Grease Monkey 1079 W Maple Ave

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a single-tenant net-lease Grease Monkey located in Mundelein, IL, 30 miles north of Chicago. This Grease Monkey has a little over 11 years remaining on a double-net lease with the landlord responsible for roof and structure only. The lease also provides for three 5-year renewal options with 10 percent rent increases at the start of each option.
The property is positioned at a signalized intersection across the street from Mundelein High School (approximately 2,500 students and employees) and catty corner to a Jewel-anchored retail center with well over 1 million visits per year.
Placer.ai ranks this Grease Monkey the top location in Illinois by annual visits and the 20th most visited location nationally, out of 329 locations. With its positioning at the intersection of Maple and Midlothian, the property enjoys traffic counts of over 21,000 vehicles per day,
and there is full access to the site. Although it appears to be an outparcel to a neighborhood retail center, there is no shared access or parking easements; as a result this Grease Monkey is not subject to any restrictive CC&R agreements.
Mundelein has experienced sustained growth over the last 5 years, in the wake of several large multifamily and retail developments in the northern Chicago suburbs. Home values have increased precipitously as a result of this demographic trend. Average household incomes are above $140,000 within a three-mile radius, and over 45,000 people live within the trade area.
The property will be conveyed on a 0.64-acre land parcel, increasing the versatility and residual value of this investment. This is an opportunity to purchase a long-term single-tenant net-lease property at an attractive price point with limited landlord responsibilities.