Absolute NNN Ground-Leased AutoZone
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For Sale
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5415 N Harlem Avenue, Chicago, IL 60656
Absolute NNN ground lease with zero landlord responsibilities and AutoZone coverage through Aug 31, 2041.
Property Size6,815 SF
Price / SF$358.62
Days on Market4
Property Features for 5415 N Harlem Avenue
General Information
Standard status
Active
Size
6,815 SF
Property subtype
Retail
Occupancy
100%
Site & Location
Traffic Count
29,300 vehicles/day
Highway Access
Yes
Building Details
Year Built
2010
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Corporate Headquarters
(480) 221-4221
Listed By:
Hayley Mustin · License #741912
Source:
Crexi
Added: Jul 27
Changed: Jul 30
Last Checked: Jul 30 at 6:37AM
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 SRS Real Estate Partners Corporate Headquarters
Investment Insights
Based on property information with market context.
SRS Real Estate Partners is offering the leased fee interest (land ownership) in an absolute NNN ground-leased AutoZone investment property. AutoZone executed a 15-year lease extension through August 31, 2041, with 8 (5-year) options to extend. The lease includes a scheduled 10% rental increase in Year 10. As an absolute NNN ground lease, the structure features zero landlord responsibilities.
The site is positioned along North Harlem Avenue, a major retail and commuter corridor on Chicago’s northwest side. The property benefits from strong traffic counts, including approximately 29,300 VPD on N. Harlem Avenue, 10,600 VPD on W. Higgins Avenue, and immediate access to Interstate 90, which sees approximately 190,200 VPD. The property is located minutes from O’Hare International Airport and is surrounded by numerous national and regional retailers.
The building was constructed in 2010, supporting a modern footprint for a long-term, net-leased arrangement.
The site is positioned along North Harlem Avenue, a major retail and commuter corridor on Chicago’s northwest side. The property benefits from strong traffic counts, including approximately 29,300 VPD on N. Harlem Avenue, 10,600 VPD on W. Higgins Avenue, and immediate access to Interstate 90, which sees approximately 190,200 VPD. The property is located minutes from O’Hare International Airport and is surrounded by numerous national and regional retailers.
The building was constructed in 2010, supporting a modern footprint for a long-term, net-leased arrangement.
Key Highlights
- Absolute NNN ground lease with zero landlord responsibilities (leased fee interest)
- AutoZone lease extension through August 31, 2041 with 8 (5‑year) options to extend
- Scheduled 10% rental increase in Year 10
Financial Insights For 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 | $147.2k | $21.60 |
| − Vacancy | −$12.5k | −$1.84 |
| EGI | $134.7k | $19.76 |
| − OpEx | −$40.4k | −$5.93 |
| NOI | $94.3k | $13.83 |
6,815 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.57M
NOI $94,284 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.21M
$2.81M – $3.75M
NOI $224,928 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
29,300 VPD
Traffic count
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,666
Businesses Nearby
212k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 36%
Dining 31%
Groceries 28%
Home Improvements & Furnishings 3%
Jewel-Osco
Groceries
53,010 visits/mo
0.4 miles
Starbucks
Dining
23,759 visits/mo
0.3 miles
Wendy's
Dining
21,640 visits/mo
0.1 miles
Dollar Tree
Shops & Services
21,611 visits/mo
0.1 miles
Shell
Shops & Services
16,273 visits/mo
0.1 miles
Demographics for 60656, IL
28,474
Population
12,840
Households
2.2
Avg Household Size
40
Median Age
42%
College-Educated
92%
High-School Grad
3.2 sq mi
ZIP Area
8,898
Density / Sq Mi
$88,000
Median Household Income
$54,639
Median Earnings
$1,388
Median Rent
$344,400
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN ground lease with zero landlord responsibilities and AutoZone coverage through Aug 31, 2041.
Where is this nnn property located?
The property is located at 5415 N Harlem Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,444,000.
What are key features of this property?
This property features: Absolute NNN ground lease with zero landlord responsibilities (leased fee interest); AutoZone lease extension through August 31, 2041 with 8 (5‑year) options to extend; Scheduled 10% rental increase in Year 10
