204 Washington StNaperville, IL 60540

For Sale
$3,092,000

Downtown Naperville, strong NOI, 6.65% cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional mixed-use property, located at 204 S Washington St in Naperville, IL, presents a compelling investment opportunity. The 5,213 square foot building, constructed in 1970 and renovated in 2021, boasts a prime location in the heart of the Downtown Business District (B4 zoning). Currently operating at 100% occupancy, the property features a diverse tenant mix, including five units. The anchor tenant is Ichiddo Ramen, a popular Japanese restaurant, operating under a 10-year net lease (NN) commencing April 1, 2024, and expiring May 31, 2034, with a five-year option and 2.75% annual rent increases. The remaining four units are one-bedroom apartments generating consistent rental income. The property offers a substantial net operating income (NOI) of $205,660, resulting in an attractive 6.65% capitalization rate. The 0.073-acre lot includes a two-story building with a basement. This investment provides a stable cash flow and significant upside potential in a highly desirable suburban downtown area. The property's strong demographics, including an average household income exceeding $169,000 within a one-mile radius and a median housing value of $563,089, further enhance its appeal. The asking price is $3,092,000. APN: 07-13-431-014.

Highlights

  • Ichiddo Ramen, a popular Japanese restaurant, signed a new 10-year net lease with 2.75% annual rent increases and a 5-year option. The ground floor retail space has excellent visibility on two streets.
  • Four one-bedroom apartments provide diversified cash flow above the restaurant.
  • Strong demographics: Average household income exceeds $169,000 within one mile, and median home value is $563,089 within one mile.

Property Details for 204 Washington St

Property type
Other retail properties, Individual retail properties
Square Feet
5,213 SF
Year Built/Renovated
1970/2021
Buildings
1
Stories
2
Lot Size (sq. ft)
3,180 SF
Units
5

Location Insight

City
Naperville
County
Dupage
State
Illinois
Latitude
41.7727801
Longitude
-88.1474866
204 Washington St, Naperville, Illinois

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204 Washington St
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