Wendy's
3,175 SF | Retail Building | Elgin, IL 60123 | $2,678,571 ($844/SF) | 5.60% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,678,571
- Property Type
-
Retail
- Square Feet
- 3,175 SF
- Price / Square Foot
- $844
Listing Contacts
Jimmy Goodman
Verified Profile
Randy Blankstein
Verified Profile
- Property Info
Property Overview
The Boulder Group is pleased to exclusively market the sale leaseback of a single tenant Wendy’s property positioned within the Chicago MSA in Elgin, Illinois. This location has a strong sales volume since opening in 1991. The tenant operates 41 units and has been in business since 1995. The sale leaseback includes a 20-year primary term that will commence upon the close of escrow. There will be 10% rental escalations every 5 years throughout the primary term and four 5-year renewal options. This location has been successfully operating with a low rent to sales ratio and well above average store sales.
The 3,175 square-foot building benefits from its position along McLean Boulevard which experiences over 25,300 vehicles per day. The property has immediate access to US Highway 20 (53,500 VPD) with on/off ramps less than 500 feet north. The subject property is located across from the Elgin Community College which has over 10,000 students enrolled. The property is also located next to the Elgin Sports Complex and The Highlands of Elgin Golf Course, both of which draw additional traffic through the corridor. There are over 170,000 people living within a five-mile radius that earn a six-figure average household income of $119,118. The daytime population also receives a boost from the industrial park located across the street with tenants such as XPO Logistics and ComEd.
Wendy’s® was founded in 1969 by Dave Thomas in Columbus, Ohio. Dave built his business on the premise, “Quality is our Recipe®,” which remains the guidepost of the Wendy’s system. Wendy’s is best known for its made-to-order square hamburgers, using fresh, never frozen beef, freshly-prepared salads with hand-chopped lettuce, and other signature items like chili, baked potatoes and the Frosty® dessert.
The 3,175 square-foot building benefits from its position along McLean Boulevard which experiences over 25,300 vehicles per day. The property has immediate access to US Highway 20 (53,500 VPD) with on/off ramps less than 500 feet north. The subject property is located across from the Elgin Community College which has over 10,000 students enrolled. The property is also located next to the Elgin Sports Complex and The Highlands of Elgin Golf Course, both of which draw additional traffic through the corridor. There are over 170,000 people living within a five-mile radius that earn a six-figure average household income of $119,118. The daytime population also receives a boost from the industrial park located across the street with tenants such as XPO Logistics and ComEd.
Wendy’s® was founded in 1969 by Dave Thomas in Columbus, Ohio. Dave built his business on the premise, “Quality is our Recipe®,” which remains the guidepost of the Wendy’s system. Wendy’s is best known for its made-to-order square hamburgers, using fresh, never frozen beef, freshly-prepared salads with hand-chopped lettuce, and other signature items like chili, baked potatoes and the Frosty® dessert.
Property Details
- Class
- C
- Year Built/Renovated
- 1991/2015
- Stories
- 1
- Lot Size (sq. ft)
- 53,579 SF
Highlights
- Proven sales history with low rent-to-sales of 6.82%
- New 20-year sale leaseback
- 10% rental escalations every five years
- Established franchisee, 41-unit
- Immediately off US Highway 20 (53,500 VPD)
- Six-figure average household income within five miles, $119,118
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