Absolute NNN Leased Car Care
For Sale
Contact for pricing
6154 W 111th St, Chicago Ridge, IL 60415
Single-tenant Meineke Car Care Center is offered as an absolute NNN investment with a 15-year lease and 13 years remaining.
Property Size4,242 SF
Price / SF$339.93
Days on Market137
Property Features for 6154 W 111th St
General Information
Standard status
Active
Size
4,242 SF
Total Parking Spaces
35
Property subtype
Retail
Zoning
C-2 General Service District
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$106,000
Building Details
Year Built
1965
Year Renovated
1995
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Chicago
Listed By:
Dan Elliot · License #IL 475144985
(312) 972-7978
Source:
Crexi
Added: Apr 22
Changed: Aug 21
Last Checked: Sep 2 at 10:03PM
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 Chicago
Investment Insights
Based on property information with market context.
The property is an absolute NNN leased Meineke Car Care Center investment property offered for fee simple ownership (land and building). The single-tenant lease is structured as an absolute NNN arrangement with zero landlord responsibilities. The tenant, Meineke Car Care Center (Marcor LLC), signed a 15-year lease and currently has 13 years remaining, with three additional five-year options to extend. Rental increases are built in at 10% every five years throughout the initial term and at the beginning of each option period.
The car care center is situated in the dense Chicago Ridge retail corridor near the signalized intersection of W. 111th Street and Ridgeland Avenue, with combined traffic counts of approximately 51,200 VPD. It also provides immediate access to Interstate 294 / Tri-State Tollway (154,400 VPD). The property is just south of Chicago Ridge Mall and is surrounded by numerous national and regional retailers.
Additional nearby demand drivers include Advocate Christ Medical Center (802 beds) and OSF Little Company of Mary Medical Center (298 beds). The 5-mile trade area is supported by a population of more than 307,000 residents and average household incomes exceeding $110,000.
The car care center is situated in the dense Chicago Ridge retail corridor near the signalized intersection of W. 111th Street and Ridgeland Avenue, with combined traffic counts of approximately 51,200 VPD. It also provides immediate access to Interstate 294 / Tri-State Tollway (154,400 VPD). The property is just south of Chicago Ridge Mall and is surrounded by numerous national and regional retailers.
Additional nearby demand drivers include Advocate Christ Medical Center (802 beds) and OSF Little Company of Mary Medical Center (298 beds). The 5-mile trade area is supported by a population of more than 307,000 residents and average household incomes exceeding $110,000.
Key Highlights
- Meineke Car Care Center in Chicago Ridge, IL offered as a fee simple, absolute NNN investment (land & building ownership).
- Single‑tenant lease: 15‑year term with 13 years remaining, plus 3 (5‑year) options to extend.
- 10% rental increases every 5 years throughout the initial term and at the start of each option period.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$58,880
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,177,600
$1.2M
Cap Rate 7%
$841,143
$841.1K
Cap Rate 9%
$654,222
$654.2K
Market Conditions
NOI Build-Up for 4,242 SF
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.
Gross rent
$91.6K $21.60/SF
− Vacancy
−$7.5K −$1.77/SF
EGI
$84.1K $19.83/SF
− OpEx
−$25.2K −$5.95/SF
NOI
$58.9K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,177,600
Cap Rate 7%
$841,143
Cap Rate 9%
$654,222
Alternative Uses
Best Use
Retail
$841.1K
$736.0K – $981.3K
NOI $58,880 @ 7.0% cap · market cap 4.08%
Second Best
Industrial
$260.9K
$228.3K – $304.3K
NOI $18,260 @ 7.0% cap · market cap 1.27%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,520 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
44k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Thorntons
Shops & Services
30,235 visits/mo
0.4 miles
Shell
Shops & Services
14,259 visits/mo
0.3 miles
Demographics for 60415, IL
14,433
Population
5,840
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
6,275
Density / Sq Mi
$69,389
Median Household Income
$48,226
Median Earnings
$1,198
Median Rent
$217,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Auto shop - Single-tenant Meineke Car Care Center is offered as an absolute NNN investment with a 15-year lease and 13 years remaining.
Where is this auto shop located?
The property is located at 6154 W 111th St Chicago Ridge, IL.
What is the asking price?
The asking price for this property is $1,442,000.
What are key features of this property?
This property features: Meineke Car Care Center in Chicago Ridge, IL offered as a fee simple, absolute NNN investment (land & building ownership).; Single‑tenant lease: 15‑year term with 13 years remaining, plus 3 (5‑year) options to extend.; 10% rental increases every 5 years throughout the initial term and at the start of each option period.
