1559 Irving Park Rd Hanover Park, IL 60133

Property Details for 1559 Irving Park Rd

Lot size

2.18 lot acres

Property size

24,696 SF

Property type

Neighborhood centers

Property subtype

Retail properties

Description

This exceptional 24,696 square foot retail strip center in Hanover Park, Illinois, presents a compelling investment opportunity. Anchored by a Harbor Freight and a Dollar Tree, both boasting strong corporate guarantees, the property offers a stable income stream with a 6.75% cap rate and a substantial NOI of $234,977. The two tenants occupy the entire building, with Harbor Freight holding a lease with approximately six years remaining and Dollar Tree having recently signed a new 10-year lease. The property benefits from a prime location at a signalized intersection of Irving Park Road and Barrington Road, experiencing approximately 58,288 vehicles per day. Significant renovations were completed in 2014 and 2023, encompassing a new façade, roof, parking lot, landscaping, lighting, and signage. Dollar Tree further invested in HVAC and interior improvements. The 2.18-acre lot provides ample parking for 106 vehicles. The property is zoned commercial and features a fee simple ownership structure (land and building). The strong tenant mix, favorable lease terms, and below-replacement-cost pricing make this a highly attractive investment in a thriving retail corridor surrounded by national retailers such as Menards, Walmart, Walgreens, Target, Home Depot, and Jewel-Osco. The area demographics are equally impressive, with approximately 130,000 residents within a 3-mile radius and an average household income exceeding $100,000 within a 5-mile radius. The asking price is $3,481,000. APN: 07-30-301-022.

Location Insight

City

Hanover Park

County

Cook

State

Illinois

Longitude

-88.1434

Latitude

42.0047