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Oakside Plaza 2129-2171 US 41 28,245 SF 100% Leased Retail Building Schererville, IN 46375 $3,988,000 ($141.19/SF) 8.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Priced Well Below Replacement Cost at $141 Per Square Foot
- Average Household Income Exceeds $123,000 Within a 3 - Mile Radius
- Located in an Affluent Indiana Suburb of Chicago
EXECUTIVE SUMMARY
Oakside Plaza is a 28,245-square-foot service-based neighborhood center that is 100% occupied and sits on a main retail artery (US Hwy 41) with 39,470 VPD, located in an affluent bedroom community 30 miles outside of Chicago. Value-add opportunities include the ability to increase rents from the current under-market average of $12.67/SF, convert approximately 17% of gross leases to NNN as staggered lease terms rollover, and offset taxable income with Down Syndrome Association annual donation to landlord. Tax savings are not underwritten, but see agents for details.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
28,245 SF
Building Class
B
Year Built/Renovated
1993/1997
Price
$3,988,000
Price Per SF
$141.19
Cap Rate
8.25%
NOI
$329,010
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.18
Lot Size
3.67 AC
Zoning
Commercial
Parking
129 Spaces (5.16 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 45-11-16-303-004.000-036 | Improvements Assessment | $2,244,800 |
| Land Assessment | $567,500 | Total Assessment | $2,812,300 |
PROPERTY TAXES
Parcel Number
45-11-16-303-004.000-036
Land Assessment
$567,500
Improvements Assessment
$2,244,800
Total Assessment
$2,812,300
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Oakside Plaza | 2129-2171 US 41
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