Melrose Park Strip Center in Melrose Park, IL
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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%
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.
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Total Bids Placed:
Location: 109-119 W. Grand Avenue, Melrose Park, IL, 60164
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