1557-1559 Irving Park Rd - Storefront FOR SALE


Hanover Park, IL 60133
$3,481,000 USD
949-221-1824
1557-1559 Irving Park Rd, Hanover Park, IL for Sale
$3,481,000 USD
Storefront - FOR SALE
1/6
null | 6.75% Cap Rate

1557-1559 Irving Park Rd
Hanover Park, IL 60133


HIGHLIGHTS

  • Corporate Backed NNN Leases/ Harbor Freight (Top 3 IL Store) & Dollar Tree
  • Strong Credit Tenant Lease Terms/Harbor Freight Early Renewal- 6 Years Remaining & Dollar Tree new 10-year term with increase in Year 6
  • Strategic Location In Strong Performing Sales Retail Hub | Surrounded By High Performing National Retailers: Menards, Super- Walmart, Walgreens
  • Intrinsic Value/Below Replace Costs - $141 psf
  • Signalized Intersection/High Traffic Counts/Tenant Pylon Signs | ±63,433vpd
  • Strong Trade Area Demographics | 130,000 Residential Population within 3 Miles

OVERVIEW

ILLINOIS BROKER OF RECORD - Michael Schertler - License No 471.011764 Faris Lee Investments and Great Street Realty Partners is pleased to offer the opportunity to acquire a corporate backed 2 tenant investment consisting of Harbor Freight and new Dollar Tree Store. Harbor Freight has approximately 6 years of primary term remaining and is paying a below market rent of $9.17 per square foot. Dollar Tree signed a new 10 year lease at this location to increase the sales for the company in this trade area and complement their top performing existing store (top 2 Percentile nationwide). The low rents being paid by Harbor Freight and Dollar Tree, and favorable pricing, allows the investor to purchase the property at $141 per square foot which is well below replacement costs for the building. The building underwent significant renovation in 2014 and 2023 with a new façade, new roof, new parking lot, landscaping, lighting and signage. Dollar Tree added new HVAC for their premises and upgraded the interior improvements as well, adding value to the to the premises. The subject property is ideally positioned at the signalized intersection of heavily travelled Irving Park Road and Barrington Road, which combine for approximately 58,288 cars per day. The national retailers in the immediate trade area: Wal-Mart, Menards, Walgreens, Target, Home Depot, Jewel-Osco, Dollar Tree among others boasts excellent sales as the majority of these stores are top performing both nationally and in the metro area (see Placer Data on page 6). The strength of the trade area is attributed to the strong demographics of the Hanover Park area with approximately 130,000 residents within 3 miles of the property, and an Average Household Income of $102,000 within a 5 mile radius.

FOR SALE DETAILS

PRICE

$3,481,000 USD

PRICE/SF

$141 USD /SF

CAP RATE

6.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Harbor Freight Tools and Dollar Tree

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1969

SPRINKLERS

-

PARKING SPACES

106

LAND DETAILS

LAND ACRES

2.18 AC

LAND SF

94,961 SF

ZONING

B-2

APN/PARCEL ID

07-30-301-022-0000

ASK ABOUT THIS PROPERTY

Chris DePierroFaris Lee InvestmentsMore Info
949-221-1824

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Chris DePierroFaris Lee InvestmentsMore Info
949-221-1824

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