Melrose Park Strip Center

109-119 W. Grand Avenue Melrose Park, IL 60164

FOR SALE Auction Property
Property Type:
Strip Center
Amount:
$999,000
Cap Rate:
9.50%
Last Verified:
Jul 10, 2020

Minimum Bid/Published Reserve Price: $999,000

Buyer's Premium: 6%

Cooperating Broker's Commission: 2%

Lot Size: Approx. .4616 Acres

Building Size: Approx. 6,950 SF

Parking Ratio: 5.34/1,000 SF

2019 Taxes: $44,538.16

PIN #: 12-29-311-021-0000

Zoning: C-4; General Commercial District

Traffic Count: 29,600 VPD

Cap Rate: 9.5%

NOI: $95,000

This well located strip center with six (6) retail units is in a high traffic location and has an attractive NOI of $95,000. This property has long term tenants and a stable rental history. Even during COVID-19, all tenant rents have been current.  Four (4) of the six (6) tenants have recently renewed their leases. Lease expirations range from 2022-2028. Two (2) of the tenants have gaming licenses, which provides added value for stability.  This property also features a new parking lot (2019). All roof and mechanicals have been routinely maintained and/or updated in the last five (5) years.

Melrose Park is located approximately 15 miles northwest of downtown Chicago. The property is accessible via I-294 at the West Lake Street Exit, 2.6 miles south of the subject property. O' Hare International Airport is located just 10 minutes from the property.

ABSOLUTELY NO SOLICITATION OFTHE TENANTS; ALL PROPERTY INQUIRES MUST BE PRESENTED TO AUCTIONWORKS

•Online Auction Bidding Starts at 11 AM CST Wednesday, August 26, 2020 and ends Friday, August 28, 2020, 11 AM CST
•Minimum Bid/Published Reserve Price: $999,000.00
•Buyer's Premium: 6%
•Cooperating Broker's Commission: 2%
•Pre-Auction Bids Highly Encouraged!


Additional URLs

Map of 109-119 W. Grand Avenue, Melrose Park, IL, 60164

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

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