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Lake Park Plaza 1400 E 47th St 20,815 SF 100% Leased Retail Building Chicago, IL 60653 $6,950,000 ($333.89/SF) 7.05% Cap Rate
Investment Highlights
- Neighborhood Strip Center Leased to an Excellent Mix of Food and Service Tenants
- Leases Feature Annual Rent Increases, Providing an Investor with an Optimal Hedge Against Inflation | Five-Year CAGR of 2.74 Percent
- 0.2 miles from 47th Street Exit of Lake Shore Drive, which sees 108,300 vehicles per day
- Diversified Income Stream with 10 out of 11 Tenants Accounting for Less than 76 Percent of Total Base Rent
- Highly Stable Rent Roll | Weighted Average Lease Term (WALT) of 5.34 Years
- 0.2 miles from Kenwood (47th Street) Metra Train Station | Metra Served 3.68 Million Passengers in 2025
Executive Summary
Investors are offered the rare opportunity to acquire a 20,815 square foot unanchored strip center located in one of the most supply constrained markets in the country. Lake Park Plaza is ideally positioned at the hard corner, lighted intersection of 47th Street and Lake Park Avenue, less than one quarter mile from Lake Michigan. The center features direct access off Lake Shore Drive (108,300 vehicles per day) and is situated steps from the Kenwood Metra Station. Surrounding Lake Park Plaza are numerous high density residential complexes which provide a steady stream of patrons to tenant base. The Kenwood/Hyde Park area is densely populated and affluent with a daytime population of 110,737 people within a two-mile radius and an average household income of $128,057 within a 0.5-mile radius. Area landmarks include the University of Chicago, world renowned University of Chicago Medical Center and the Obama Presidential Center. Underpinning the center’s exceptional location are strong property level fundamentals. Lake Park Plaza benefits from a secure weighted average lease term (WALT) of 5.34 years. NOI growth is strong as all tenant leases have annual rent increases, resulting in a five-year CAGR of 2.74 percent. Furthermore, the tenant roster contains an optimal mix of food and service users, providing an investor with a true daily need/necessity-based center.
Data Room Click Here to Access
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
20,815 SF
Building Class
B
Year Built
1990
Price
$6,950,000
Price Per SF
$333.89
Cap Rate
7.05%
NOI
$489,697
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.91
Lot Size
0.52 AC
Zoning
B3-3 - Community Shopping
Parking
62 Spaces (3.17 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
-
Jan 0000
Dunkin' began in Quincy, Massachusetts, where Bill Rosenberg opened a doughnut and coffee shop that later became Dunkin' Donuts. The company now operates as an American coffee and doughnut chain under Inspire Brands and uses a beverage-focused format alongside its core restaurant business. Its menu includes coffee, espresso drinks, donuts, breakfast sandwiches, bagels, muffins, and other baked goods, and delivery is available through major third-party platforms. Dunkin' maintains a broad presence across the United States and in international markets, serving guests through a large franchise network.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | Jan 0000 |
Moderately walkable
60/100
Exceptionally drivable
90/100
Exceptional public transit
90/100
Exceptionally bikeable
90/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 20-02-405-055-0000 | Improvements Assessment | $54,759 |
| Land Assessment | $86,719 | Total Assessment | $141,478 |
Property Taxes
Parcel Number
20-02-405-055-0000
Land Assessment
$86,719
Improvements Assessment
$54,759
Total Assessment
$141,478
Contacts
-
Sean Sharko -
Adrian Mendoza -
Austin Weisenbeck -
Sharko | Weisenbeck | Mendoza Group
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