5521 Kedzie Ave Chicago, IL 60629

Property Details for 5521 Kedzie Ave

Year built

2018

Lot size

0.81 lot acres

Property size

12,512 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional Class A retail shopping center, built in 2018, offers a compelling investment opportunity. Located in Chicago's Gage Park neighborhood at 5521 S Kedzie Ave, this 12,512 square foot property boasts a 100% occupancy rate with five tenants, including a strong medical presence (56% of GLA). The tenant mix features Midwest Express Clinic, Saint Anthony Hospital, Kidzee Dental, T-Mobile (corporate location), and Snipes (a top-performing location). The property benefits from a strategic location with high visibility to 32,700 vehicles daily, enhanced by prominent signage. A shared surface parking lot with multiple access points and proximity to a high-performing Starbucks and Esporta Fitness further enhance its appeal. The property features high-end masonry construction with shallow-depth bay retail suites. The current Net Operating Income (NOI) is $401,418, with a pro-forma NOI of $403,156, yielding a 6.75% cap rate and a pro-forma cap rate of 6.78%. The asking price is $5,950,000 ($475/sq ft). The property is fee simple ownership, with a 4.2-year remaining lease term (weighted average) and lease options ranging from 2 to 5 years. Corporate guarantees are in place for tenant credit. The 0.81-acre lot is zoned commercial. This is a core+ investment with a strong tenant lineup and significant upside potential. The property is situated within a 3-mile radius of over 250,000 people and is conveniently located 2.5 miles from Chicago Midway International Airport.