629-645 E 162nd St - Storefront FOR SALE


South Holland, IL 60473
$900,000 USD
773-230-1031
629-645 E 162nd St, South Holland, IL for Sale
$900,000 USD
Storefront - FOR SALE
1/14
null | 8.13% Cap Rate

629-645 E 162nd St
South Holland, IL 60473


OVERVIEW

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.

FOR SALE DETAILS

PRICE

$900,000 USD

PRICE/SF

$144 USD /SF

CAP RATE

8.13%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2008

SPRINKLERS

-

PARKING SPACES

30

LAND DETAILS

CROSS STREETS

School St

LAND ACRES

0.44 AC

LAND SF

19,166 SF

ZONING

Commercial

APN/PARCEL ID

29-22-201-046-0000

ASK ABOUT THIS PROPERTY

Randy FerinoLB All-Star Realty Advisors LLCMore Info
773-230-1031

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Randy FerinoLB All-Star Realty Advisors LLCMore Info
773-230-1031

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