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    1559 Irving Park Rd Hanover Park, IL 60133

    Sponsored
    For Sale
    $3,481,000

    Illinois Strip Mall, Strong Tenants, High NOI

    Property size:
    24,696 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 24,696 square foot retail strip center in Hanover Park, Illinois, presents a compelling investment opportunity. Anchored by a Harbor Freight and a Dollar Tree, both boasting strong corporate guarantees, the property offers a stable income stream with a 6.75% cap rate and a substantial NOI of $234,977. The two tenants occupy the entire building, with Harbor Freight holding a lease with approximately six years remaining and Dollar Tree having recently signed a new 10-year lease. The property benefits from a prime location at a signalized intersection of Irving Park Road and Barrington Road, experiencing approximately 58,288 vehicles per day. Significant renovations were completed in 2014 and 2023, encompassing a new façade, roof, parking lot, landscaping, lighting, and signage. Dollar Tree further invested in HVAC and interior improvements. The 2.18-acre lot provides ample parking for 106 vehicles. The property is zoned commercial and features a fee simple ownership structure (land and building). The strong tenant mix, favorable lease terms, and below-replacement-cost pricing make this a highly attractive investment in a thriving retail corridor surrounded by national retailers such as Menards, Walmart, Walgreens, Target, Home Depot, and Jewel-Osco. The area demographics are equally impressive, with approximately 130,000 residents within a 3-mile radius and an average household income exceeding $100,000 within a 5-mile radius. The asking price is $3,481,000. APN: 07-30-301-022.

    Property Features for 1559 Irving Park Rd

    General Information

    Property type
    Neighborhood centers
    Square Feet
    24,696 SF
    Lot Size
    94,961 SF

    Building Details

    Year Renovated
    2014

    HighLights

    • NNN leases with Harbor Freight and Dollar Tree.
    • Harbor Freight has a 6‑year lease renewal; Dollar Tree has a new 10‑year lease with a rent increase in year 6.
    • Excellent location in a high‑performing retail area near Menards, Walmart, Walgreens, LA Fitness, Target, Jewel‑Osco, Home Depot, Kohl's, and At Home.
    • Below replacement cost.
    • High‑traffic intersection with pylon signage; ±63,433 vehicles per day.
    • Strong demographics: 130,000 residents within 3 miles.
    Property Profile Location Intelligence

    Current Use by Public Records

    Harbor Freight Tools Hardware Store KeyExpress Locksmiths Key Duplication Service

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover Park
    County
    Cook
    State
    Illinois
    Longitude
    -88.143371192605
    Latitude
    42.004700762605

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    FAQs

    What type of property is this?
    Neighborhood center - Illinois Strip Mall, Strong Tenants, High NOI
    Where is this neighborhood center located?
    The property is located at 1559 Irving Park Rd Hanover Park, IL.
    What is the asking price?
    The asking price for this property is $3,481,000.
    What are key features of this property?
    This property features: NNN leases with Harbor Freight and Dollar Tree.; Harbor Freight has a 6-year lease renewal; Dollar Tree has a new 10-year lease with a rent increase in year 6.; Excellent location in a high-performing retail area near Menards, Walmart, Walgreens, LA Fitness, Target, Jewel-Osco, Home Depot, Kohl's, and At Home.
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    Realmo Value Estimation

    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.

    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.

    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
    1559 Irving Park Rd Hanover Park, IL 60133
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