414-424 71St St Chicago, IL 60619

Property Details for 414-424 71St St

Year built

1915

Property size

4,800 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fully leased, 4,800 square foot, three-unit retail building located at 414-424 E 71st Street in Chicago, Illinois. The property boasts a 100% occupancy rate with three long-term tenants: a laundromat, nail salon, and beauty supply store. Two tenants recently signed three-year leases with 4% annual rent escalations, while the third tenant secured a five-year lease with 3% annual escalations. All tenants are responsible for their own utilities. Built in 1915 and renovated in 2019, this single-story building sits on a 5,900 square foot lot and features 148 feet of frontage on 71st Street. The property offers a compelling 13.07% cap rate and a strong net operating income (NOI) of $68,609. The asking price is $525,000, translating to $114.58 per square foot. Located in the Park Manor area of the Greater Grand Crossing community, this property benefits from its proximity to major roadways, including the Eden's Expressway and the Skyway, and enjoys high visibility with over 25,000 vehicles passing the nearby intersection daily. The B3-1 zoning designation allows for a variety of commercial uses. Furthermore, its location within the 67th/Wentworth Tax Increment Financing (TIF) District provides access to potential grant opportunities, including the Neighborhood Opportunity Fund and the R3 Grant, further enhancing its investment appeal. The property's strong tenant base, favorable lease terms, and strategic location make it an ideal addition to any commercial real estate portfolio. The property's APN is 20-22-419-042-0000.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6142

Latitude

41.7657