This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.
You must register your contact information to view secure information on this listing.

Share This Listing

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

Meineke 385 E North Ave

4,862 SF Retail Building Northlake, IL 60164 £1,314,671 (£270/SF) 7.25% Net Initial Yield

Investment Highlights

  • Brand New 15-Year Lease | Scheduled Rental Increases | Franchisee Guaranteed | Well-Known & Established Tenant
  • Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
  • Direct Residential Consumer Base |Strong Demographics in 5-Mile Trade Area
  • Northlake Commons (293,523 SF) | Strong Tenant Presence | Bellwood Metra Station | O’Hare International Airport
  • Located Along W. North Avenue | Centralized Location

Executive Summary

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, franchisee guaranteed, Meineke Car Care investment property located in Northlake, IL (Chicago MSA). The tenant recently signed a brand new 15-year lease with 5 (5-year) option periods, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Founded in 1972, Meineke is among the leading automotive service centers in the world with over 800 locations.
Meineke is strategically located along W. North Avenue with clear visibility and access to 48,000 vehicles passing by daily. The asset benefits from direct on/off ramp access to several major commuter routes including State Highway 45 (41,900 VPD), Interstate 290 (123,000 VPD), and Interstate 294 (171,400 VPD), making this an ideal, centralized location with easy commutes for both employees and customers. In addition, the property is one mile north of the Bellwood Union Pacific-West Metra Station, a major commuter rail line operating out of Chicago with an average of over 27,000 weekly passengers. The asset is ideally situated within a dense retail corridor, and is within walking distance to Northlake Commons, a 293,523 SF Community Center anchored by The Home Depot. Other surrounding national/credit tenants include Walmart, Sam’s Club, Value City Furniture, Menards, Harbor Freight Tools, Planet Fitness, and others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the site is within proximity to several single-family communities and multi-family complexes including Wisdom Village of Northlake (71 units), Northlake Apartments (97 units), Casa San Carlon (184 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 358,700 residents and 202,600 daytime employees, with an average annual household income of $99,687.

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Repair
Building Size
4,862 SF
Building Class
C
Year Built/Renovated
1969/2022
Price
£1,314,671
Price Per SF
£270
Net Initial Yield
7.25%
NOI
£95,306
Tenancy
Single
Number of Floors
1
Building FAR
0.24
Land Acres
0.46 AC
Zoning
B-2 - Retail and Service Business District
Parking
6 Spaces (1.23 Spaces per 1,000 SF Leased)
Frontage
152 ft on E. North Ave.

MAJOR TENANTS Click Here to Access

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Service type
  • 99,999 SF
  • $9.99
  • Lorem Ipsum
  • Jan 0000

Since their first Houston, TX, location got up and running in 1972, they’ve worked to create a network of friendly, locally-owned shops led by true car care pros. From employment opportunities to financing options, learn more about what Meineke can offer! They offer a variety of services and repairs so that you can count on Meineke for all of your vehicle's needs.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Service type 99,999 SF $9.99 Lorem Ipsum Jan 0000

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 15-05-212-006-0000
  • 15-05-212-007-0000
Land Assessment
£55,502
Improvements Assessment
£49,986
Total Assessment
£105,487
  • Listing ID: 25082559

  • Date on Market: 18/02/2022

  • Last Updated:

  • Address: 385 E North Ave, Northlake, IL 60164

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, 'rating') }}
255 character limit ({{ remainingChars() }} characters remainingover)
{{ getErrorText(feedbackForm.msg, 'rating') }}
{{ getErrorText(feedbackForm.fname, 'first name') }}
{{ getErrorText(feedbackForm.lname, 'last name') }}
{{ getErrorText(feedbackForm.phone, 'phone number') }}
{{ getErrorText(feedbackForm.phonex, 'phone extension') }}
{{ getErrorText(feedbackForm.email, 'email address') }}