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$900,000
Est. payment /mo
6,250 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 6,250 sqft
Price per Sqft $144
MLS Listing ID 12746756
Year Built 2008
Annual Tax Amount $62,549
Tax Year 2024
Lot Size 0.430 Acres
Lot Dimensions 124x148
Property Sub-Type Retail/Stores
Property Description
South Holland Retail Strip building, located on well-traveled thoroughfare with good visibility. The building consists of four units with a total area of 6250 sqft. Construction is all masonry, built in 2008, with layout typical of in-line retail strip centers. Each unit is accessible from the street-facing side, with employee-only entrance/exit door on the rear side of the building. Unit 645, Seafood Junction, with a 1200 sqft area, on a Modified Gross terms has a projected yearly rent of $34,067/$28.18 per sqft. Unit 641, Flavor Addicts, with a 1200 sqft area, on a Modified Gross terms has a projected yearly rent of $36,000/$30.00 per sqft. Unit 637, is vacant. The projected rent as stabilized, should follow that of unit 641, with favorable terms. Units 629-633, combined units, with Serenity Home Health, is leased at $34,161/$21.03 sqft on Triple Net lease terms. Fully stabilized projected income is at $140,227, with expense reimbursements at $38,700, giving gross potential at $178,927. Effect gross income is at $173,560. Projected expenses at 101,351. NOI is calculated at $72,208 with vacancy and collection loss at 3.00%, which is consistent with market expectations. Current as is capitalization rate applied is 8%. Building is in good condition. Overall lot area is 18,393 sqft, with an asphalt paved parking area with 30 spaces.
Location
State IL
County Cook
Area South Holland
Zoning COMMR
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Retail/Stores
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Listed by Ira Lauter of L & B All Star Realty Advisors LLC
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