Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    8821-8845 W 87th St Hickory Hills, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Value-add retail center with development potential in Hickory Hills, IL.

    Type:RETAIL
    Property size:
    41,650 SF
    Lot size:
    5.43 Acres
    Added:
    Feb 8, 2023
    Days on Market:
    1175
    Last Refresh:
    Apr 5 at 10:02 pm

    Property Features for 8821-8845 W 87th St

    General Information

    Standard status
    Active
    Size
    41,650 SF
    Lot size
    5.43 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 8821-8845 W 87th St Contact us

    We can help!

    Listing Contact
    Bill Lundy

    Listing agent Bill Lundy

    Listing office Brookline Real Estate

    Listing date Feb 8, 2023

    Source Moodyscre

    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 Brookline Real Estate

    Overview

    Hickory Hills Retail Center Opportunity

    This multi-tenant retail center in Hickory Hills, Illinois, presents a value-add investment opportunity with potential for future NOI growth. The property includes three undeveloped outlots, offering development potential. New ownership can add value by repositioning below-market gross leases into NNN market rents. Situated on approximately 6.26 acres at the southwest corner of 87th Street and 88th Avenue, just south of I-294, the center benefits from its location next to a CVS and Shell gas station, and across from the Hickory Hills Police Department. Anchored by Dollar General, the center is fully occupied by internet-resistant tenants on long-term leases. The property features differentiated businesses and contrasting rush hours, allowing for synergy and mutual benefit. The brick construction building has been well-maintained and provides 242 parking spots in a landscaped lot. Three entrances on two separate roads aid traffic flow, and cross access with CVS and Shell allows for entry for their customers as well. The property size is 41,650 square feet.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hickory Hills
    County
    Cook
    State
    Illinois
    Longitude
    -87.8388
    Latitude
    41.7313

    Nearby Similar for Sale

    • $399,000

      Hickory Hills Commercial Opportunity

      Spacious building with potential uses in Hickory Hills, Illinois.
      8200 W 95 Street, Hickory Hills, IL 60457
      View Details
    • $1,250,000

      Mixed-Use Building with Spa

      Mixed-use property with residential and commercial spaces, plus unique spa.
      8855 S Roberts Road, Hickory Hills, IL 60457
      View Details
    • $775,000
      8,304 SF

      Retail Center in Hickory Hills

      Multi-tenant retail center in a transit-oriented Chicago suburb.
      8700 W 95TH Street, Hickory Hills, IL 60457
      View Details
    • $3,000,000
      15,120 SF

      Walgreens in Hickory Hills

      20+ year operating Walgreens with lease extension until 2035.
      8800 W 95th St, Hickory Hills, IL
      View Details
    • Contact for pricing
      17,500 SF

      Retail Property with High Visibility

      Highly visible retail property with excellent traffic counts and accessibility.
      7759 W 95th St, Hickory Hills, IL
      View Details

    FAQs

    What type of property is this?
    Strip mall - Value-add retail center with development potential in Hickory Hills, IL.
    Where is this strip mall located?
    The property is located at 8821-8845 W 87th St Hickory Hills, IL.
    What are key features of this property?
    This property features: Value‑add investment property with significant upside potential.; Located in a strong, transit‑oriented location in Hickory Hills near I‑294.; Anchored by Dollar General and fully occupied by internet‑resistant tenants on long‑term leases.
    (630) 590-5910 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bill Lundy
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!