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Fully Leased Retail Strip Center 1720 Chicago Rd
6,000 SF 100% Leased Retail Building Online Auction Sale Chicago Heights, IL 60411
Investment Highlights
- 100% occupied retail strip center with a synergistic tenant mix and long-term tenants with staggered lease end dates.
- Prime location just off Chicago Road, which is a major area thoroughfare that sees lofty traffic counts of over 22,000 vehicles daily.
- Population within 2 miles is rapidly growing with household incomes on the rise and a majority owner-occupied households.
- Perfect hands-off investment for buyers looking for a cash-flowing asset to add to their diverse portfolio.
- Surrounded by tons of local and national retail with several nearby neighborhoods creating a built in consumer base.
Executive Summary
Far South is an excellent retail submarket for investors to enter the Greater Chicago market. The Far South retail submarket has a vacancy rate of 7.3% as of the fourth quarter of 2024. Far South's vacancy rate of 7.3% compares to the submarket's five-year average of 9.4% and the 10-year average of 12.0%. The Far South retail submarket has roughly 1.4 million square feet of space listed as available, for an availability rate of 11.2%. As of the fourth quarter of 2024, there are 13,000 square feet of retail space under construction in Far South. In comparison, the submarket has averaged 15,000 square feet of under-construction inventory over the past 10 years. Rents have changed by 1.6% year-over-year in Far South, compared to a change of 1.2% across Chicago as a whole. Market rents have changed by 3.1% in neighborhood center properties year over year, 4.1% in power center properties, 0.9% in strip center properties, 1.8% in mall properties, and 0.8% in general retail properties. Annual rent growth of 1.6% in Far South compares to the submarket's five-year average of 3.1% and its 10-year average of 2.0%.
Chicago, as a whole, has performed well recently. The City That Works does just that. Almost 500 companies across various industries occupy over 100,000 square feet each of office space within the Chicago metropolitan area. This is the home of United Airlines, industrial distributor W.W. Grainger, manufacturer GE HealthCare, Discover Financial Services, retailer Ace Hardware, global insurance brokerage Gallagher, fast food giant McDonald's, Hyatt Hotels, and law firm Kirkland & Ellis.
Just 33 miles south of Chicago, Chicago Heights is a thriving neighborhood. Its proximity to US 30 and Route 1 makes getting around from Chicago Heights simple. Prairie State College is situated in Chicago Heights, presenting a variety of special events and programs to the community. This part of Chicago is home to a diverse mix of people, outdoor recreation, and opportunities.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Chicago - IL USA
Market Cap Rate
Chicago - IL USA
Market Sale Price per SF by Star Rating
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Market Cap Rate by Star Rating
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Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Amenities
- Corner Lot
- Signage
- Drive Thru
About Far South
The South Chicago retail area is bifurcated with forest preserves and bucolic vistas to the south and a bustling suburban enclave to the north. Interstates 57 and 80/94 meet in the northwest corner and go their respective southern and eastern ways from there. Yet the real draw for retail here is the extension of Western Avenue, the city of Chicago’s longest street, spanning over 27 miles from Evanston, Illinois, to Crete, Illinois. Students (and staff) are drawn to the Prairie State Junior College (500 employees), Chicago Heights, to start their educational journeys and then can commute south to Governor’s State University (1,000 employees), University Park, to finish their undergraduate studies.
Employment sectors run the gamut in South Chicago, but manufacturers and distributors appear to dominate the landscape. University Park’s large manufacturers require a substantial workforce to run their facilities and warehouses, like paper manufacturer Georgia Pacific (6,700 employees), jellies and spreads manufacturer JM Smuckers (5,500 employees), and Solo Cup manufacturer Dart Container (3,500 employees). Logistics companies are drawn here not only for the highways but for easy access to the Illinois Central Railroad Company’s (500 employees) intermodal terminal at the region’s northern border in Homewood.
DEMOGRAPHICS
Demographics
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $82,182 CAD | |
| Land Assessment | $18,539 CAD | Total Assessment | $100,721 CAD |
PROPERTY TAXES
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Fully Leased Retail Strip Center | 1720 Chicago Rd
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