305-315 W 10th Ave - Retail FOR SALE


Milan, IL 61264
$1,463,624 USD
714-874-4004
305-315 W 10th Ave, Milan, IL for Sale
$1,463,624 USD
Retail - FOR SALE
1/13
null | 8.5% Cap Rate

305-315 W 10th Ave
Milan, IL 61264


HIGHLIGHTS

  • NEW 5-YEAR LEASES - New committed 5-year leases from Cactus Mexican Restaurant, Milan Liquor and Milan Laundromat.
  • EXCELLENTLY MAINTAINED - Most tenants have brand new LED lights, ceilings, electrical and HVAC units.
  • HIGH TRAFFIC COUNTS - The immediate area sees close to 23,000 vehicles per day from 10th Ave W (6,700), 4th St W (6,300) and 1st St W (9,800).
  • MAJOR RETAILERS NEARBY - This site is located directly next to KFC and AutoZone and across the street from Hy-Vee and CVS.
  • STRONG DEMOGRAPHICS - Solid population counts of 2,574 within 1 mile, 20,174 within 3 miles, 69,307 within 5 miles and 253,419 within 10 miles.
  • LARGE EMPLOYERS CLOSEBY - XPAC, a large internet company with 3,000 employees and an annual revenue of $420.0M is up the street.

OVERVIEW

Prime Net Lease is pleased to present the exciting opportunity to acquire a 10,790 SF 6 unit multi-tenant retail center, known as the Gaslite Square Plaza, located in Milan, IL. The tenant mix consists of retail-oriented tenants that conveniently serve customers in the nearby community and surrounding areas. Most of the tenants have been long term, reliable and who have continuously maintained their leases throughout the years, showing their strong commitment to the area and site itself. The plaza is located on one of Milan's busiest intersections with nearly 17,000 vehicles per day. This has attracted the plaza's newest tenant, Bill's Gaming Cafe, who spent nearly $100,000 on recent renovations. The site shares a parking lot with Dollar General, while directly next door are both KFC and AutoZone and across the street are Hy-Vee and CVS. Local and major national tenants closeby include Pizza Hut, McDonald's, Hardee's, Jimmy John's, Fazoli's, Target, Ross, Hobby Lobby, Dollar General, Walgreens and many others. The site has quick access to US Hwy 92, I-280, I-74 & The Quad City Airport. Milan is home to the John Deere North American Parts Distribution Center, one of the largest warehouses in the world. In June of 2022, only six miles away in Davenport, Iowa, Fair Oaks Foods announced plans to construct a state-of-the-art food production facility. The $134 million investment includes a 150,000 square-foot facility in the Eastern Iowa Industrial Center and will create an estimated 247 new full-time jobs. The company plans to start operations in early 2024. Construction is anticipated to begin this summer on a 32-acre site near Interstate 80. This development is expected to have an annual economic impact of $182 million, making it the largest business attraction project in the region’s history. Milan is a village in Rock Island County, Illinois. The village is located near the Quad Cities of Illinois and Iowa. The area consists of the cities of Davenport and Bettendorf in Iowa and Rock Island, Moline, and East Moline in Illinois, and their suburbs in northwest Illinois and southeast Iowa. The Quad Cities is located at the confluence of the Rock and Mississippi rivers, approximately 140 miles (230 km) west of Chicago, and forms the largest metropolitan area along the Mississippi River between Minneapolis–Saint Paul and the St. Louis metropolitan area. The Quad Cities Metropolitan Area consists of three counties: Scott County in Iowa, and Rock Island County and Henry County in Illinois. The Quad City metro population is 382,268. The Quad Cities Metropolitan Area is also considered part of the Great Lakes Megalopolis. **Dollar General & Happy Joe’s not included in sale**

FOR SALE DETAILS

PRICE

$1,463,624 USD

PRICE/SF

$62 USD /SF

CAP RATE

8.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Gaslite Square Plaza

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1977

SPRINKLERS

-

PARKING SPACES

160

LAND DETAILS

LAND ACRES

2.35 AC

LAND SF

102,366 SF

ZONING

C-2

APN/PARCEL ID

16-23-409-003

ASK ABOUT THIS PROPERTY

Michael MatusikPrime Net LeaseMore Info
714-874-4004

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Michael MatusikPrime Net LeaseMore Info
714-874-4004

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.