$3,275,000

8821 W 87th Street, Hickory Hills IL, 60457

Price per sqft$78.63

Built in1988

Property size41,650 sqft

Property typeCommercial

Bought with Jonathan Fakhouri with Vision Realty Inc. and Listed by Dominick Cannata with Brookline Real Estate LLC 630-590-5910

Overview

Sold

Closed

Listed Oct 24, 2022

Updated May 29

We are proud to present the opportunity to acquire a value-add investment property including a 41,650 square-foot multi-tenant retail center and one undeveloped outlot positioned in a strong, transit-oriented location in the Chicago suburb of Hickory Hills. This property offers tremendous upside and future NOI growth through the potential for development of the outlot. Furthermore, new ownership can add value by repositioning the below-market gross leases into NNN market rents. 87th Street Plaza contains 41,650 square-feet and is situated on approximately 5.42 acres. At the southwest corner of 87th Street and 88th Avenue just south of I-294, the center benefits greatly from its position next to CVS and Shell Gas Station across from Hickory Hills Police Department. Anchored by recently-renewed variety store chain, Dollar General, the center is occupied by many internet-resistant tenants on long-term leases. Differentiated businesses and contrasting rush hours allow for an ideal synergy and mutual benefit across the property. The brick construction building has been beautifully maintained and offers its visitors 242 parking spots in a landscaped and well-kept lot. Four entrances on two separate roads aid traffic flow and allow tenants to operate smoothly. Cross access with CVS and Shell allows for easy entry for those visitors as well. This asset is being offered at an 8.38% CAP rate with tremendous upside potential through future development and repositioning of the property.

Additional information

MLS^® ID: 11659191

Interior Features

Bedrooms: 0
Cooling: Yes
Basement: No

Exterior Features

Lot Size: 6.26 Acres

Other Property Details

Taxes: $208,904
Tax Frequency: Annually

Bought with Jonathan Fakhouri with Vision Realty Inc. and Listed by Dominick Cannata with Brookline Real Estate LLC 630-590-5910

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