1580 Torrence Ave Calumet City, IL 60409
- Retail space
- 1.38 lot acres
Current Use by Public Records
- It's Just Wings / Takeout Restaurant / Restaurant
- Chili's Grill & Bar / Restaurant / Mexican Restaurant
Property Details for 1580 Torrence Ave
- Year built
- 1985
- Lot size
- 1.38 lot acres
- Property type
- Retail space
- APN
- 29-24-401-029
- APU
- 2924401029
Description
This exceptional investment opportunity presents a fee-simple ownership of a Chili's restaurant located at 1580 Torrence Ave, Calumet City, IL 60409. The 6,031 square foot building sits on a 1.38-acre lot and benefits from a 20-year absolute NNN lease with a corporate guarantee from Brinker International, the parent company of Chili's. The lease commenced October 31, 2007, and expires October 30, 2027, leaving approximately 2.9 years remaining. The property boasts a strong 7.65% cap rate and a current NOI of $327,262, with annual rent bumps of 1.5%. The restaurant underwent renovations in 2021, updating it to the latest Chili's prototype. Its prime location within a high-traffic shopping center anchored by Home Depot, alongside national retailers like Aldi, Sam's Club, and others, ensures consistent foot traffic. The surrounding area features numerous apartment complexes and several colleges and universities, including Purdue University Northwest and South Suburban College, contributing to a robust customer base. Proximity to major transportation routes (Interstates 94 and 80) and medical facilities like UChicago Medicine at Ingalls further enhances the property's desirability. Built in 1985, this single-story building offers a compelling investment opportunity with significant upside potential. The asking price is $4,277,934, translating to a price per square foot of $709.32. The property's strong tenant, favorable lease terms, and strategic location make it an attractive addition to any portfolio.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,605,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $3,215,000
- 6.5%
- $3,320,000
- 7%
- $3,545,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,930,000
- Geo Method
- $3,450,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,985,000
- Retail
- $3,775,000
- Mixed-Use
- $2,805,000
- Hospitality
- $3,800,000
- Educational
- $3,540,000
- Residential Income
- $2,765,000
- Energy
- $2,850,000
- Income-Based Land
- $2,765,000
- Food Service
- $3,375,000
Location Insight
- Map
- Local Demand
- City
- Calumet City
- County
- Cook
- State
- Illinois
- Longitude
- -87.5596
- Latitude
- 41.588
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
