$915,000
44 W Lincoln Highway Chicago Heights, IL 60411
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$915,000
Est. payment /mo
6,600 SqFt
UPDATED:
08/17/2024 08:35 AM
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 6,600 sqft
Price per Sqft $138
MLS Listing ID 12132732
Year Built 1920
Annual Tax Amount $27,113
Tax Year 2023
Lot Dimensions 21687
Property Description
Pleased to present an exceptional investment opportunity located at 40-44 W. Lincoln Highway, Chicago Heights, IL 60411. This offering comprises two prime retail/office properties: a 5,600 square foot building at 44 W. Lincoln Highway and a 1,000 square foot building at 40 W. Lincoln Highway, combining for a total rentable building area of 6,600 square feet. The properties sit on a substantial land area of 21,687 square feet and are zoned R-4, making them versatile for various commercial uses. An investor has the opportunity to backfill these spaces at a competitive lease rate of $15.60 per square foot NNN, thereby transferring the responsibility of property taxes, insurance, and common area maintenance (CAM) reimbursements to the tenants. This strategic leasing approach is projected to generate a pro forma year 1 net operating income (NOI) of $94,710, with an anticipated increase to $97,284 in year 2. The property is attractively listed at $915,000, offering a pro forma year 1 cap rate of 10.35%, which is expected to rise to 10.63% in year 2, presenting a lucrative return on investment. Market Highlights: Chicago Heights is a vibrant market with a strong economic foundation and robust commercial activity. The property benefits from an average daily traffic count of 22,780 vehicles per day (VPD) on W. Lincoln Highway and Aberdeen Street, ensuring high visibility and accessibility for tenants and customers alike. This high traffic volume significantly enhances the potential for foot traffic and business opportunities for any tenant occupying the spaces. The local demographic profile further strengthens the investment appeal. Within a five-mile radius, the average household income is $80,152, indicating a stable and affluent consumer base. Additionally, the area boasts an impressive consumer spending power, with total consumer expenditures reaching $1.658 billion within the same five-mile radius. This high level of disposable income and consumer activity underlines the area's economic vitality and potential for sustained business success. Chicago Heights is strategically located within the greater Chicago metropolitan area, providing convenient access to major highways and transportation networks. This connectivity not only benefits local businesses but also attracts a diverse tenant mix seeking to capitalize on the region's economic growth and commercial opportunities. Investment Potential: This investment not only promises strong financial performance through strategic leasing and tenant cost-sharing but also benefits from its prime location on Lincoln Highway, a major thoroughfare in Chicago Heights. The high traffic volume, affluent local population, and substantial consumer spending power create a fertile environment for business growth and tenant success. By acquiring this property, investors will be positioned to take advantage of the area's dynamic market conditions and secure a high-performing asset with excellent income potential and favorable lease terms. This offering represents a unique opportunity to invest in a property with robust financial projections, strategic location, and significant market demand in the thriving Chicago Heights area. Don't miss out on this opportunity to acquire a property with strong income potential and favorable lease terms in a bustling and economically vibrant community.
Location
State IL
County Cook
Zoning COMMR
Interior
Cooling None
Fireplace N
Exterior
Utilities Available Electric to Site, Sanitary Sewer, Water to Site
View Y/N true
Building
Structure Type Brick
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© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Anthony Hardy • Keller Williams ONEChicago
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