1000-1058 162Nd St South Holland, IL 60473
- Lifestyle centers
- 33,654 SF
- 2.27 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 1000-1058 162Nd St
- Year built
- 1956
- Lot size
- 2.27 lot acres
- Property size
- 33,654 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 33,654 square foot shopping center in South Holland, Illinois presents a compelling value-add opportunity. Boasting a 9% cap rate and a current NOI of $390,809 (pro-forma NOI of $423,378), this single-story, 1956-built property sits on a 2.27-acre lot with 140 parking spaces. The property is 97% occupied by a diverse mix of national and local tenants, including Family Dollar, Allstate, Subway, and Harold's, all operating under NNN leases with built-in rent bumps. Located on heavily trafficked 162nd Street (35,600 VPD), with excellent visibility and 575 feet of frontage, the center benefits from its proximity to I-94 (141,395 VPD) and I-294. The property is situated within a Tax Increment Financing (TIF) district and serves a densely populated area with over 900 businesses within a 5-mile radius and a population of 222,624. Recent capital expenditures include parking lot improvements and repainting. The asking price is $4,340,000 ($128.96/sq ft). This property offers significant upside potential due to below-market rents for several tenants and strong cellphone data indicating over 30,000 monthly visits.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- South Holland
- County
- Cook
- State
- Illinois
- Longitude
- -87.5915
- Latitude
- 41.6012
