Value-Add Freestanding Chicago Retail | 11 E 14th St
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Value-Add Freestanding Chicago Retail 11 E 14th St
10,200 SF Vacant Retail Building Online Auction Sale Chicago Heights, IL 60411
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Investment Highlights
- 11 E 14th Street is a premier freestanding retail offering totaling 10,200 square feet in the suburban community of Chicago Heights.
- Immense value-add opportunity to acquire a vacant former CVS that is equipped with a drive-thru, allowing lease-up upside.
- Rich retail demographic area offering a population of over 165,000 people who are anticipated to spend $1.7 billion within 5 miles in 2024.
- Ideal location at a signalized intersection along Route 30, a primary commercial corridor that sees over 18,000 vehicles per day.
- Surrounding retail synergies include Walmart Supercenter, Aldi, Food 4 Less, Dollar Tree, McDonald's and many more.
Executive Summary
11 E 14th Street presents the market with a unique opportunity to acquire a freestanding retail asset in Chicago Heights, Illinois. The property spans 10,200 square feet of space and was formerly occupied by CVS. The building sits on a spacious 1.49-acre parcel with ample room for parking, with 40 available surface parking spaces. The building possesses a pylon sign for enhanced visibility and a drive-thru for added consumer convenience. 11 E 14th Street presents the market with a rare opportunity to acquire a retail asset for owners/users or for investors to capitalize on its value-add potential.
11 E 14th Street is in a prime location that offers fantastic visibility, retail demand drivers, and demographics. The building is strategically located at a lighted intersection of the highly trafficked Route 30, a primary commercial corridor running through the center of Chicago Heights. This route generates 18,000 vehicles daily, providing the retail asset with an immense signage opportunity and a readily available consumer base. Demographics in this area include a population of over 165,000 people within a 5-mile radius. This population earns roughly $80,000 a year per household and is anticipated to spend $1.7 billion by the time 2024 concludes. Other key retailers in the area include Walmart Supercenter, Aldi, Dollar Tree, Food 4 Less, and a plethora of fast-food eateries.
Chicago Heights is a suburb in the southern portion of the greater MSA. This area has seen a steady generation of retail demand thanks to the aforementioned demographics and consumer spending. Chicago Heights is a highly connected suburb that benefits from its access to key transportation routes. Demand for retail space in the Chicago Market has risen by 1.9 million square feet through Q4 2024. Chicago's positive demand trajectory has hinged on the limited space availability and the very few retail closures market-wide. Only two significant markets outpaced Chicago nationwide. The sustained growth of dining, discount retailers, fitness, healthcare, and education sectors has provided a steady lift across the market. Do not miss the ideal time to acquire a valuable stake in this premium market.
Property tours are available by appointment only. Please contact the broker to schedule.
Listed by Adam Cody with JLL, IL license #471002776.
11 E 14th Street is in a prime location that offers fantastic visibility, retail demand drivers, and demographics. The building is strategically located at a lighted intersection of the highly trafficked Route 30, a primary commercial corridor running through the center of Chicago Heights. This route generates 18,000 vehicles daily, providing the retail asset with an immense signage opportunity and a readily available consumer base. Demographics in this area include a population of over 165,000 people within a 5-mile radius. This population earns roughly $80,000 a year per household and is anticipated to spend $1.7 billion by the time 2024 concludes. Other key retailers in the area include Walmart Supercenter, Aldi, Dollar Tree, Food 4 Less, and a plethora of fast-food eateries.
Chicago Heights is a suburb in the southern portion of the greater MSA. This area has seen a steady generation of retail demand thanks to the aforementioned demographics and consumer spending. Chicago Heights is a highly connected suburb that benefits from its access to key transportation routes. Demand for retail space in the Chicago Market has risen by 1.9 million square feet through Q4 2024. Chicago's positive demand trajectory has hinged on the limited space availability and the very few retail closures market-wide. Only two significant markets outpaced Chicago nationwide. The sustained growth of dining, discount retailers, fitness, healthcare, and education sectors has provided a steady lift across the market. Do not miss the ideal time to acquire a valuable stake in this premium market.
Property tours are available by appointment only. Please contact the broker to schedule.
Listed by Adam Cody with JLL, IL license #471002776.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Chicago - IL USA
Market Cap Rate
Chicago - IL USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Drug Store
Building Size
10,200 SF
Building Class
C
Year Built
2000
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Land Acres
1.49 AC
Parking
40 Spaces (3.92 Spaces per 1,000 SF Leased)
Frontage
86 FT on E 14th St
Amenities
- Pylon Sign
- Signalized Intersection
- Drive Thru
About Far South
The South Chicago retail area is bifurcated with forest preserves and bucolic vistas to the south and a bustling suburban enclave to the north. Interstates 57 and 80/94 meet in the northwest corner and go their respective southern and eastern ways from there. Yet the real draw for retail here is the extension of Western Avenue, the city of Chicago’s longest street, spanning over 27 miles from Evanston, Illinois, to Crete, Illinois. Students (and staff) are drawn to the Prairie State Junior College (500 employees), Chicago Heights, to start their educational journeys and then can commute south to Governor’s State University (1,000 employees), University Park, to finish their undergraduate studies.
Employment sectors run the gamut in South Chicago, but manufacturers and distributors appear to dominate the landscape. University Park’s large manufacturers require a substantial workforce to run their facilities and warehouses, like paper manufacturer Georgia Pacific (6,700 employees), jellies and spreads manufacturer JM Smuckers (5,500 employees), and Solo Cup manufacturer Dart Container (3,500 employees). Logistics companies are drawn here not only for the highways but for easy access to the Illinois Central Railroad Company’s (500 employees) intermodal terminal at the region’s northern border in Homewood.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
14,496
67,928
166,714
2020 Population
11,950
63,693
160,658
2029 Population
14,601
67,027
163,903
2024-2029 Projected Population Growth
0.7%
-1.3%
-1.7%
Daytime Employees
4,251
23,633
55,418
Total Businesses
488
2,303
6,751
Average Household Income
$60,727
$72,066
$80,912
Median Household Income
$49,130
$56,900
$64,270
Total Consumer Spending
$116.9M
$650M
$1.7B
Median Age
35.2
38.8
40.4
2024 Households
4,719
24,671
62,123
Percent College Degree or Above
9%
13%
16%
Average Home Value
$132,794
$160,393
$184,433
PROPERTY TAXES
| Parcel Number | 32-20-211-045-0000 | Improvements Assessment | $138,617 |
| Land Assessment | $47,645 | Total Assessment | $186,262 |
PROPERTY TAXES
Parcel Number
32-20-211-045-0000
Land Assessment
$47,645
Improvements Assessment
$138,617
Total Assessment
$186,262
Sale Advisors
Sale Advisors
Sean Stricker, Associate
(614) 460-4404
Contact
Sean Stricker is a Brokerage Analyst for JLL’s Columbus Office team. He graduated from the University of Dayton with a Bachelor’s degree in Sport Management.
Sean grew up in Cleveland and brings several years of sales experience. He worked in recruiting for five years prior to joining JLL in 2019. Sean began his JLL career in Capital Markets for two years where he served as an Investment Advisor focusing on the acquisition and disposition of multifamily housing transactions, before joining the Office Brokerage team.
In his free time, Sean enjoys golf, travel, attending country concerts, and spending time with family and friends.
Sean grew up in Cleveland and brings several years of sales experience. He worked in recruiting for five years prior to joining JLL in 2019. Sean began his JLL career in Capital Markets for two years where he served as an Investment Advisor focusing on the acquisition and disposition of multifamily housing transactions, before joining the Office Brokerage team.
In his free time, Sean enjoys golf, travel, attending country concerts, and spending time with family and friends.
Brad McMahon, Managing Director
(614) 460-4418
Contact
As a leader in the commercial real estate industry, Brad McMahon is a Managing Director with JLL who specializes in office properties and real estate portfolio management. With over 14 years of commercial real estate experience, Brad has built a reputation for delivering high quality service to his clients as a tenant representative and corporate real estate provider.
With a diverse client base that ranges from publicly traded companies to non-profit institutions and emerging growth companies, Brad helps customers identify and align real estate requirements with strategic business, financial and operational objectives. Brad listens closely to clients, allowing them to seize opportunities, reduce cycle time and save money. Brad maintains this high level of success by providing his clients with an unmatched level of professionalism, comprehensive market knowledge and strict adherence to high ethical standards.
With a diverse client base that ranges from publicly traded companies to non-profit institutions and emerging growth companies, Brad helps customers identify and align real estate requirements with strategic business, financial and operational objectives. Brad listens closely to clients, allowing them to seize opportunities, reduce cycle time and save money. Brad maintains this high level of success by providing his clients with an unmatched level of professionalism, comprehensive market knowledge and strict adherence to high ethical standards.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
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Sean Stricker -
Power Broker Brad McMahon -
JLL
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Value-Add Freestanding Chicago Retail | 11 E 14th St
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