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
Freestanding
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

StorageMart
Aldi

PROPERTY TAXES

  • Listing ID: 19706837

  • Date on Market: 5/28/2020

  • Last Updated:

  • Address: 424 E 71st St, Chicago, IL 60619