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Description
SOLD
Minimum Bid/Published Reserve Price: $999,000
Buyer’s Premium: 6%
Cooperating Broker’s Commission: 2% of Bid Price/Offer Price (before Buyer’s Premium is added)
Lot Size: Approx. .4616 Acres
Building Size: Approx. 6,950 SF
Parking Ratio: 5.34/1,000 SF
2019 Taxes: $44,538.16
PIN #: 12-29-311-021-0000
Zoning: C-4; General Commercial District
Traffic Count: 29,600 VPD
Cap Rate: 9.5%
NOI: $95,000
This well located strip center with six (6) retail units is in a high traffic location and has an attractive NOI of $95,000. This property has long term tenants and a stable rental history. Even during COVID-19, all tenant rents have been current. Four (4) of the six (6) tenants have recently renewed their leases. Lease expirations range from 2022-2028. Two (2) of the tenants have gaming licenses, which provides added value for stability. This property also features a new parking lot (2019). All roof and mechanicals have been routinely maintained and/or updated in the last five (5) years.
Melrose Park is located approximately 15 miles northwest of downtown Chicago. The property is accessible via I-294 at the West Lake Street Exit, 2.6 miles south of the subject property. O’ Hare International Airport is located just 10 minutes from the property.
ABSOLUTELY NO SOLICITATION OF THE TENANTS; ALL PROPERTY INQUIRES MUST BE PRESENTED TO AUCTIONWORKS
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Total Bids Placed:
Auction has expired
Auction Expired because there were no bidsAuction Information
ONLINE-ONLY AUCTION
Location: 109-119 W. Grand Avenue, Melrose Park, IL, 60164
How to Submit Pre-Auction Bid
Click on the Pre-Auction Offer Form button on the property page and submit your bid with proof of funds.
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BID APPROVAL PROCESS:
Review all information and due dilligence documents posted on the property listing on our website.
Read the Terms and Conditions and Purchase and Sale Agreement posted on the property listing on our website.
Wire or overnight the certified funds required to bid on the property (for amount required see Terms and Conditions).
Click the “Register to Bid” button.
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If you have any questions, contact us. We would be happy to assist you.
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There is a 6% Buyer's Premium in effect for this auction.
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