Single-Tenant NNN
For Sale
Contact for pricing
6705 S Halsted St, Chicago, IL 60621
Single-tenant NNN ground lease property with a Checkers restaurant and scheduled 10% rent increases every five years.
Property Size1,900 SF
Lot Size0.35 Acres
Price / SF$526.81
Days on Market162
Property Features for 6705 S Halsted St
General Information
Standard status
Active
Size
1,900 SF
Lot size
0.35 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$74,070
Building Details
Year Built
1966
Tenancy
Single
Listing Agency:
SURMOUNT
Listed By:
Glen Kunofsky · License #NY 49KU1129178
(332) 345-4222
Source:
Crexi
Added: Apr 1
Changed: Sep 8
Last Checked: Sep 8 at 7:40AM
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 SURMOUNT
Investment Insights
Based on property information with market context.
Surmount is pleased to offer an exclusive listing for a Checkers restaurant located at 6705 S Halsted St, Chicago, IL 60621. The site includes approximately 1,900 rentable square feet of building space on an estimated 0.35-acre parcel of land.
The property is subject to a 15-year ground (NNN) lease that commenced 04/7/2014. The current annual rent is $74,070, with scheduled increases of 10.00% every five years.
This is a single-tenant, NNN ground lease investment with a defined lease term and contractual rent escalations.
The property is subject to a 15-year ground (NNN) lease that commenced 04/7/2014. The current annual rent is $74,070, with scheduled increases of 10.00% every five years.
This is a single-tenant, NNN ground lease investment with a defined lease term and contractual rent escalations.
Key Highlights
- Single‑tenant NNN ground lease property leased by Checkers at 6705 S Halsted St, Chicago, IL 60621
- Approximately 1,900 rentable SF restaurant building on an estimated 0.35‑acre parcel
- 15‑year ground lease commenced 04/7/2014
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
$35,363
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
3.53%
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%
$707,260
$707.3K
Cap Rate 7%
$505,186
$505.2K
Cap Rate 9%
$392,922
$392.9K
Market Conditions
NOI Build-Up for 1,900 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
$50.2K $26.40/SF
− Vacancy
−$3.0K −$1.58/SF
EGI
$47.2K $24.82/SF
− OpEx
−$11.8K −$6.20/SF
NOI
$35.4K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$707,260
Cap Rate 7%
$505,186
Cap Rate 9%
$392,922
Alternative Uses
Best Use
Specialty Retail
$505.2K
$442.0K – $589.4K
NOI $35,363 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,087
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Shops & Services 22%
Electronics 4%
White Castle
Dining
8,638 visits/mo
0.1 miles
Checkers
Dining
5,565 visits/mo
0.1 miles
Family Dollar
Shops & Services
4,225 visits/mo
0.1 miles
Boost Mobile
Electronics
715 visits/mo
0.3 miles
Demographics for 60621, IL
29,570
Population
15,348
Households
1.9
Avg Household Size
36
Median Age
12%
College-Educated
78%
High-School Grad
3.8 sq mi
ZIP Area
7,782
Density / Sq Mi
$33,235
Median Household Income
$29,961
Median Earnings
$1,017
Median Rent
$161,900
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?
Conventional restaurant - Single-tenant NNN ground lease property with a Checkers restaurant and scheduled 10% rent increases every five years.
Where is this conventional restaurant located?
The property is located at 6705 S Halsted St Chicago, IL.
What is the asking price?
The asking price for this property is $1,000,945.
What are key features of this property?
This property features: Single‑tenant NNN ground lease property leased by Checkers at 6705 S Halsted St, Chicago, IL 60621; Approximately 1,900 rentable SF restaurant building on an estimated 0.35‑acre parcel; 15‑year ground lease commenced 04/7/2014
