507 Woodlawn Ave La Grange Park, IL 60526

Property Details for 507 Woodlawn Ave

Year built

1964

Lot size

3.82 lot acres

Property size

46,637 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a fee-simple ownership of a 46,637-square-foot grocery store in La Grange Park, Illinois. The property, located at 507 East Woodlawn Avenue, boasts a strong 60-year history as a Jewel Food Stores, Inc. location, with a current lease extending to May 31, 2044 – a rare 20-year extension. The single-tenant, net-lease property features a 5.50% cap rate and a substantial net operating income (NOI) of $513,007. Built in 1964 and renovated in 2007, the building sits on a 3.82-acre lot with ample parking (171 spaces). The lease includes a 10% rent increase every five years, providing excellent inflation protection. The property benefits from its location in a high-density area with affluent demographics; average household income within a one-mile radius exceeds $142,000, and the population within a five-mile radius surpasses 327,000. Its proximity to downtown La Grange, the La Grange Street Metra Station, and numerous large multi-family complexes further enhances its desirability. The tenant, Jewel-Osco, a wholly-owned subsidiary of Albertsons, Inc., is committed to ongoing improvements, including parking lot and landscaping upgrades. This freestanding location offers significant advantages over typical in-line Jewel-Osco stores, which generally have only 10-year lease extensions. The asking price is $9,328,000, representing a price per square foot of $200.01. The lease includes six, five-year options.

Location Insight

City

La Grange Park

County

Cook

State

Illinois

Longitude

-87.868

Latitude

41.8246