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5415 N Harlem Ave
Chicago, IL 60656
AutoZone | Abs NNN Ground Lease · Retail Property For Sale
Investment Highlights
- Corporate Guaranteed Ground Lease | 10% Rent Increase in Year 10 | Long-Term Passive Investment
- Proximity to O’Hare International Airport | Regional Connectivity | Established Retail Trade Area
- Absolute NNN | Leased Fee Ownership | Zero Landlord Responsibilities
- Strong Demographics In 5-Mile Trade Area
Executive Summary
SRS Real Estate Partners is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased AutoZone investment property located in Chicago, Illinois. AutoZone recently executed a 15-year lease extension through August 31, 2041 with 8 (5-year) options to extend, demonstrating its long-term commitment to the site. The lease features a scheduled 10% Rental Increase in Year 10, providing built-in NOI growth and an attractive hedge against inflation. The lease is structured as an absolute NNN ground lease with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Auto Repair
Building Size
6,815 SF
Building Class
C
Year Built
2010
Price
$2,444,000
Price Per SF
$358.62
Cap Rate
4.50%
NOI
$110,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.30
Lot Size
0.53 AC
Zoning
B3-1 - Community Shopping District
Parking
28 Spaces (4.11 Spaces per 1,000 SF Leased)
Amenities
- Signage
Property Taxes
| Parcel Numbers | Improvements Assessment | $46,017 | |
| Land Assessment | $174,000 | Total Assessment | $220,017 |
Property Taxes
Parcel Numbers
Land Assessment
$174,000
Improvements Assessment
$46,017
Total Assessment
$220,017
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