424 E 71st St
4,800 SF 100% Leased Retail Building Chicago, IL 60619 $525,000 ($109/SF) 13.07% Cap Rate
INVESTMENT HIGHLIGHTS
- 12.5% Cap Rate
- 100% Occupied with New Leases
- Three Unit Single Story Retail Building
- Eligible for Neighborhood Opportunity Fund Grant
EXECUTIVE SUMMARY
Incredible cash flowing strip center that is already producing a 12.5% Cap Rate. This is a prime three unit commercial corner property successfully run as a neighborhood street level retail center with longtime laundromat, nail salon and beauty supply tenants. Two tenants just executed three-year leases with 4% annual escalation while the third just signed a five-year lease with 3% annual escalations. Tenants pay for all utilities. This 100% occupied 4,800 SF freestanding three-unit building has 148 ft 71st Street frontage. Located in the Park Manor area of the Greater Grand Crossing community 9 miles south of the Loop. Easy access to the Eden's Expressway and The Skyway. Nearby intersection has 25,000+ VPD. Zoned B3-1 – Community Shopping District. Located in the 67th/Wentworth TIF District. The district is intended to foster new residential, commercial, and mixed-use development investment opportunities. Other grant options are possible, such as the Neighborhood Opportunity Fund and the R3 Grant.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income | $96,139 | $20.03 |
Other Income | - | - |
Vacancy Loss | $4,807 | $1.00 |
Effective Gross Income | $91,332 | $19.03 |
Taxes | $13,032 | $2.72 |
Operating Expenses | $9,932 | $2.07 |
Total Expenses | $22,964 | $4.78 |
Net Operating Income | $68,368 | $14.24 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
4,800 SF
Building Class
C
Year Built
1915
Price
$525,000
Price Per SF
$109
Cap Rate
13.07%
NOI
$68,609
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.79
Lot Size
0.14 AC
Zoning
B3-1 - Community Shopping District
Frontage
148 FT on E 71st St
AMENITIES
- Bus Line
- Corner Lot
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- A Beauty Supply
- Retailer
- 1,500 SF
- $19.80
- Modified Gross
- Oct 2026
- Collins Laundromat
- -
- 1,800 SF
- $17.17
- Modified Gross
- Oct 2028
- Nail Bling Salon
- Retailer
- 1,500 SF
- $23.69
- Modified Gross
- Oct 2026
TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
A Beauty Supply | Retailer | 1,500 SF | $19.80 | Modified Gross | Oct 2026 | |
Collins Laundromat | - | 1,800 SF | $17.17 | Modified Gross | Oct 2028 | |
Nail Bling Salon | Retailer | 1,500 SF | $23.69 | Modified Gross | Oct 2026 |
Walk Score®
Very Walkable (78)
Transit Score®
Excellent Transit (72)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
Parcel Number | 20-22-419-042-0000 | Total Assessment | $135,500 (2024) |
Land Assessment | $14,880 (2024) | Annual Taxes | $13,032 ($2.72/SF) |
Improvements Assessment | $120,620 (2024) | Tax Year | 2023 |