 8.69% cap rate and 13.00% cash-on-cash return in year five given that all tenants have solid annual rental escalations. The Property was has been underwritten with a five-percent economic vacancy. The investment allows for passive ownership as all tenants are under a net-lease structure, with tenants assuming responsibility for reimbursing CAM, RE Taxes and Management.

Multi-Tenant Waukegan Retail Offering