1559 Irving Park RdHanover Park, IL 60133

For Sale
$3,481,000

Illinois Strip Mall, Strong Tenants, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional 24,696 square foot retail strip center in Hanover Park, Illinois, presents a compelling investment opportunity. Anchored by a Harbor Freight and a Dollar Tree, both boasting strong corporate guarantees, the property offers a stable income stream with a 6.75% cap rate and a substantial NOI of $234,977. The two tenants occupy the entire building, with Harbor Freight holding a lease with approximately six years remaining and Dollar Tree having recently signed a new 10-year lease. The property benefits from a prime location at a signalized intersection of Irving Park Road and Barrington Road, experiencing approximately 58,288 vehicles per day. Significant renovations were completed in 2014 and 2023, encompassing a new façade, roof, parking lot, landscaping, lighting, and signage. Dollar Tree further invested in HVAC and interior improvements. The 2.18-acre lot provides ample parking for 106 vehicles. The property is zoned commercial and features a fee simple ownership structure (land and building). The strong tenant mix, favorable lease terms, and below-replacement-cost pricing make this a highly attractive investment in a thriving retail corridor surrounded by national retailers such as Menards, Walmart, Walgreens, Target, Home Depot, and Jewel-Osco. The area demographics are equally impressive, with approximately 130,000 residents within a 3-mile radius and an average household income exceeding $100,000 within a 5-mile radius. The asking price is $3,481,000. APN: 07-30-301-022.

Highlights

  • NNN leases with Harbor Freight and Dollar Tree.
  • Harbor Freight has a 6-year lease renewal; Dollar Tree has a new 10-year lease with a rent increase in year 6.
  • Excellent location in a high-performing retail area near Menards, Walmart, Walgreens, LA Fitness, Target, Jewel-Osco, Home Depot, Kohl's, and At Home.
  • Below replacement cost.
  • High-traffic intersection with pylon signage; ±63,433 vehicles per day.
  • Strong demographics: 130,000 residents within 3 miles.

Property Details for 1559 Irving Park Rd

Property type
Neighborhood centers, Other retail properties
Square Feet
24,696 SF
Year Renovated
2014
Lot Size (sq. ft)
94,961 SF

Location Insight

City
Hanover Park
County
Cook
State
Illinois
Latitude
42.004700762605
Longitude
-88.143371192605
1559 Irving Park Rd, Hanover Park, Illinois

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1559 Irving Park Rd
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