4,800 sq ft
Commercial: Retail/Stores - MLS# 12002638
Tools & Resources:
Description
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.
Features
- Property Type: Commercial
- Sub Type: Retail/Stores
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60619
- Year Built: 1915
- Sq.Ft.: 4,800 sq ft
- Stories: 1
- Units: 3 units
- Zoning: COMMR
- # Of Tenants: 3
- All Sub-Types: Retail/Stores, Free Standing Store, Neighborhood Storefront, Shopping Center, Strip Center
- Building Area Total: 4800
- Cap Rate: 12.6
- Cooling: Central Air
- Directions: South in King Drive and east on 71st Street to building
- Electric: Service - 101 to 200 Amps
- Expense Year: 2023
- Gross Income: 96139
- Gross Scheduled Income: 96139
- Heat/Ventilation: Forced Air
- Information: 24-Hr Notice Required, List Broker Must Accompany
- Leasable Area: 4800
- Leasable Area Units: Square Feet
- Lot Size Square Feet: 5900
- Main Type: Commercial Sale
- Min Avail Sq Ft (Rentable): 1500
- Operating Expense: 22964
- Property Offered: For Sale Only
- Tax Annual Amount: 13032
- Tax Year: 2023
- Tenant Pays: Air Conditioning, Electricity, Heat, Scavenger, Sewer, Varies by Tenant
- Total Annual Expense Source: Actual
- Total Monthly Income: 8012
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