Fully Occupied Chicago Net Retail Asset | 2830 Mannheim Rd
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Fully Occupied Chicago Net Retail Asset 2830 Mannheim Rd
4,275 SF 100% Leased Retail Building Online Auction Sale Franklin Park, IL 60131
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Investment Highlights
- 2830 Mannheim Road presents an opportunity to acquire a retail center featuring Jersey Mikes, AT&T, and Taco Pros just outside Chicago.
- Incredible opportunity to acquire a 100% net leased retail asset that is fully stabilized with a diverse roster of three service-based tenants.
- Positioned just 3 miles south of one of the worlds busiest airports, Chicago's O'Hare, which is reachable directly from Mannheim Road.
- Prime location at the corner of Mannheim Road and Grand Avenue, two crucial commercial hubs that see a combined 65,000 vehicles per day.
- Strong surrounding retail synergies that feature national chains like Chipotle, Starbucks, McDonalds, Subway, Dunkin', and more.
Executive Summary
In conjunction with Ten-X, Seneca Real Estate is pleased to present 2830 Mannheim Road. 2830 Mannheim Road offers the market a rare opportunity to acquire a net-leased, 100% occupied retail property in the bustling neighborhood of Franklin Park. The building totals 4,275 square feet of space and is currently leased to a diverse mix of tenants, who all signed on to 10-year terms, showing long-term commitment to the center. The internet-resistant tenant roster includes Jersey Mikes, AT&T, and Taco Pros. AT&T is leased through 2029, while Jersey Mikes and Taco Pros are leased through 2032 and 2033, respectively. The building has been expertly maintained, with the building's shell, roof, and HVAC all kept in top condition. Each unit is separately metered for gas, electricity, and water. Take advantage of the opportunity to acquire this fully leased net asset, with an internet-resistant tenant roster and desirable lease escalations that provide a built-in hedge against inflation.
2830 Mannheim Road presents its tenants with a premier location with access to high traffic counts, surrounding retail synergies, robust demographics, and demand drivers. The building is located at the critical intersection of Grand Avenue and Mannheim Road, presenting the property with ample surrounding traffic. Mannheim Road leads directly to one of the busiest airports in the world, Chicago O'Hare, which is roughly 3 miles away. This prominent route features 42,000 vehicles per day and connects with Interstate 294. Grand Avenue provides an additional 25,000 cars per day to support constant retail demand further. Other retailers that call this commercial hub home include Chipotle, Starbucks, Subway, McDonald's, Dunkin', and more. This area's demographics include a sizable population of over 369,000 within 5 miles of the asset. This population is expected to have spent over $4.1 billion in 2024, which is only expected to grow over the next five years.
Franklin Park is a village in the Chicagoland area near Chicago O'Hare International Airport. Incorporated in 1892, the town is steeped in train culture and three Metra stations serve it. The Belmont Avenue Station services the North Central districts with daily service to Antioch and downtown Chicago (Union Station). In contrast, the Franklin Park and Mannheim Stations service the West Line, running from Chicago to Elgin. The township celebrates its history with a train museum and an annual festival. In addition, there is a burgeoning suburban downtown and many community gathering places.
2830 Mannheim Road presents its tenants with a premier location with access to high traffic counts, surrounding retail synergies, robust demographics, and demand drivers. The building is located at the critical intersection of Grand Avenue and Mannheim Road, presenting the property with ample surrounding traffic. Mannheim Road leads directly to one of the busiest airports in the world, Chicago O'Hare, which is roughly 3 miles away. This prominent route features 42,000 vehicles per day and connects with Interstate 294. Grand Avenue provides an additional 25,000 cars per day to support constant retail demand further. Other retailers that call this commercial hub home include Chipotle, Starbucks, Subway, McDonald's, Dunkin', and more. This area's demographics include a sizable population of over 369,000 within 5 miles of the asset. This population is expected to have spent over $4.1 billion in 2024, which is only expected to grow over the next five years.
Franklin Park is a village in the Chicagoland area near Chicago O'Hare International Airport. Incorporated in 1892, the town is steeped in train culture and three Metra stations serve it. The Belmont Avenue Station services the North Central districts with daily service to Antioch and downtown Chicago (Union Station). In contrast, the Franklin Park and Mannheim Stations service the West Line, running from Chicago to Elgin. The township celebrates its history with a train museum and an annual festival. In addition, there is a burgeoning suburban downtown and many community gathering places.
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- Operating and Financials
- Purchase Agreement
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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
Building Size
4,275 SF
Year Built
2019
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.23
Land Acres
0.43 AC
Zoning
C-3 - C-3 allows for a variety of uses including many more uses in C-2 zoning which are also allowed under C-3
Parking
21 Spaces (4.91 Spaces per 1,000 SF Leased)
Walk Score ®
Very Walkable (79)
About O'Hare
Conveniently located at the intersection of two major expressways and its namesake international airport, the O’Hare retail node is 18 miles from downtown Chicago. An ideal location, retailers can serve the area residents and the workforce which takes the Blue “L” transit line or the Metra’s North Central Service line to the office.
At the heart of this retail market is the O’Hare International Airport and the co-dependent businesses that serve the aviation industry and/or rely on the established transmodal infrastructure embedded into the area. Taking advantage of Chicago’s diverse economy and easy access to transportation arteries, many businesses choose the O’Hare retail market to sell their wares and services. Local employers include the Federal Aviation Administration, food distributor US Foods, Wintrust Bank, True Value Hardware, and beverage production and distributor Reyes Holdings.
The surrounding suburbs cater mostly to a blue-collar and unionized workforce. The exception would be Park Ridge to the east, with mostly management (17%), business and financial (10%), and healthcare (10%) occupations dominating its employment occupations.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
18,966
104,576
358,173
2020 Population
19,239
108,050
369,006
2029 Population
18,395
101,231
347,267
2024-2029 Projected Population Growth
-3.0%
-3.2%
-3.0%
Daytime Employees
6,663
55,079
189,605
Total Businesses
689
4,323
15,992
Average Household Income
$83,298
$82,668
$99,841
Median Household Income
$68,288
$66,986
$75,262
Total Consumer Spending
$187.6M
$1.1B
$4.1B
Median Age
39.2
39.4
40.8
2024 Households
6,057
35,638
127,230
Percent College Degree or Above
11%
13%
17%
Average Home Value
$239,226
$260,837
$344,673
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $317,626 | |
| Land Assessment | $194,300 | Total Assessment | $511,926 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$194,300
Improvements Assessment
$317,626
Total Assessment
$511,926
Sale Advisor
Sale Advisor
Joe Padorr, Managing Principal
(312) 316-2300
Contact
Understanding the unique needs of both tenants and landlords and then exceeding expectations comes second nature to Joe.
An experienced commercial real estate broker as well as a veteran of Chicago’s advertising industry (former partner of a Chicago-based ad agency), Joe brings a wealth of strategic brand development knowledge as well as customer acquisition and retention experience to his clients.
Whether he’s working with large national tenants or local retail and office users Joe provides strategic vision, creativity, and outstanding follow-through and easily gains his clients' trust and confidence.
Joe received a BA in Journalism from the University of Iowa in 1985. He is a licensed real estate agent, a member of the International Council of Shopping Centers and a former board member of Children’s Memorial Hospital Corporate Champions. He is an avid skier, cyclist and golfer. Joe and his family reside in Highland Park, Illinois.
An experienced commercial real estate broker as well as a veteran of Chicago’s advertising industry (former partner of a Chicago-based ad agency), Joe brings a wealth of strategic brand development knowledge as well as customer acquisition and retention experience to his clients.
Whether he’s working with large national tenants or local retail and office users Joe provides strategic vision, creativity, and outstanding follow-through and easily gains his clients' trust and confidence.
Joe received a BA in Journalism from the University of Iowa in 1985. He is a licensed real estate agent, a member of the International Council of Shopping Centers and a former board member of Children’s Memorial Hospital Corporate Champions. He is an avid skier, cyclist and golfer. Joe and his family reside in Highland Park, Illinois.
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
Jameson Kuykendall
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
-
Joe Padorr -
Seneca Real Estate Group, LLC
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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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Fully Occupied Chicago Net Retail Asset | 2830 Mannheim Rd
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