Listed by Mid-America Real Estate
$2,650,000
11 Madison Street
Details
Property Type Retail
Sub Type Storefront
Square Footage 37,272
Occupancy 100%
Tenancy Single
Lease Type NN
Lease Term 7
Remaining Term 7
Rent Bumps Yes
Lease Options Four, 5-year
Acreage 1.090
Zoning Commercial
Investment Type Net Lease
Retail | 37,272 SqFt
Marketing description
Mid-America Real Estate Corporation has been retained by the owner to sell the fee simple interest in 11 Madison Street, a retail building leased to a national tenant, in Oak Park, Illinois. The national investment grade tenant is operating on a seven-year gross lease that will commence at the close of escrow. Execute a CA for more information here: https://properties.midamericagrp.com/11-madison-street-oak-park-sale
Investment highlights
- National investment grade tenant : at the time of closing, the seller will sign a brand-new seven-year gross lease for approximately 7,538 sf of Ground floor space and a portion of the lower level. The seller is a publicly traded company on the New York stock exchange and carries an s&p a+ credit rating.
- Upside opportunity | lease up remaining office space : an investor has the opportunity to lease up 5,148 sf of first floor space, 11,986 sf of basement space (subject to portion of lower level used by tenant) and 12,564 sf of second floor space. The offering is located at the lighted intersection of Madison street and Austin boulevard, featuring excellent visibility from these two major traffic driving roadways. The offering also includes two surface level parking lots, comprised of 75 total spaces. The second are suited well for a wide variety of medical, professional services, and educational services tenants. An investor can enjoy surety of income from the s&p a+ rated tenant with the opportunity to further enhance returns by bringing the subject offering to full occupancy through the lease up of the remaining retail and office space.
- Exceptional demographic profile | bordered by the city of Chicago : the subject offering is situated in the Chicago suburb of oak park, bordered to the west by the city of Chicago. The subject offering provides to a dense and expansive customer BASE in oak park, in addition to the surrounding communities of forest park, maywood park, and Chicago neighborhood of Austin. The area within a 3-mile radius of the offering boasts a strong demographic profile, with 327,192 residents with average household incomes of $98,507.
- Main retail coridor | new residential development : the subject offering is located along Madison street, the main east/west thoroughfare for oak park and the surrounding communities of maywood, forrest park, and south Austin. The corridor features a major presence of national and local retailers, such as grocery chain jewel osco, Walgreens, CVS, mcdonalds, dollar tree popeyes, and much more. Madison street has seen a host of residential development over the last five years with new multi-family projects ridgeland flats (2024 – 28 units), maeve on Madison (2023 – 42 units), boutique flats (2021 – 24 units) all being constructed. The area within a one-mile radius is expected to add nearly 100 new households over the next five years.
Listing Contacts
Listed by Mid-America Real Estate
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