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Net Leased Restaurant with Development Parcel

1055 N Lake St + Adjacent Lot

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Aurora, IL 60506

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Net Leased Restaurant with Development Parcel

1055 N Lake St + Adjacent Lot

Aurora, IL 60506

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Contact Advisor

Square
Joel Miller, CCIM Senior Advisor, Retail Services
SVN | Landmark Commercial Real Estate

joel.miller@svn.com
(C) 630.270.6949
(O) 630.938.4950
(F) 630.938.4960

 


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Net Leased Restaurant & Development Land

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For Sale
Price:
$1,250,000
Building Size:
4,656 SF
Property Type:
Retail
Total Lot Size:
6.63 Acres
Year Built:
1963
Download Offering Memorandum
 


Highlights

  • Single Tenant Net Leased Iconic Restaurant
  • 4.91 Acre Development Parcel Included (6.63 Acres Total)
  • Tenant In Place for nearly 20 Years. New 7 year Term.
  • Strong Visibility on IL Route 31
  • Excellent Area Retail Co-Tenancy
  • Dense Population in Illinois' 2nd Largest City
  • Generous Parking for more than 120 Cars

Description

The subject property is a freestanding 4,656 SF restaurant building on 1.72 acres leased to Nikarry's Restaurant plus 4.91 acres of development land. Nikarry's is a staple of the community which has occupied the present location for nearly 20 years, and reaffirmed its commitment to the location by recently executing a new 7 year lease.

The 4.91 Acre wooded development lot with river views is currently zoned M1, which allows for a variety of uses including self storage, veterinary services, animal hospitals and kennels. Potential for multi-family or senior housing with rezoning.

The property is located on Lake St (Route 31) just south of Indian Trail Rd in a vibrant commercial district adjacent to the Fox River in Aurora, Illinois' second largest city. The property is adjacent to McDonalds, and close to Northgate Shopping Center, Cermak Produce, Carson Pirie Scott, TJ Maxx, Ross, Long John Silvers, Taco Bell, White Castle, Walgreens and many other regional and national retailers.