$ 3,700,000
8821 W 87th Street Hickory Hills, IL 60457
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$ 3,700,000
Est. payment | /mo
41,650 SqFt
$ 3,700,000
Est. payment | /mo
41,650 SqFt
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 41,650 sqft
Price per Sqft $88
MLS Listing ID 11659191
Year Built 1988
Annual Tax Amount $208,904
Tax Year 2022
Lot Dimensions 0X0
Property Description
We are proud to present the opportunity to acquire a value-add investment property including a 41,650 square-foot multi-tenant retail center and one undeveloped outlot positioned in a strong, transit-oriented location in the Chicago suburb of Hickory Hills. This property offers tremendous upside and future NOI growth through the potential for development of the outlot. Furthermore, new ownership can add value by repositioning the below-market gross leases into NNN market rents. 87th Street Plaza contains 41,650 square-feet and is situated on approximately 5.42 acres. At the southwest corner of 87th Street and 88th Avenue just south of I-294, the center benefits greatly from its position next to CVS and Shell Gas Station across from Hickory Hills Police Department. Anchored by recently-renewed variety store chain, Dollar General, the center is 96% occupied by many internet-resistant tenants on long-term leases. Differentiated businesses and contrasting rush hours allow for an ideal synergy and mutual benefit across the property. The brick construction building has been beautifully maintained and offers its visitors 242 parking spots in a landscaped and well-kept lot. Four entrances on two separate roads aid traffic flow and allow tenants to operate smoothly. Cross access with CVS and Shell allows for easy entry for those visitors as well. This asset is being offered at an 8.81% CAP rate with tremendous upside potential through future development and repositioning of the property.
Location
State IL
County Cook
Zoning COMMR
Interior
Cooling Central Individual
Fireplace N
Exterior
View Y/N true
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Listed by Dominick Cannata • Brookline Real Estate LLC
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "