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Walgreens | 8.00% Cap | $18/SF | 25yr History 399 Lake Marian Rd 13,776 SF Retail Building Carpentersville, IL 60110 $3,131,325 ($227.30/SF) 8% Cap Rate
Investment Highlights
- Walgreens Has Operated Here Since 1999 With $2.1M in Annual Sales and 5.5 Years Remaining on the Lease Plus 8 Renewal Options
- Assumable ~$1.84M Loan at 6.5% Fixed Rate; $12.4K Monthly Debt Service and $101K in Annual Cash Flow After Debt Service
- Outparcel to Walmart at Signalized Corner With ±33,574 VPD; Surrounded by Starbucks, AutoZone, Wingstop, and Subway
- Double-Net Lease With Landlord Responsible Only for Roof and Structure; New Roof Installed in 2023 With Warranty Through 2043
- Current Rent Is Just $18.18/SF, Well Below Market; Occupancy Cost Ratio ~12% Supports Long-Term Retention
- 5-Mile Population of 112K+ With Avg. Income Over $114K; Located 41 Miles From Downtown Chicago in a Dense Retail Trade Area
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens pharmacy located at 399 Lake Marian Road in Carpentersville, Illinois, within the greater Chicago MSA. Walgreens has occupied the ±13,776-square-foot building for over 25 years and operates under a double-net (NN) lease with approximately 5.5 years remaining. The lease includes eight (8) five-year renewal options, with landlord responsibilities limited to roof and structure. A new roof was installed in 2023 and is under warranty through 2043.
Located at a signalized hard corner with over 33,500 vehicles per day, the property sits as an outparcel to a Walmart Supercenter and benefits from strong national co-tenancy including Starbucks, Wingstop, Subway, and AutoZone. Annual reported store sales are approximately $2.1 million, with current rent well below market at $18.18/SF—supporting a healthy occupancy cost ratio of approximately 12%.
This asset offers a compelling loan assumption opportunity with a ~$1,842,750 loan at 6.50% fixed interest, maturing in March 2031. Monthly debt service is $12,442.38, generating approximately $101,197 in annual cash flow after debt service.
In March 2025, Walgreens Boots Alliance agreed to be acquired by Sycamore Partners for $10 billion. Although credit agencies downgraded Walgreens to speculative-grade (BB- by S&P and Ba3 by Moody’s), the transition to private ownership is expected to allow more operational flexibility and targeted investment, which may support long-term performance. This offering presents a rare chance to secure a passive, cash-flowing NN asset in a dense, affluent Chicago suburb with proven tenant performance and favorable debt in place.
Illinois Broker of Record: Steven Weinstock
One Mid America Plaza, Ste. 200Oakbrook Terrace, IL 60181
Steven.Weinstock@MarcusMillichap.com
Lic #: 471.011175
Located at a signalized hard corner with over 33,500 vehicles per day, the property sits as an outparcel to a Walmart Supercenter and benefits from strong national co-tenancy including Starbucks, Wingstop, Subway, and AutoZone. Annual reported store sales are approximately $2.1 million, with current rent well below market at $18.18/SF—supporting a healthy occupancy cost ratio of approximately 12%.
This asset offers a compelling loan assumption opportunity with a ~$1,842,750 loan at 6.50% fixed interest, maturing in March 2031. Monthly debt service is $12,442.38, generating approximately $101,197 in annual cash flow after debt service.
In March 2025, Walgreens Boots Alliance agreed to be acquired by Sycamore Partners for $10 billion. Although credit agencies downgraded Walgreens to speculative-grade (BB- by S&P and Ba3 by Moody’s), the transition to private ownership is expected to allow more operational flexibility and targeted investment, which may support long-term performance. This offering presents a rare chance to secure a passive, cash-flowing NN asset in a dense, affluent Chicago suburb with proven tenant performance and favorable debt in place.
Illinois Broker of Record: Steven Weinstock
One Mid America Plaza, Ste. 200Oakbrook Terrace, IL 60181
Steven.Weinstock@MarcusMillichap.com
Lic #: 471.011175
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
13,776 SF
Building Class
C
Year Built
1999
Price
$3,131,325
Price Per SF
$227.30
Cap Rate
8%
NOI
$250,506
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.74 AC
Parking
55 Spaces (3.99 Spaces per 1,000 SF Leased)
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- -
Walgreens Boots Alliance began with Walgreens, which was founded in 1901 and grew from a neighborhood drugstore into a large pharmacy and retail business. The company was formed later through the combination of Walgreens and Alliance Boots, creating a business with a broad presence in pharmacy retail and health-focused services. Its operations include retail pharmacy, healthcare services, and pharmaceutical wholesale, with digital and in-store offerings that support prescription access, consultations, immunizations, and wellness products. Walgreens Boots Alliance has remained centered on pharmacy-led care while serving customers through a mix of community locations and online channels.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Triple Net | - |
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 03-14-276-030 | Improvements Assessment | $0 |
| Land Assessment | $143,186 | Total Assessment | $143,186 |
Property Taxes
Parcel Number
03-14-276-030
Land Assessment
$143,186
Improvements Assessment
$0
Total Assessment
$143,186
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Walgreens | 8.00% Cap | $18/SF | 25yr History | 399 Lake Marian Rd
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