3509 Harlem Ave Chicago, IL 60634-3630

Property Details for 3509 Harlem Ave

Year built

2004

Lot size

0.07 lot acres

Property type

Commercial real estate

APN

13-19-300-024

APU

1319300024

Description

This exceptional investment opportunity presents a fee-simple ownership of a Taco Bell restaurant located at 3509 N Harlem Ave, Chicago, IL 60634. The property boasts a 1,986 square foot building on a 0.31-acre lot, constructed in 1981. The current lease is an absolute NNN net lease with a franchisee tenant, offering a passive investment with the tenant responsible for all property expenses including taxes, insurance, and maintenance. The lease commenced May 1, 2019, and has a remaining term of approximately 5 years, with four, five-year renewal options. The lease includes 10% rent increases every five years, providing a built-in hedge against inflation. The current annual net operating income (NOI) is $122,850, resulting in a 6.00% cap rate and a price per square foot of $1,030.97. The asking price for this hard corner location is $2,047,500. This high-visibility site benefits from exceptional traffic counts exceeding 22,000 vehicles per day on Skokie Blvd, a major thoroughfare. The surrounding area demonstrates strong demographics, with over 700,000 residents and over 240,000 daytime employees within a 5-mile radius, contributing over $2 billion annually to food and beverage spending. The average household income within a 5-mile radius exceeds $96,000. The property is situated in a high-profile retail corridor with numerous national credit tenants. This Taco Bell location is part of a larger portfolio operated by a significant quick-service restaurant operator with a proven track record. The lease is guaranteed by AG Bells II, LLC, providing additional security. This is a rare opportunity to acquire a well-performing, passively managed asset in a prime Chicago location.