Gaslite Square Plaza | 305-315 W 10th Ave
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Gaslite Square Plaza 305-315 W 10th Ave
23,500 SF 100% Leased Retail Building Milan, IL 61264 $2,074,643 CAD ($88 CAD/SF) 8.50% Cap Rate
Investment Highlights
- NEW 5-YEAR LEASES - New committed 5-year leases from Cactus Mexican Restaurant, Milan Liquor and Milan Laundromat.
- 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).
- 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.
- EXCELLENTLY MAINTAINED - Most tenants have brand new LED lights, ceilings, electrical and HVAC units.
- MAJOR RETAILERS NEARBY - This site is located directly next to KFC and AutoZone and across the street from Hy-Vee and CVS.
- LARGE EMPLOYERS CLOSEBY - XPAC, a large internet company with 3,000 employees and an annual revenue of $420.0M is up the street.
Executive Summary
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**
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**
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$187,985
|
$8.00
|
| Other Income |
$44,151
|
$1.88
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$232,136
|
$9.88
|
| Taxes |
$20,694
|
$0.88
|
| Operating Expenses |
$35,097
|
$1.49
|
| Total Expenses |
$55,790
|
$2.37
|
| Net Operating Income |
$176,346
|
$7.50
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $187,985 |
| Annual Per SF | $8.00 |
| Other Income (CAD) | |
|---|---|
| Annual | $44,151 |
| Annual Per SF | $1.88 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $232,136 |
| Annual Per SF | $9.88 |
| Taxes (CAD) | |
|---|---|
| Annual | $20,694 |
| Annual Per SF | $0.88 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $35,097 |
| Annual Per SF | $1.49 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $55,790 |
| Annual Per SF | $2.37 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $176,346 |
| Annual Per SF | $7.50 |
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
23,500 SF
Building Class
C
Year Built/Renovated
1977/2023
Price
$2,074,643 CAD
Price Per SF
$88 CAD
Cap Rate
8.50%
NOI
$176,345 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.23
Lot Size
2.35 AC
Zoning
C-2
Parking
160 Spaces (6.81 Spaces per 1,000 SF Leased)
Nearby Major Retailers
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Gaslite Square Plaza | 305-315 W 10th Ave
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