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Views: 140 DOM: 430 Updated: 11.05.24 Posted: 09.11.23 Status: Active

Summary

Price $1,676,000
Built/Renov 1968/2022
Tenant Meineke
Cap Rate 7.25%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 4,862
Lease Start 04-01-2022
#Units 6
Price/SF $344.71
Expiration 03-31-2037
Tenant Type Automotive
NOI $121,500
R. Term 12.4
Ownership Fee Simple
Rent/SF $24.99
Increases 10.0%/3/yrs
Pop 5Mi 358,722
Lot/AC 0.46
Options 5/5yrs/10%
AHHI 5Mi $99,687

Lease Highlights

  • Recent 2022 renovations
  • Meineke currently has 12+ years remaining on the current lease term with 5 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Absolute NNN lease | Zero landlord responsibilities
  • Lease is franchisee guaranteed

Location Description

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). In addition, the property is one mile north of the Bellwood Union Pacific-WestMetra...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Meineke Car Care Centers, Inc., more commonly known as just Meineke, is a franchise-based international automotive repair chain. Previously known as Meineke Discount Mufflers, the company changed...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 16,887 138,545 358,891
2023 Total Population : 17,357 141,537 364,267
2023 Employed Civilian Pop : 8,370 70,191 187,319
2023 Total Businesses : 565 4,565 13,082
2023 Average Household Income : $ 79,254 $ 99,701 $ 111,078
2023 Total Consumer Spending : $ 378 M $ 4105 M $ 12955 M
2023 Median Age : 33 37 40
2023 Total Households : 5,544 48,224 137,109
2023 Pop Age 25+: Bachelor's Degree : 956 14,294 53,859
2023 Average Home Value : $ 226,260 $ 301,755 $ 351,896
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
North Ave 46th Ave 2013 48,000 0.07 mi
North Avenue Edward Ave 2019 44,400 0.09 mi
E Lemoyne Ave S Roberta Ave 2018 650 0.12 mi
Janice Ave James Pl 2018 600 0.13 mi
East Park View Drive N Edward Ave 2018 125 0.15 mi
East Park View Drive N Edward Ave 2018 125 0.15 mi
W North Ave 43rd Ave 2018 3,100 0.16 mi
W North Ave North Ave 2018 4,400 0.17 mi
IL 64 2021 41,700 0.23 mi
James Place N Alvin Ave 2018 650 0.24 mi

Listing Broker

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