Dark Value-Add | QSR Redevelopment 2003 W Monroe St

This property presents a prime redevelopment opportunity with 1,815 square feet of space, previously occupied by Starbucks. Currently under a double net lease with 1.2 years remaining, the site offers attractive real estate fundamentals, including a drive-thru and outdoor patio that enhance its value and flexibility for future tenants. The location benefits from excellent visibility along West Monroe Street and Chatham Road, complemented by prominent signage.
Strategically positioned just 341 feet from the signalized intersection of Monroe Street and Chatham Road, the property enjoys a combined daily traffic count of over 24,600 vehicles. It is also conveniently located 0.8 miles from Highway 97, with 20,500 vehicles per day, and 1.2 miles from Veterans Parkway, with 24,200 vehicles per day, ensuring high visibility and accessibility.
The surrounding area boasts a robust mix of major retailers, schools, hospitals, and iconic landmarks. Nearby retailers include County Market, Family Dollar, Jimmy John’s, Dunkin, Dollar General, Krispy Kreme, McDonald’s, Walgreens, CVS, Harbor Freight, and O’Reilly Auto Parts. Additionally, the property is surrounded by seven public and private schools with a combined enrollment of 4,751 students. It is less than two miles from two major hospitals—St. Johns Hospital & Children’s Hospital (382 beds) and Memorial Medical Center (500 beds)—and within three miles of key landmarks such as the Illinois State Capitol Building, Illinois State Museum, Illinois Governor’s Mansion, and Lincoln Home National Historic Site.
Demographics further highlight the property’s appeal, with an estimated 2023 population of 67,945 and a daytime population of 104,980 within a three-mile radius. The area also features an average household income of $85,917, making it a highly desirable location for redevelopment and future tenancy.