CAP Rate: 6.50%
Net Operating Income: $288,000
Land Size: 1.63 AC
Year Built: 2015
The offering is for a free-standing 8,000 square foot retail facility on 1.63 acres of land 100% leased to Miller’s Ale House. The lease is absolute NNN with zero landlord obligations. There are rental increases every 5 years in the initial term and at the four 5 year option periods. Building underwent extensive demolition and renovation work in 2015.
The property is located at the signalized intersection of Chicago Ridge Avenue and is the primary pad site location in front of the Chicago Ridge Mall, a nearly 1 million square foot mall anchored by AMC Theater, Kohl’s and Sears, and is occupied by several nationally recognized tenants such as Aldi, Bed Bath & Beyond, Michael’s, Chick-fil-A, Chili’s, and Old Navy. Chicago Ridge is located just 14 miles from downtown Chicago and has developed into one of Chicago’s most desirable trade areas for retail and commercial businesses.
Located in Cook County, the village is 18 miles (29 km) southwest of the Loop. Chicago Ridge’s irregular shape is bounded by Oak Lawn on the north and east, Bridgeview and Palos Hills on the west, and Worth on the south.
Chicago is the third largest metropolitan area in the United States with nearly 9.5 million people. The city is an international hub for finance, commerce, industry, technology, telecommunications, and transportation, with O’Hare International Airport being the second-busiest airport in the world in terms of traffic movements.