Listed by Mid-America Real Estate Corporation
$3,920,000
New Town Plaza
Details
Property Type Retail, Mixed Use
Sub Type Shopping Center
Square Footage 17,110
Cap Rate 7.45%
NOI $292,360
Occupancy 100%
Tenancy Multi
Lease Type Gross
Remaining Term 2
Year Built 1960
Year Renovated 2025
Buildings 1
Stories 2
Acreage 0.540
Zoning B-1 General Commercial District
Parking Spaces 40 spaces
Parking Per SqFt 2.34
Fully leased mixed-use center with retail, office, and one residential unit in suburban Chicago
Marketing description
Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in New Town Plaza, a 100% leased mixed-use unanchored neighborhood shopping center featuring a mix of convenience, service, and food-oriented retail, client-facing office, and one residential unit in the dense and established Chicago suburb of Stone Park.
Investment highlights
- 100% Occupied Asset With Annual Rent Growth | Mark To Market Opportunity - New Town Plaza has been historically well occupied and is currently 100% leased. Almost all of the tenants feature 5% annual rent escalations boosting annual income growth and contributing to a 10-year compounded annual growth rate (CAGR) of 5.1% despite the absence of vacancy. Additionally, New Town Plaza features a unique long-term opportunity to add value given all tenants are operating on gross leases, allowing a future investor to convert these suites to triple net leases upon rollover. Further, average in-place rents for retail and office spaces are 19% below the current market rents, offering potential accretive growth to the income stream over a long-term hold.
- Complementary Cross Traffic Tenant Line-Up - New Town Plaza features a diverse mix of convenience and service-oriented tenants, including retail users, client-facing office tenants, and a fully furnished residential unit. The property is leased to a complementary lineup of tenants including Metro by T-Mobile, Michoacana Ice Cream Shop, Super Bubble Laundromat, Casa Migrante, Farmers Insurance, and several other neighborhood-oriented businesses. The tenant mix at New Town Plaza is driven by customer interaction and recurring visits, which create consistent daily demand and natural cross-shopping tendencies amongst visitors.
- Dense Western Chicago Suburb - Located in Stone Park at the southeast corner of Mannheim Road and Division Street, and just north of Lake Street, the subject offering benefits from a combined daily traffic count of nearly 63,000 vehicles. Stone Park is an affluent and infill western suburb of Chicago with an established residential population. Within a three-mile radius, there are more than 141,000 residents with an average household income of $108,000. Neighboring western suburbs include Melrose Park, Franklin Park, Bellwood, Northlake, Elmhurst, Berkeley, and Hillside, amongst others.
- Retail Focused Shopping Center - Despite the property's diverse mix of retail, office, and residential tenants, the first-floor retail tenants remain the primary driver of revenue. Approximately 59% of the shopping center's gross income is generated by retail tenants, highlighting the strength of the property's street-level retail tenants. These tenants are also supported by a pylon sign along Mannheim Road, which further enhances the exposure of these tenants along the highly trafficked corridor. Office users contribute 25% of revenue, while the remaining 16% is derived from the residential unit and finished showroom space.
- Recent Renovations And Capital Projects | Minimal Future Capital Expenditures - Ownership has maintained New Town Plaza in a first-class manner over the past several years and, as a result, the shopping center has remained well-leased. Since 2024, $265,000 has been invested into the shopping center, including a new parking lot, stucco finishes on the facades, complete renovation to the showroom including a brand new roof, common area floors and bathrooms, apartment renovation, and a reconditioned roof with resealed silver coating that will add an additional 10-15 years of useful life to the roof. An investor should benefit from minimal near-term capital expenditures thanks to the center's excellent upkeep by ownership.
Listing Contacts
Listed by Mid-America Real Estate Corporation
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$292,360.00
$24,363.33/mo
Valuation Metrics
0
DSCR
7.46%
Cap Rate
7.46%
ROI
Map
Zoning
B-1 CommercialGeneral CommercialGeneral Commercial District
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View all 60 uses Last updated Mar 6, 2026 For deeper zoning details, reports are available at Zoneomics
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