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1748 N Harlem Ave 7,420 SF Retail Building Elmwood Park, IL 60707 $2,071,417 ($279.17/SF) 6% Cap Rate
Investment Highlights
- 30+ Year Operating History as Pet Supplies Plus w/ 8.5+ Years of Term Remaining
- (2) Base Term Increases: Rent to increase to $136,715 in 10/2027 and to $150,385 in 10/2031
- Corporate Guarantee (PSP Stores, LLC) - 750+ Stores and $2,000,000,000 in Annual Revenue
- High Barriers to Entry Market- Elmwood Park has an Extremely Limited Supply of Retail Assets Available for Sale or Lease
Executive Summary
- 30+ Year Operating History as Pet Supplies Plus w/ 8.5+ Years of Term Remaining
- Corporate Guarantee (PSP Stores, LLC) - 750+ Stores and $2,000,000,000 in Annual Revenue
-(2) Base Term Increases: Rent to increase to $136,715 in 10/2027 and to $150,385 in 10/2031
- High Barriers to Entry Market- Elmwood Park has an Extremely Limited Supply of Retail Assets Available for Sale or Lease
- Corporate Guarantee (PSP Stores, LLC) - 750+ Stores and $2,000,000,000 in Annual Revenue
-(2) Base Term Increases: Rent to increase to $136,715 in 10/2027 and to $150,385 in 10/2031
- High Barriers to Entry Market- Elmwood Park has an Extremely Limited Supply of Retail Assets Available for Sale or Lease
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Freestanding
Building Size
7,420 SF
Building Class
B
Year Built
1994
Price
$2,071,417
Price Per SF
$279.17
Cap Rate
6%
NOI
$124,285
Tenancy
Single
Building Height
1 Story
Building FAR
0.46
Lot Size
0.37 AC
Parking
45 Spaces (6.06 Spaces per 1,000 SF Leased)
Frontage
165’ on N Harlem Ave
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- 7,420 SF
- $16.75
- Triple Net
- Nov 2034
Pet Supplies Plus began in 1988 when founders Harry Shallop and Jack Berry opened their first store in Redford, Michigan. The retailer pioneered a neighborhood pet store concept emphasizing convenience and value, quickly expanding through franchising in the 1990s. Today, the company operates numerous locations nationwide, providing pet food, supplies, toys, and grooming products. The private label brand Redford Naturals sits alongside national brands, while services include dog grooming and self-serve washes. Pet Supplies Plus was acquired by Franchise Group in 2021 and filed for bankruptcy in 2024 while continuing operations.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 7,420 SF | $16.75 | Triple Net | Nov 2034 |
Moderately walkable
70/100
Fairly drivable
50/100
Good public transit
70/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 12-36-423-059-0000 | Improvements Assessment | $179,688 |
| Land Assessment | $69,563 | Total Assessment | $249,251 |
Property Taxes
Parcel Number
12-36-423-059-0000
Land Assessment
$69,563
Improvements Assessment
$179,688
Total Assessment
$249,251
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