Centrum Old Irving - Irving Park, Chicago
12,804 SF Unanchored Strip in Chicago’s Irving Park Neighborhood ($145K AHHI) – 100% Occupied
Marketing description
Property Address: 4185 West Irving Park Road, Chicago, IL
Property Size: 12,804 SF
Occupancy: 100%
Year Built: 2016
Parking Spaces: 29
WALT: 6 Years
Year 1 NOI: +/- $440,000
5-Year CAGR: +/- 2.3%
Investment highlights
Premier infill location with exceptional accessibility, visibility, & demographics
Positioned along Irving Park Road (30,000+ VPD) with immediate access to and prominent signage to daily commuter traffic on I-90 (245,000+ VPD)
Adjacent to Old Irving Metra Station, providing connectivity to Downtown Chicago & O’Hare
Average household income of $125k in 1-mile, increasing to $145k in half-mile radius
Stabilized cash flow with demonstrated leasing momentum
100% occupied strip center with 6-year WALT
Recently executed long-term lease with Big City Optical
National and regional operators include Potbelly & Lou Malnati, providing brand recognition and tenant credit strength
Ideal tenant mix anchored by national healthcare operator
LifeStance Health, one of the largest outpatient mental healthcare providers in the US, is responsible for 42.5% of GLA and +/- 35% of income
Complementary mix of medical, food, and neighborhood service tenants creates internal synergy and consistent foot traffic
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