9600-9652 S Pulaski Rd - Freestanding FOR SALE


Oak Lawn, IL 60453
$4,880,000 USD
630-570-2200
9600-9652 S Pulaski Rd, Oak Lawn, IL for Sale
$4,880,000 USD
Freestanding - FOR SALE
1/8
null | 8.5% Cap Rate

9600-9652 S Pulaski Rd
Oak Lawn, IL 60453


HIGHLIGHTS

  • 84% Occupied Value-Add Neighborhood Shopping Center | 8.50% In-Place Cap Rate | Rental Increases.
  • Outstanding Retail Real Estate Fundamentals.
  • Infill Location Surrounded by Numerous Top Ranked National Retailers.
  • Dense, Affluent Demographics with Strong Daytime Population.
  • Located in Cook County | Included in the Chicago Metropolitan Statistical Area.

OVERVIEW

Marcus & Millichap is pleased to exclusively offer this 84% occupied value-add neighborhood shopping center in Oak Lawn, Illinois. This property presents an exceptional opportunity to add substantial value through leasing the two vacant units, totaling 3,932 square feet. The property offers a significant in-place cap rate of 8.50%, with the potential to increase to over 10% on a pro-forma basis. All tenants operate on net leases with management fee reimbursements, and six of the tenants have annual rental increases in-place. Staggered lease expirations allow for flexibility, with one tenant accounting for more than 18% of the base rent. Foodies, a long-term tenant since 1994, has over seven years remaining on their lease, while Cicero Dental has nearly nine years left. The shopping center sits on a 2.48-acre lot with over 600 feet of frontage along Pulaski Road, occupying an entire city block. The building's layout effectively creates five separate end-cap spaces, maximizing visibility. There are three separate points of ingress and egress, and the high traffic counts—26,700 vehicles per day along Pulaski Road—enhance the property's appeal. A large rear parking lot provides full truck access, in addition to employee parking. Bay depths range from 40 to 85 feet, offering flexibility for a variety of tenants. A prominent pylon sign along Pulaski Road provides ample space for tenant visibility. Located in an infill area surrounded by numerous top-ranked national retailers, the shopping center benefits from proximity to the 95th Street retail corridor, one of Chicagoland’s most prominent retail thoroughfares. Nearby major retailers include Amazon Fresh, Target, The Home Depot, Jewel-Osco (Albertsons), and LA Fitness. Notably, the Amazon Fresh location nearby sees 519,900 annual visitors, ranking as the top location in Illinois and among the top 18% nationally. The Target location also draws 2.4 million annual visitors, making it the second highest-ranked in Illinois and in the top 4% nationally. The property is just minutes from the nationally ranked Advocate Christ Medical Center, which boasts 788 hospital beds. The surrounding area has dense, affluent demographics, with 514,281 people living within a five-mile radius of the property and a daytime population of 424,672 people. The average household income exceeds $95,000 within a three-mile radius, adding to the shopping center's strong potential for growth.

FOR SALE DETAILS

PRICE

$4,880,000 USD

PRICE/SF

$198 USD /SF

CAP RATE

8.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Park Lawn Plaza

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1988

SPRINKLERS

-

PARKING SPACES

90

LAND DETAILS

CROSS STREETS

97th St

LAND ACRES

2.48 AC

LAND SF

108,029 SF

ZONING

O, Oak Lawn

APN/PARCEL ID

24-10-212-047-0000

ASK ABOUT THIS PROPERTY

Adrian MendozaSharko | Weisenbeck | Mendoza GroupMore Info
630-570-2200

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Adrian MendozaSharko | Weisenbeck | Mendoza GroupMore Info
630-570-2200

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