215 Harlem Ave, Forest Park, IL 60130
- Retail properties & Spaces
- 24,399 SF
- 1.43 lot acres
Current Use by Public Records
- Retail properties & Spaces
Property Details for 215 Harlem Ave
- Year built
- 2024
- Lot size
- 1.43 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a brand-new, 24,399 square foot Aldi grocery store in Forest Park, Illinois. Located at 215 Harlem Ave, this single-tenant, fee-simple property boasts a 10-year net lease with a corporate guarantee from Aldi's parent company, featuring three 5-year renewal options with 7.5% rent increases. The property underwent a complete, multi-million dollar gut renovation in 2024, transforming a former Bed Bath & Beyond into a state-of-the-art Aldi location. With abundant parking (approximately 72 spaces), this property benefits from a high-traffic location at a signalized intersection exceeding 42,000 vehicles daily. The strong tenant, Aldi, is experiencing significant expansion, adding 800 stores nationwide by 2028. Situated in a dense, affluent demographic area (over 114,000 residents within a two-mile radius, average household income exceeding $109,174), this property offers a compelling combination of stability, growth potential, and significant tax depreciation benefits due to fee-simple ownership. The property's 1.43-acre lot and prime location near Oak Park and Chicago further enhance its value. The current NOI is $439,182, representing a 5.75% cap rate on the $7,640,000 asking price. This is a recession-resistant investment in a thriving market.
Value Estimations
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Forest Park
- County
- Cook
- State
- Illinois
- Longitude
- -87.8051
- Latitude
- 41.8819
