9820 Ridgeland Ave Chicago Ridge, IL 60415
- Retail space
- 0.96 lot acres
Current Use by Public Records
- Ascend Cannabis Dispensary - Chicago Ridge / Cannabis Store
Property Details for 9820 Ridgeland Ave
- Year built
- 1987
- Lot size
- 0.96 lot acres
- Property type
- Retail space
- APN
- 24-07-216-020
- APU
- 2407216020
Description
This exceptional investment opportunity presents a fee-simple interest in an 8,925 square foot, single-tenant retail property located at 9820 Ridgeland Ave, Chicago Ridge, IL 60415. The property, an outparcel of Chicago Ridge Mall, houses an ASCEND Wellness cannabis dispensary, operating under a 15-year absolute NNN lease (with a 5-year renewal option) commencing May 1, 2021, and expiring April 30, 2036. The lease includes annual rent bumps of 3.00% (base + options). The property boasts a strong 8.65% cap rate and a substantial net operating income (NOI) of $819,545. Built in 1988 and fully renovated in 2021, the property sits on a 0.955-acre lot with 46 parking spaces. The tenant, ASCEND Wellness (OTCQX: AAWH), is a publicly traded company providing a corporate guaranty. This investment offers exposure to the rapidly expanding cannabis industry, with the property benefiting from its location in a high-traffic retail corridor and excellent demographics within the Chicago metro area. The property is currently 100% occupied, offering immediate cash flow and long-term stability. This is a rare opportunity to acquire a high-performing asset in a burgeoning sector. The property features one building, one story, and is situated in Cook County.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago Ridge
- County
- Cook
- State
- Illinois
- Longitude
- -87.7802
- Latitude
- 41.7146
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
