7520 159th St Orland Park, IL 60462-5034
- Retail space
- 3.20 lot acres
Feb 05, 2025
Current Use by Public Records
- Harbor Freight Tools / Hardware Store / Tool Store
- KeyExpress Locksmiths / Key Duplication Service / Locksmith
Property Details for 7520 159th St
- Year built
- 1973
- Lot size
- 3.20 lot acres
- Property type
- Retail space
- APN
- 27-13-402-017
- APU
- 2713402017
Description
This exceptional investment opportunity presents a fee-simple ownership of a 14,910 square foot Harbor Freight Tools storefront, situated on a 2.02-acre lot in Orland Park, Illinois. The property boasts a long-term, corporate-guaranteed net lease with a remaining term of 9.5 years, extending to May 31, 2034, with five 5-year options, each including a 10% rent increase. The current annual net operating income (NOI) is $165,650, representing a 7.00% cap rate on the asking price of $2,366,428 ($158.71 per square foot). The building, constructed in the 1980s (estimated), is 100% occupied by Harbor Freight, a national retailer with over 1,400 locations. The property benefits from its prime location on 159th Street (38,890 vehicles per day) and Harlem Avenue (43,328 vehicles per day), a major intersection providing excellent visibility and accessibility. The surrounding area features numerous national retailers, including Home Depot, Meijer, Hobby Lobby, Menards, and Sam's Club, indicating a strong retail environment. The demographic profile is equally compelling, with 90,225 people residing within a 3-mile radius, boasting an average household income of $110,448. Landlord responsibilities include roof, structure, and parking lot replacement, while the tenant is responsible for all CAM expenses, parking lot repairs, and reimbursement for taxes and insurance. The tenant recently completed a 10-year lease extension and plans to invest over $250,000 in building remodeling within the next five years. This presents a rare opportunity to acquire a stable, high-performing retail investment in a prime Chicagoland location.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,200,000
- ML approach
- $2,225,000
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Location Insight
- Map
- Local Demand
- City
- Orland Park
- County
- Cook
- State
- Illinois
- Longitude
- -87.802
- Latitude
- 41.6029
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
