Meineke | New 15-Yr Abs NNN | 9640 S Cicero Ave
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Meineke | New 15-Yr Abs NNN 9640 S Cicero Ave
2,200 SF Retail Building Oak Lawn, IL 60453 $1,676,000 ($762/SF) 7.25% Cap Rate
Investment Highlights
- Brand New 15-Year Lease | Scheduled Rental Increases | Franchisee Guaranteed | Well-Known & Established Brand
- Direct Residential Consumer Base | Six-Figure Incomes | Strong Demographics in 5-Mile Trade Area
- Located Along Cicero Avenue | Chicago MSA | Dense Retail Corridor | Saint Xavier University
Executive Summary
• The tenant recently signed a brand new 15-year lease with 5 (5-year) option periods, demonstrating their long-term commitment to the site
• The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation
• The asset is strategically positioned along S. Cicero Avenue with clear visibility and access to an average of 44,000 vehicles passing by daily
• The site is located in the Southwest Suburbs of Chicago, making it an ideal and centralized location with easy commutes
• The asset is ideally situated within walking distance to Shops at 95th & Cicero (77K+ SF), Green Oak Shopping Center (91K+ SF), Village of Oak Lawn (296K+ SF), and other centers
• More than 464,400 residents and 162,300 employees support the trade area
• Residents within 1 mile of the site boast an annual average household income of $106,415
• The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation
• The asset is strategically positioned along S. Cicero Avenue with clear visibility and access to an average of 44,000 vehicles passing by daily
• The site is located in the Southwest Suburbs of Chicago, making it an ideal and centralized location with easy commutes
• The asset is ideally situated within walking distance to Shops at 95th & Cicero (77K+ SF), Green Oak Shopping Center (91K+ SF), Village of Oak Lawn (296K+ SF), and other centers
• More than 464,400 residents and 162,300 employees support the trade area
• Residents within 1 mile of the site boast an annual average household income of $106,415
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,200 SF
Building Class
B
Year Built/Renovated
1961/2022
Price
$1,676,000
Price Per SF
$762
Cap Rate
7.25%
NOI
$121,510
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Lot Size
0.39 AC
Zoning
C-2 - General Service Business
Parking
24 Spaces (10.91 Spaces per 1,000 SF Leased)
Frontage
Walk Score ®
Very Walkable (80)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 24-09-221-032-0000 | Improvements Assessment | $31,438 |
| Land Assessment | $41,948 | Total Assessment | $73,386 |
PROPERTY TAXES
Parcel Number
24-09-221-032-0000
Land Assessment
$41,948
Improvements Assessment
$31,438
Total Assessment
$73,386
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Meineke | New 15-Yr Abs NNN | 9640 S Cicero Ave
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