7834 N 2nd Street (Hwy 251)

Retail-Commercial for Sale
Catylist Listing ID: 30751829
Property Subtypes: Restaurant
Building Size (RSF): 5,158 SF
Gross Land Area: 0.30 Acres
Sale Price: $715,000
Unit Price: $138.62 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Gill's Diner
Sale Terms: Cash to Seller
Cap Rate: 9.0%
Last Updated: 9/20/2021

Overview / Comments

INVESTMENT OPPORTUNITY... 10 years of cashflow on Sales / Leaseback from Gill's Diner...

Established in 1962 Gill's Diner is a landmark of the Highway 251 corridor located in Machesney Park, IL. Open for breakfast and lunch, Gill's Diner offers a great investment opportunity with an excellent business owner that has been in this location for over 30 years. The restaurant includes a gaming parlor entertaining patrons as they wait to be seated at this busy establishment.

- 2 tenant building with master lease from Gill's Diner
- Very low energy cost
- New roof and solar panel system as of October 2020
- Little to no exterior maintenance
- Public parking in front of the restaurant

Master Lease Terms
+ Net Lease
+ 10-Year lease to commence at acquisition
+ Two 5-year options
+ 2% annual rent escalations

Attachments & Media

Additional Details

Nearest MSA: Rockford
County: Winnebago
Taxing Authority: Machesney Park
Tax ID/APN: 0831104013
Zoning: COMMERCIAL
Property Located Between: Harlem & Highway 251
Property Visibility: Excellent
Largest Nearby Street: Highway 251
Feet of Frontage: 100
Traffic/Vehicle Count: 20,800
Highway Access: Highway 251
Airports: Chicago Rockford International Airport
Site Description: Great site with both on and off property parking immediately available.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,158 SF
Property Condition: Good
Year Built: 1965
Year Renovated: 2020
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: New roof and solar panel system installed as of October 2020. Very low energy cost with little to no exterior maintenance.
Total Parking Spaces: 24
Parking Type: Surface
Parking Description: Great parking available both on and off property. Off property public parking immediately adjacent to the front of the building.
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: Commercial Zoning
Lot Frontage: 100
Lot Depth: 130.68
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,003 62,701 149,167
Median Age: 37.01 40.94 39.07
Households: 4,264 25,466 59,388

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