SQUARE FEET6,250
MLS#12746756
STATUSNew
PROPERTY TYPECommercial - Retail
Property Description
South Holland Retail Strip building, located on well-traveled thoroughfare with good visibility. The building consists of four units with a total area of 6250 sqft. Construction is all masonry, built in 2008, with layout typical of in-line retail strip centers. Each unit is accessible from the street-facing side, with employee-only entrance/exit door on the rear side of the building. Unit 645, Seafood Junction, with a 1200 sqft area, on a Modified Gross terms has a projected yearly rent of $34,067/$28.18 per sqft. Unit 641, Flavor Addicts, with a 1200 sqft area, on a Modified Gross terms has a projected yearly rent of $36,000/$30.00 per sqft. Unit 637, is vacant. The projected rent as stabilized, should follow that of unit 641, with favorable terms. Units 629-633, combined units, with Serenity Home Health, is leased at $34,161/$21.03 sqft on Triple Net lease terms. Fully stabilized projected income is at $140,227, with expense reimbursements at $38,700, giving gross potential at $178,927. Effect gross income is at $173,560. Projected expenses at 101,351. NOI is calculated at $72,208 with vacancy and collection loss at 3.00%, which is consistent with market expectations. Current as is capitalization rate applied is 8%. Building is in good condition. Overall lot area is 18,393 sqft, with an asphalt paved parking area with 30 spaces.
Property Features
Property Type: Commercial - Retail
Cooling: Central Air
Lot Size: 0.43 Acres
Stories: 1.0
Taxes: $62,549
Year Built: 2008
Feature Descriptions
Current Use: Commercial, Legal Non Conforming, Medical/Dental
Electric: Separate Meters
Fire Protection: Fire Extinguisher/s
Frontage Type: City Street
HVAC: Central Heat/Indiv Controls
Lot Dimensions: 124x148
Number of Tenant(s): 3
Parcel#: 29222010460000
Parking: 19-30 Spaces
Tenant Pays: Air Conditioning, Common Area Maintenance, Taxes
Units: 4
Listed By / Shown By
Listed By
Agency Name: L & B All Star Realty Advisors LLC
Agency Phone: 312-925-0900
Shown By
Agent Name: Scot Craig
Agent Phone: (815) 985-8806
Agency Title: Gambino Realtors
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629-645 E 162nd Street | MLS# 12746756
This commercial property located at 629-645 E 162nd Street, South Holland, IL 60473 is currently listed for sale with an asking price of $900,000. Search South Holland real estate on scraig.gogambino.com today.