Overview
Matthews Real Estate Investment Services™ Healthcare Division is pleased to bring to market a high-quality urgent care facility in Wheaton, Illinois. The property is leased to Midwest Express Clinic on a NNN lease structure with 2% scheduled annual rent increases, providing strong income growth and minimal landlord responsibilities. Midwest Express Clinic is supported by an established track record and a growing regional footprint of approximately 53 locations.
Strategically positioned on Roosevelt Road near major national retailers and dense residential neighborhoods, the property offers excellent visibility and accessibility. The site is adjacent to the College of DuPage and near Wheaton College, driving steady patient volume from over 28,000 students and the surrounding community.
Serving a population of approximately 236,000 with an average household income of $126,000 within a five-mile radius, the property benefits from its placement in an affluent, highly educated area with strong demand for accessible, high-quality healthcare services. This combination of robust demographics and prime location makes Wheaton an exceptional long-term investment opportunity.
Investment Highlights
- Long Term Net Lease: This property is secured by a long-term NNN lease, requiring minimal landlord responsibilities. It’s a great choice for investors looking for dependable income with minimal operating expense risk.
- Annual Rental Increases: The lease features 2% annual rental escalators, giving investors a hedge against inflation and consistent, predictable rent growth.
- Proven Industry with E-Commerce Resistance: Healthcare operators aren’t prone to the same competition that many retail tenants face. Urgent care clinics now handle approximately 200 million patient visits each year. The industry has grown rapidly because of convenience, gaps in primary care, high costs of emergency room visits, and increased investment by health systems and private-equity groups. More than 50% of Millennials do not have primary care physicians and see urgent care facilities as their primary medical option.
- Demographic-Driven Healthcare Demand: Located in Wheaton, IL, this urgent care benefits from strong demand drivers in the Chicago metro area, including a rapidly aging population across surrounding counties, supporting long-term healthcare needs and steady patient volume.
- Proximity to Retail & Population Center: Located on a major thoroughfare, Roosevelt Rd, the property is surrounded by national tenants including McDonald’s, Raising Cane’s, Paris Baguette, and Jewel-Osco, and is close to strong local residential neighborhoods and daily consumer traffic.
- Rapidly Growing Billion Dollar Market: The U.S. urgent care market was valued at approximately $34 billion in 2024 and is expected to grow at a CAGR of 8.6% from 2025 to 2030. The growing burden of chronic diseases and the geriatric population has fueled this growth.
- Established & Growing Tenant: Midwest Express Clinic is a leading urgent care operator with approximately 53 locations across Illinois & Indiana and a strong track record of providing accessible, high-quality care for more than a decade.
- Affluent Trade Area: Within a five‑mile radius, the population is approximately 236,000, with an average household income of $126,000. This affluent and densely populated area offers a financially robust patient base supporting strong healthcare utilization.
- Strong Student Population Nearby: The urgent care is less than 2-miles from the College of DuPage, which enrolls around 25,000 students, and in close proximity to Wheaton College, which has nearly 3,000 students, placing a large and diverse student base within proximity for steady walk-in and referral visits.
- Favorable Depreciation: Given the heavy build-out at this facility, this opportunity offers investors the ability to capture more favorable depreciation advantages through a cost segregation study. *Investors to confirm with their own CPA.
- 7.78% Average Cap Rate: The property offers an average return of 7.32% at list price, giving investors a healthy and growing return backed by a stable NNN lease in a proven industry.
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