Address: 10420 Grand Avenue, Franklin Park, Illinois, United States 60131
Type: Drug Store
Cap Rate: 5.25%
Lease Type: Triple-Net (NNN) Ground Lease
Annual Rent: $210,000
Net Operating Income: $210,000
Lease Term Remaining: 25 Years
Rental Increases: 10% Increases at the Start of Each Option
Options: Six (6), Five (5)-Year Options
Year Built: 2009
Rentable Sq/Ft: 13,225 SF
Rent Sq/Ft: $15.88
Price Sq/Ft: $302
Lot Size: 1.68 Acres
Marcus & Millichap is pleased to present the exclusive listing for the CVS located 10420 Grand Avenue, Franklin Park, IL. The property was built in 2009 and consists of approximately 13,225 rentable square feet on 1.68 acres of land.
The subject property has been a CVS since it opened for business in 2009. The original 25-year triple-net (NNN) ground lease has over 16 years remaining. The tenant is currently paying an annual rent of $210,000 and is set to increase by 10%during each of the six, five-year tenant renewal option periods.
This CVS Pharmacy investment property is strategically located at 10420 Grand Avenue which is intersected by Mannheim Road. Mannheim Road is a very busy road with an average daily traffic count exceeding 47,710 vehicles. Additionally, within a short drive of this property is Toll Road, which brings an additional 163,345 vehicles into the immediate area on a daily basis. Furthermore, the subject property is in a heavily populated area. There are more than 19,000 individuals residing within a one-mile radius of the property and 367,440 within a five-mile radius with an average household income of $87,033 in a five-mile radius.
This CVS Pharmacy property benefits from being well-positioned in a highly dense downtown area consisting of many local and national tenants, which include: Jewel-Osco, Sally Beauty Supply, McDonald’s, Domino’s, Wendy’s, KFC, Starbucks, Sonic Drive Thru, Denny’s, Little Caesar’s, and many more. This CVS Pharmacy property also benefits greatly from being located within immediate proximity of Chicago O’Hare International Airport which served 83,245,472 passengers in 2018 and is the sixth-busiest airport in the world!
Franklin Park is a village in Cook County, Illinois. Franklin Park located only 15-miles from downtown Chicago, which is the third largest city in the United States. Located where the Chicago River meets Lake Michigan, Chicago is known as the “Windy City” due to the weather caused by the nearby bodies of water. Chicago has the second largest business district in the nation as well as having its most balanced economy. Multiple Dow 30 companies are based in the Chicago Metropolitan Area, such as Boeing, Sears, Kraft, and McDonald’s. Every year, over 50 million people visit the city. With three-time World Series winners the Chicago Cubs, the six-time Stanley Cup winning Chicago Blackhawks, and six-time NBA championship winning Chicago Bulls, the city has a tradition of excellence in all sports. Chicago is also home to several universities such as Northwestern University, University of Chicago, the Art Institute of Chicago, DePaul University, and several others with a combined total enrollment of over 60,000 students.
Broker of Record: Steven Weinstock License # 471.011175