Retail Outparcel in CherryCreek
18322 Governors Hwy, Homewood, IL 60430
Three-tenant retail property within CherryCreek Shopping Center, Homewood, Illinois.
Type:Retail
Property size:
4,925 SFPrice / SF:
$283/SF- Added:
- Jul 30, 2025
- Days on Market:
- 332
- Last Refresh:
- Mar 17 at 1:21 pm
Property Features for 18322 Governors Hwy
General Information
- Standard status
- Active
- Size
- 4,925 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2000
Listing office Marcus & Millichap - Chicago Downtown
Listing date Jul 30, 2025
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Chicago Downtown
HighLights
- Located within the Cherry Creek Shopping Center, shadow‑anchored by Walgreens and other retailers.
- Tenants operate on NNN leases with over 10 years of tenure and have signed numerous renewal options.
- Near‑term rental upside achievable through enforcement of administrative fee clauses.
- High‑end brick construction, beautifully maintained with a new roof installed in 2020.
- Located in Homewood, a well‑established community within the Chicago MSA, with high demographics.
- Homewood is a sought‑after neighborhood with an “A” rating on Niche.com and highly ranked public schools.
Overview
This retail property is a three-tenant outparcel located within the CherryCreek Shopping Center in Homewood, Illinois. The property is shadow anchored by Walgreens, Ace Hardware, and medical tenants such as Franciscan Health, who recently invested over $10,000,000 into their space. The retail center is leased to Pop’s Italian Beef, Forever Yogurt, and Home-Slice Pizza Shop. All three tenants operate on NNN leases and have signed numerous renewal options since their initial occupancy, with over 10 years of tenure at this property. The tenants are paying rents in the ~$20/SF range. There is potential for near-term rental upside achievable through the enforcement of administrative fee clauses in the leases. Forever Yogurt has a significant rent increase coming in 2028. The property features brick construction that has been maintained, with a new roof installed in 2020, and one of the HVAC units was replaced last year. Homewood is located roughly 20 miles south of downtown Chicago, within the greater Chicago MSA. The surrounding area has over 80,000 people and an average household income of $104,000 within a 3-mile radius. The property is located in a sought-after neighborhood with an overall rating of “A” on Niche.com.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $118.2k | $24.00 |
| − Vacancy | −$8.3k | −$1.68 |
| EGI | $109.9k | $22.32 |
| − OpEx | −$27.5k | −$5.58 |
| NOI | $82.4k | $16.74 |
4,925 SF · lease $24.00/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.18M
$1.03M – $1.37M
NOI $82,445 @ 7.0% cap · market cap 5.91%
Second Best
Retail
$976.6K
$854.5K – $1.14M
NOI $68,360 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $119,026 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Home-Slice Pizza Shop ...
Restaurant
Location Insight
- Map
- Local Demand
- City
- Homewood
- County
- Cook
- State
- Illinois
- Longitude
- -87.6817888
- Latitude
- 41.5563094
Nearby Similar for Sale
FAQs
What type of property is this?
Strip mall - Three-tenant retail property within CherryCreek Shopping Center, Homewood, Illinois.
Where is this strip mall located?
The property is located at 18322 Governors Hwy Homewood, IL.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Located within the Cherry Creek Shopping Center, shadow‑anchored by Walgreens and other retailers.; Tenants operate on NNN leases with over 10 years of tenure and have signed numerous renewal options.; Near‑term rental upside achievable through enforcement of administrative fee clauses.
