12803 Harlem Ave Palos Heights, IL 60463
- Lifestyle centers
- 57,685 SF
- 9.97 lot acres
Current Use by Public Records
- Jewel-Osco Pharmacy / Pharmacy / Drug Store
- Jewel-Osco Deli / Deli
- FedEx OnSite / Mailing Service
- Jewel-Osco / Deli / Florist
- Coinstar Kiosk | Bitcoin ATM / Atm / Currency Exchange Service
Property Details for 12803 Harlem Ave
- Year built
- 2012
- Lot size
- 9.97 lot acres
- Property size
- 57,685 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a 57,685 square foot Jewel-Osco grocery store located at 12803 S Harlem Ave, Palos Heights, IL 60463, Cook County. The property sits on a 9.97-acre lot and boasts 290 parking spaces. Built in 2012, this modern facility features a convenient drive-thru pharmacy. The property is offered at $17,126,903, representing a price per square foot of $296.90 and a 5.65% cap rate with a NOI of $967,670. The absolute NNN lease with Jewel Osco (a subsidiary of Albertsons Companies, Fortune 500 #53) features a corporate guarantee and a remaining term of 13 years. Rent increases by 7.5% every five years, providing a strong hedge against inflation. The lease includes eight 5-year options. Assumable financing is available at a fixed 4.38% interest rate, coterminous with the lease term. The property benefits from strong demographics, with over 250,000 people within a 5-mile radius and an average household income exceeding $117,000 within a 2-mile radius. Monthly visits of 76,505 people place this location in the upper 77th percentile of Jewel-Osco's nationwide performance. The grocery store's recession-resistant nature provides stability and mitigates risk.
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
- Palos Heights
- County
- Cook
- State
- Illinois
- Longitude
- -87.7949
- Latitude
- 41.6591
