Listed by Caton Commercial Real Estate Group
$519,000
414-424 E 71st Street
Details
Property Type Retail
Sub Type Shopping Center, Strip Center
Square Footage 4,800
Units 3
Cap Rate 11.00%
Occupancy 100%
Tenancy Multi
Brand/Tenant Laundromat, Nail Salon
Lease Type Modified
Remaining Term 2
Rent Bumps Yes
Lease Options Yes
Price per SqFt $108
Broker Co-Op Yes
Year Built 1915
Buildings 1
Stories 1
Acreage 0.140
Zoning B3-1 - Community Shopping District
Investment Type Stabilized
Fully Leased and Stabilized Strip Center with Existing 12.5% CAP Rate
Marketing description
Located in the 67th/Wentworth TIF District (supports new residential, commercial & mixed-use development). Additional incentive options may include the Neighborhood Opportunity Fund and R3 Grant. Strong presence of local businesses and medical facilities. Employment opportunities within the neighborhood.
Investment highlights
- Fully leased, cash-flowing strip center producing an 11% cap rate
- Three-unit, 4,800 SF freestanding commercial building
- Longtime tenants: laundromat, nail salon, and beauty supply
- Tenants pay all utilities
- 148 ft of frontage on 71st Street, prime corner location with excellent visibility
- Situated in the Park Manor area of the Greater Grand Crossing community
- Approximately 9 miles south of the Loop
- Middle-market neighborhood w/solid housing stock and strong community assets
- Easy access to CTA, Metra, I-94, the Edens Expressway, and the Skyway
- Nearby intersection sees 25,000+ VPD
- Close to South Shore Cultural Center, University of Chicago, and future Barack Obama Presidential Center
- Zoned B3-1 - Community Shopping District
Listing Contacts
Listed by Caton Commercial Real Estate Group
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