2355 Addison St Chicago, IL 60618

Property Details for 2355 Addison St

Year built

1974

Lot size

0.31 lot acres

Property size

2,627 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This fee-simple ownership opportunity presents a 2,627 square foot Popeyes restaurant in Chicago, IL (60618), located at 2355 W Addison St. The property boasts a strong 6.00% cap rate and a substantial net operating income (NOI) of $119,603. The absolute NNN lease, with a franchisee tenant, provides zero landlord responsibilities and features a remaining term of approximately 3.4 years, followed by two 5-year options. Annual rent increases of 1% are built into the lease, providing inflation protection and consistent NOI growth. Built in 1974, this single-tenant property sits on a 0.31-acre lot with 16 parking spaces and is zoned B3-2: Community Shopping District. The property benefits from a high-traffic location at a signalized intersection, with approximately 61,600 vehicles passing daily. Its proximity to Wrigley Field, major shopping centers (Roscoe Square, Addison Mall, Elston Plaza), and other prominent retailers (Jewel-Osco, Mariano's, Target, McDonald's) ensures strong visibility and a robust customer base. The surrounding area boasts affluent demographics, with average household incomes exceeding $137,977 within a 5-mile radius and over 52,300 residents within a 1-mile radius. The property's drive-thru capability further enhances its operational efficiency and revenue potential. This investment offers a compelling combination of strong tenant performance, favorable lease terms, and a prime location within a thriving Chicago neighborhood.