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Winchester Plaza-Below Market Rents, Stable Tenant
1827 West 87th Street, Chicago, IL 60620
Last Verified 9/1/2009
Listing ID 16061136
Highlights
Fully Leased- Largest Tenants Re-Signed For Additional 5 Years
- Below Market Rents (40% tenants as low as $11.00)
- Little to No Differed Maintenance
- Infill Location - 800,000+ People with-in 5 Miles
- Several Tenants In This Location for Over 10 Years
Description
TWO LARGEST TENANTS RENEWED FOR 5 YEARS. RENTAL RATES SIGNIFICANTLY BELOW MARKET.
Winchester Plaza gives an investor the opportunity to acquire a 22,700 square foot retail center in the south side of Chicago IL. This 100% occupied neighborhood center has a high opperating historty at this infill location. Since being built in 1998, The strong mix of local and regional tenants has kept many of the occupants in the property. Part of the center success is lack of any competing properties within a 1 mile radius.
Rents in this center are at least 30% below market levels. Average rental rates for Winchester Plaza are $13.24 per square foot while comparable properties are achieving low to mid twenties per square foot (see rent comparables section). In addition these are all true NNN leases where the tenants are responsible for all reimbursements, and roof & HVAC replacment. All tenants have 3% annual increases.
A new owner can take comfort knowing that this center has little to no differed maintenance and will see continued appreciation thru rent growth.
Winchester Plaza gives an investor the opportunity to acquire a 22,700 square foot retail center in the south side of Chicago IL. This 100% occupied neighborhood center has a high opperating historty at this infill location. Since being built in 1998, The strong mix of local and regional tenants has kept many of the occupants in the property. Part of the center success is lack of any competing properties within a 1 mile radius.
Rents in this center are at least 30% below market levels. Average rental rates for Winchester Plaza are $13.24 per square foot while comparable properties are achieving low to mid twenties per square foot (see rent comparables section). In addition these are all true NNN leases where the tenants are responsible for all reimbursements, and roof & HVAC replacment. All tenants have 3% annual increases.
A new owner can take comfort knowing that this center has little to no differed maintenance and will see continued appreciation thru rent growth.
Map of 1827 West 87th Street, Chicago, IL 60620 (Cook County)
Created 1/16/2009
Additional Information for 1827 W 87th Street, Chicago, IL 60620
- Active For Sale - 0 Listing
- Active For Lease - 0 Listing
- Previously Listed - 1 Historic Listing
- Sales Comparables Available - 0 RecentSales Record
View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.