15497 S 94th Ave - Freestanding FOR SALE


Orland Park, IL 60462
$7,180,000 USD
949-412-1616
15497 S 94th Ave, Orland Park, IL for Sale
$7,180,000 USD
Freestanding - FOR SALE
1/6
null | 7.33% Cap Rate

15497 S 94th Ave
Orland Park, IL 60462


HIGHLIGHTS

  • VALUE-ADD RETAIL SHOPPING CENTER INVESTMENT OPPORTUNITY – EXISTING RENTS 50% LESS THAN COMPARABLE RETAIL SPACE
  • CONVENIENT LOAN ASSUMPTION WITH HISTORICALLY LOW INTEREST RATE OF 3.875%. HIGH CASH ON CASH RETURN 7.61%
  • MULTI TENANT LEASED INVESTMENT – 100% LEASED – TAX BENEFITS
  • LOCATED WITHIN UPSCALE SUBURB OF CHICAGO – DOMINANT TRADE AREA
  • LOCATED WITHIN THE CORE RETAIL CORRIDOR - LAGRANGE ROAD - NEAR ORLAND SQUARE MALL
  • WELL BELOW REPLACEMENT COSTS – $120/SF

OVERVIEW

ILLINOIS BROKER OF RECORD: MICHAEL SCHERTLER / License No. 471011764 Faris Lee Investments proudly presents the fee simple interest (land & building) in a premier value-add retail shopping center investment opportunity located at 15497–15601 S. 94th Avenue, Orland Park, IL. This approximately 59,835-square-foot, multi-tenant NNN leased retail asset offers investors a rare opportunity to acquire a 100% occupied property at a price well below replacement cost ($120 PSF), in one of the most affluent and high-demand suburbs within the Chicago MSA. Currently leased at rental rates approximately 50% below market, the property provides immediate and significant value creation potential through strategic leasing and property enhancements. Its stable income stream, paired with meaningful upside, makes this a compelling opportunity for value-add and long-term investors alike. Adding to the investment appeal is an assumable loan with a historically low interest rate of 3.875%, allowing an incoming investor to realize 7.61% cash-on-cash return. In today’s rising interest rate environment, this financing structure provides substantial leverage and yield enhancement, uncommon in today’s market. The asset is offered at a cost basis of $120 per square foot, presenting investors with a low entry price and the flexibility to modernize the center while maintaining competitive rent levels. Given today’s elevated construction costs, this acquisition enables investors to offer below market rents, secure long-term tenants, and unlock superior long-term value. The property features a diverse mix of established local and regional tenants, catering to essential neighborhood services and daily needs. The center’s 100% occupancy, coupled with its multi-tenant layout, supports strong in-place cash flow and high demand for smaller incubator-style spaces. Investors may also benefit from cost segregation and depreciation based tax benefits available through ownership. Strategically located along the high-traffic LaGrange Road corridor—Orland Park’s core retail artery—the property is positioned near Orland Square Mall, a regional destination anchored by Macy’s and boasts high-volume national retailers including Apple, Lululemon, Sephora, Urban Outfitters, H&M, and more, driving consistent consumer traffic. The surrounding retail landscape includes top-performing national anchors such as Costco, Whole Foods, Trader Joe’s, Target, Dick’s Sporting Goods, Ross, Hobby Lobby, Marshalls, and Nordstrom Rack, creating a thriving commercial environment and unparalleled market visibility. Located in the heart of Orland Park, a highly desirable and affluent suburb of Chicago, the subject property benefits from a robust and growing trade area. Within a 5-mile radius, the population exceeds 172,000 residents, with an average household income over $130,000 and more than 66,000 households. The property draws from neighboring communities including Tinley Park, Oak Forest, Homer Glen, and Palos Heights, providing a strong, diverse consumer base. With its prime location, strong demographics, below-market rents, assumable low-interest financing, and high-yield profile, the Orland Park Retail Center offers investors a rare opportunity to acquire a well-located, income-generating retail asset with substantial long-term upside.

FOR SALE DETAILS

PRICE

$7,180,000 USD

PRICE/SF

$2,051 USD /SF

CAP RATE

7.33%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Orland Park Retail Center - Value Add Opp

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Fast Food, Storefront, Supermarket

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1984

SPRINKLERS

-

PARKING SPACES

168

LAND DETAILS

LAND ACRES

4.81 AC

LAND SF

209,524 SF

ZONING

BIZ - Orland Park

APN/PARCEL ID

27-15-304-003-0000

ASK ABOUT THIS PROPERTY

Jeff ConoverFaris Lee InvestmentsMore Info
949-412-1616

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Jeff ConoverFaris Lee InvestmentsMore Info
949-412-1616

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.