7455 Cicero Ave Chicago, IL 60629

Property Details for 7455 Cicero Ave

Lot size

2.27 lot acres

Property size

20,862 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a fee-simple, single-tenant net-leased Planet Fitness in Chicago, IL. The 20,862 square foot property, situated on a 2.27-acre lot, boasts a strong 6.50% cap rate and a substantial NOI of $213,840. The lease, with a remaining term of 7.4 years, extends to March 31, 2032, and includes two 5-year options with 10% rent increases. A significant 10% rent increase is scheduled for April 1, 2027. The property benefits from a prime location at a major intersection with high traffic counts (48,010 cars per day) and is surrounded by numerous national retailers including Target, Home Depot, and others. The tenant, a 93-unit franchisee, is a financially robust operator of a well-established brand. The property underwent renovations in 2022 and enjoys 100% occupancy. The asking price is $3,289,846, translating to $157.70 per square foot. This asset offers a compelling combination of strong current income, built-in rent growth, and a highly desirable tenant in a thriving retail corridor. The property's location within a densely populated area with high average household income ($84,960 within a 3-mile radius) further enhances its long-term investment potential. This is a rare opportunity to acquire a legacy asset with minimal management expenses and significant upside potential through future rent escalations.