Cap Rate: 3.75%
Net Operating Income: $60,000
Square Footage: 7,381
Lot Size: 0.69 AC
The subject property is a rare 7,381 square foot, single-tenant AutoZone located in Naperville, IL (Chicago). AutoZone recently executed a New 12 Year Absolute NNN Ground lease. The lease calls for zero landlord obligations and four, 5-year options to renew with 7% increases at options.
The site is ideally located in a major retail trade area and neighboring retailers include Walgreens, Toyota, Cadillac, McDonald’s and more. The site also benefits from heavy traffic counts of 36,506 VPD along W Ogden Avenue and Raymond Dr NE.
Naperville is a city in DuPage and Will counties in the U.S. state of Illinois and a suburb of Chicago. Located 28 miles (45 km) west of Chicago, Naperville was founded in 1831 and developed into the third-largest city in Illinois. As of the 2010 census, the city had a population of 141,853, which was estimated to have increased to 148,449 by 2019.