1718 S 1st Ave
Maywood, IL 60153
Checkers Drive-In · Retail Property For Sale

Marcus & Millichap has been selected to exclusively offer for sale a Checkers Drive-In restaurant located in Maywood, Illinois. The property is comprised of 2,650 square feet of gross leasable area and a total lot size of 0.55 acres. Checkers is strategically located on the hard, lighted corner of 1st Avenue and Harrison Street with 26,300 vehicles passing per day, overlooking the busy Eisenhower Expressway (Interstate 290), which boasts 188,850 vehicles per day. Positioned on the Illinois 171/1st Avenue exit ramp, the property has over 300 feet of frontage and signage that is visible from both directions on the highway. This location allows the restaurant to pull from a massive commuting customer base during peak travel times, increasing the likelihood of impulse purchases. The subject property was recently constructed in 2014, and unlike other locations, includes both indoor and outdoor seating. The restaurant has 13 years remaining on their initial 15-year lease term, with six, five-year renewal options available. Checkers' lease is corporately guaranteed and calls for 10 percent rent increases every five years. This is an absolute triple-net lease, with responsibility lying with the tenant for common area maintenance, real estate taxes, and insurance expenses, as well as the HVAC unit and any maintenance and/or improvements relating to the roof and structure. In addition, investors can take advantage of the property' s favorable assumable financing structure, with a 15-year loan term that was engineered to coincide with the term of the lease, helping to minimize any balloon payment risk.