215 Harlem Ave Forest Park, IL 60130

Property Details for 215 Harlem Ave

Year built

2024

Lot size

1.43 lot acres

Property size

24,399 SF

Property type

Retail properties

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.

Location Insight

City

Forest Park

County

Cook

State

Illinois

Longitude

-87.8051

Latitude

41.8819