Absolute NNN Leased Car Care
6154 W 111th St Chicago Ridge, IL 60415
6154 W 111th St, Chicago Ridge, IL, 60415
Contact for pricing
For Sale
Contact for pricing
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$384.49
Days on Market91
Property Features for 6154 W 111th St
General Information
- Standard status
- Active
- Size
- 4,242 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1965
Listing agency
SRS Real Estate Partners Newport Beach
(312) 972-7978
Listed by
Cortland Lioi · License #CA 02042182
Source
Crexi
Added: Apr 22 Updated: Jul 20 at 9:45PM Checked: Jul 20 at 9:45PM
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 Newport Beach
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.
Local 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 | $91.6k | $21.60 |
| − Vacancy | −$7.5k | −$1.77 |
| EGI | $84.1k | $19.83 |
| − OpEx | −$25.2k | −$5.95 |
| NOI | $58.9k | $13.88 |
4,242 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$841.1K
$736.0K – $981.3K
NOI $58,880 @ 7.0% cap · market cap 3.61%
Second Best
Industrial
$260.9K
$228.3K – $304.3K
NOI $18,260 @ 7.0% cap · market cap 1.12%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,520 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
A & R AUTO REPAIR
Auto Repair Shop
Joe's Auto
Auto Repair Shop
Similar For Sale Nearby
Similar Off Market Nearby
- A Auto-Truck Service, Inc — 11551 S Ridgeland Ave, Alsip, IL 60803
- Bart's Automotive & Towing — 11501 S Ridgeland Ave, Alsip, IL 60803
- United Auto Body — 11625 S Ridgeland Ave, Alsip, IL 60803
- Evil Clown Customs — 11509 Ridgeland Ave, Alsip, IL 60803
- Pro Auto — 11546 S Austin Ave, Alsip, IL 60803
FAQs
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 $1,631,000.
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.
