Current Use by Public Records
- Starbucks / Cafe & Coffee Shop
Property Details for 7112 North Ave
- Year built
- 2005
- Lot size
- 0.43 lot acres
- Property type
- Retail properties & Spaces
Description
This exceptional investment opportunity features a 3,112 square foot, single-story building in Chicago, IL, housing a Starbucks and a Charleys Cheesesteaks. Both tenants occupy the entire space, boasting 100% occupancy and a strong net operating income (NOI) of $150,562, resulting in a 6.64% cap rate. The property sits on a 0.43-acre lot with 26 parking spaces and benefits from high visibility and accessibility on heavily trafficked W. North Avenue (33,500 vehicles per day), near Harlem Avenue (26,100 VPD). The Starbucks tenant, a globally recognized brand, has a long-term lease extending to February 2034, with two additional five-year options. Charleys Cheesesteaks recently signed a new 10-year lease with annual rent increases and two five-year options. The property is zoned B3-2 and was built in 2005. The affluent surrounding area boasts a high average household income, with 27,300 residents within the immediate trade area earning an average of $153,000, expanding to 133,300 residents within a two-mile radius averaging $118,800. This property presents a compelling investment opportunity in the robust Chicago MSA, the third largest in the US, with over $163.2 billion in annual retail sales. The asking price is $2,268,888. The property includes two units and features two APNs: 13-31-322-038-0000 and 13-31-322-032-0000. Rent bumps are included in the lease agreements.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.8024
- Latitude
- 41.909
