41 87th St Chicago, IL 60620-1315

Property Details for 41 87th St

Property type

Retail space

APN

25-04-209-029

APU

2504209029

Description

This exceptional fee-simple retail investment opportunity in Chicago, IL, presents a compelling 7.50% cap rate on a fully stabilized, multi-tenant property. The 5,928 square foot building, constructed in 2017, boasts three national tenants: Chipotle, T-Mobile, and GNC, each occupying a space between 1,200 and 2,538 square feet. All leases are corporate-guaranteed, providing significant income stream security. The property enjoys 100% occupancy and a strong NOI of $226,292. Rent increases of 10% every five years are built into the leases, offering inflation protection. Recent tenant improvements have modernized the T-Mobile and GNC spaces. Situated on a 0.94-acre lot at 41 W 87th St, Chicago, IL 60620 (APN 25-04-209-029), this property benefits from a prime location within a grocery-anchored center, alongside other national retailers like Floor & Decor, Wendy's, and Home Furniture Outlet. Its proximity to major roadways, including I-94 (with daily traffic counts exceeding 233,900 vehicles), and its adjacency to a Home Depot, Marshall's, and a Walmart Supercenter, ensures high visibility and accessibility. The property's location within a densely populated area, with over 237,700 residents within a 3-mile radius and nearly 600,000 within a 5-mile radius, boasting average household incomes exceeding $70,000 and $74,000 respectively, guarantees a robust customer base. The strong sales performance of Chipotle and GNC further underscores the investment's potential. This is a rare opportunity to acquire a high-performing, multi-tenant retail property in a highly desirable Chicago location, suitable for a 1031 exchange.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.626

Latitude

41.7357

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments