Melrose Park Strip Center
109-119 W. Grand Avenue
Melrose Park, IL 60164
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%
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!