83% Leased Retail Strip Center - 2007 Build 1720 Chicago Rd
6,000 SF 83% Leased Retail Building Online Auction Sale Chicago Heights, IL 60411
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INVESTMENT HIGHLIGHTS
- 83% occupied retail strip center with a service-oriented, E-commerce resistant tenant mix who are long term with staggered lease end dates.
- Ample parking available with 27 parking spaces for shoppers and employees. Parking ratio of 4.5 spaces per 1,000 rentable square feet.
- Population within 2 miles is rapidly growing with household incomes on the rise and a majority owner-occupied households.
- 2007 construction means a hands-off investment for buyers looking for a strong cash-flowing asset to add to their portfolio.
- Potential for a drive through on the South side of the building.
- Prime location on Chicago Road, which is a major area thoroughfare that sees lofty traffic counts of over 22,000 vehicles daily.
EXECUTIVE SUMMARY
1720 Chicago Road presents investors with the ideal asset in the Greater Chicago retail landscape. It is strategically located on
Chicago Rd, the main street in Chicago Heights with a 22,000 Average Daily Traffic Count. Built in 2007, this low maintenance property rings in at 6,000 square feet spread across one story. There is ample space for patrons and employees alike on the 0.49-acre parcel, with 27 total spaces. This 6 unit property is 83% occupied by four tenants spread across five total suites, and has one vacancy. The synergistic tenant mix includes a hair salon, tattoo & piercing studio, cellphone repair shop, and restaurant. Several of the tenants have historic on-site occupancy with time remaining on lease terms. Investors can delight in acquiring a high-income-producing asset that allows for a hands-off investment.
Far South is an excellent retail submarket for investors to enter the Greater Chicago market. The Far South retail submarket has a vacancy rate of 7.3% as of the fourth quarter of 2024. Far South's vacancy rate of 7.3% compares to the submarket's five-year average of 9.4% and the 10-year average of 12.0%. The Far South retail submarket has roughly 1.4 million square feet of space listed as available, for an availability rate of 11.2%. As of the fourth quarter of 2024, there are 13,000 square feet of retail space under construction in Far South. In comparison, the submarket has averaged 15,000 square feet of under-construction inventory over the past 10 years. Rents have changed by 1.6% year-over-year in Far South, compared to a change of 1.2% across Chicago as a whole. Market rents have changed by 3.1% in neighborhood center properties year over year, 4.1% in power center properties, 0.9% in strip center properties, 1.8% in mall properties, and 0.8% in general retail properties. Annual rent growth of 1.6% in Far South compares to the submarket's five-year average of 3.1% and its 10-year average of 2.0%.
Chicago, as a whole, has performed well recently. The City That Works does just that. Almost 500 companies across various industries occupy over 100,000 square feet each of office space within the Chicago metropolitan area. This is the home of United Airlines, industrial distributor W.W. Grainger, manufacturer GE HealthCare, Discover Financial Services, retailer Ace Hardware, global insurance brokerage Gallagher, fast food giant McDonald's, Hyatt Hotels, and law firm Kirkland & Ellis.
Just 33 miles south of Chicago, Chicago Heights is a thriving neighborhood. Its proximity to US 30 and Route 1 makes getting around from Chicago Heights simple. Prairie State College is situated in Chicago Heights, presenting a variety of special events and programs to the community. This part of Chicago is home to a diverse mix of people, outdoor recreation, and opportunities.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Chicago Rd, the main street in Chicago Heights with a 22,000 Average Daily Traffic Count. Built in 2007, this low maintenance property rings in at 6,000 square feet spread across one story. There is ample space for patrons and employees alike on the 0.49-acre parcel, with 27 total spaces. This 6 unit property is 83% occupied by four tenants spread across five total suites, and has one vacancy. The synergistic tenant mix includes a hair salon, tattoo & piercing studio, cellphone repair shop, and restaurant. Several of the tenants have historic on-site occupancy with time remaining on lease terms. Investors can delight in acquiring a high-income-producing asset that allows for a hands-off investment.
Far South is an excellent retail submarket for investors to enter the Greater Chicago market. The Far South retail submarket has a vacancy rate of 7.3% as of the fourth quarter of 2024. Far South's vacancy rate of 7.3% compares to the submarket's five-year average of 9.4% and the 10-year average of 12.0%. The Far South retail submarket has roughly 1.4 million square feet of space listed as available, for an availability rate of 11.2%. As of the fourth quarter of 2024, there are 13,000 square feet of retail space under construction in Far South. In comparison, the submarket has averaged 15,000 square feet of under-construction inventory over the past 10 years. Rents have changed by 1.6% year-over-year in Far South, compared to a change of 1.2% across Chicago as a whole. Market rents have changed by 3.1% in neighborhood center properties year over year, 4.1% in power center properties, 0.9% in strip center properties, 1.8% in mall properties, and 0.8% in general retail properties. Annual rent growth of 1.6% in Far South compares to the submarket's five-year average of 3.1% and its 10-year average of 2.0%.
Chicago, as a whole, has performed well recently. The City That Works does just that. Almost 500 companies across various industries occupy over 100,000 square feet each of office space within the Chicago metropolitan area. This is the home of United Airlines, industrial distributor W.W. Grainger, manufacturer GE HealthCare, Discover Financial Services, retailer Ace Hardware, global insurance brokerage Gallagher, fast food giant McDonald's, Hyatt Hotels, and law firm Kirkland & Ellis.
Just 33 miles south of Chicago, Chicago Heights is a thriving neighborhood. Its proximity to US 30 and Route 1 makes getting around from Chicago Heights simple. Prairie State College is situated in Chicago Heights, presenting a variety of special events and programs to the community. This part of Chicago is home to a diverse mix of people, outdoor recreation, and opportunities.
Property tours are available by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
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
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Building Size
6,000 SF
Building Class
B
Year Built
2007
Percent Leased
83%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.28
Lot Size
0.49 AC
Zoning
B-1 - Neighborhood Business District
Parking
27 Spaces (4.5 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Corner Lot
- Signage
- Tenant Controlled HVAC
- Drive Thru
Walk Score®
Very Walkable (74)
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
14,831
70,165
162,277
2020 Population
12,183
65,733
155,991
2029 Population
14,946
69,352
159,730
2024-2029 Projected Population Growth
0.8%
-1.2%
-1.6%
Daytime Employees
3,811
22,948
53,297
Total Businesses
446
2,274
6,397
Average Household Income
$55,797
$69,491
$80,316
Median Household Income
$41,395
$56,133
$63,908
Total Consumer Spending
$115.6M
$666.3M
$1.7B
Median Age
34.9
38.5
40.1
2024 Households
4,856
25,681
60,212
Percent College Degree or Above
7%
12%
16%
Average Home Value
$130,332
$152,423
$184,056
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $70,118 | |
| Land Assessment | $12,906 | Annual Taxes | ($1) |
| Improvements Assessment | $57,212 | Tax Year | 2024 |
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.
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AUCTION CONTACT
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
