11055 S Western Ave - Drug Store FOR SALE


Chicago, IL 60643- Morgan Park
$2,582,071 USD
847-562-0003
11055 S Western Ave, Chicago, IL for Sale
$2,582,071 USD
Drug Store - FOR SALE
1/2
null | 7% Cap Rate

11055 S Western Ave
Chicago, IL 60643
Morgan Park


HIGHLIGHTS

  • New 10-year lease+ years remain
  • Several recent capital improvements made including parking lot sealing & striping
  • Affluent demographics – Average household income within 1-mile is $122,642
  • $0.50/SF rent increases in each renewal option
  • 449,479 people live within a 5-mile radius
  • Proximity to Interstate 57 (145,000 VPD)

OVERVIEW

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Dollar Tree located in Chicago, Illinois. The property underwent extensive renovations in 2023 for Dollar Tree’s tenancy, coinciding with the start of their long-term lease, which runs through November 2033. The lease includes three 5-year renewal options, each featuring a $0.50/SF rent increase at commencement. Significant capital improvements were completed in preparation for occupancy, including a newly sealed and striped parking lot, upgraded parking lot lighting, an updated fire sprinkler and electrical system, and a refreshed monument sign. Additionally, the HVAC system was replaced in 2018. Dollar Tree is an investment-grade tenant with an S&P credit rating of BBB. The 15,717 square-foot building benefits from its hard corner position along South Western Avenue which experiences over 27,900 vehicles per day. Additionally, the subject property is within proximity to Interstate 57 (145,000 VPD). The asset is in an affluent pocket of Chicago where the average household income is $122,000 within 1-mile. It is also a densely populated area with 449,000 people living in a 5-mile radius. Neighboring tenants include Fairplay Foods, NAPA Auto Parts, Meineke, PNC Bank, Buona Beef, U-Haul, and several others. Furthermore, Morgan Park Highschool (1,200+ Students) is located less than one mile east of the property. This is an urban-infill location with high barriers to entry for new tenants. Dollar Tree, Inc. is an American multi-price-point chain of discount variety stores. Headquartered in Chesapeake, Virginia, it is a Fortune 500 company and operates 16,000 stores throughout the 48 contiguous U.S. states and Canada. Its stores are supported by a nationwide logistics network of 24 distribution centers. Additionally, the company operates stores under the name of Dollar Bills, as well as a multi-price-point variety chain under the Family Dollar banner.

FOR SALE DETAILS

PRICE

$2,582,071 USD

PRICE/SF

$164 USD /SF

CAP RATE

7%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar Tree

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2002

SPRINKLERS

-

PARKING SPACES

30

LAND DETAILS

LAND ACRES

1.21 AC

LAND SF

52,708 SF

ZONING

B2-2, Chicago

APN/PARCEL ID

25-18-317-001-0000

ASK ABOUT THIS PROPERTY

Randy BlanksteinThe Boulder GroupMore Info
847-562-0003

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Randy BlanksteinThe Boulder GroupMore Info
847-562-0003

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