Contact us: 563.441.1776
Description
South Holland Retail Strip building, located on well-traveled thoroughfare with good visibility. The building consists of four units with a total area of 6250 sqft. Construction is all masonry, built in 2008, with layout typical of in-line retail strip centers. Each unit is accessible from the street-facing side, with employee-only entrance/exit door on the rear side of the building. Unit 645, Seafood Junction, with a 1200 sqft area, on a Modified Gross terms has a projected yearly rent of $34,067/$28.18 per sqft. Unit 641, Flavor Addicts, with a 1200 sqft area, on a Modified Gross terms has a projected yearly rent of $36,000/$30.00 per sqft. Unit 637, is vacant. The projected rent as stabilized, should follow that of unit 641, with favorable terms. Units 629-633, combined units, with Serenity Home Health, is leased at $34,161/$21.03 sqft on Triple Net lease terms. Fully stabilized projected income is at $140,227, with expense reimbursements at $38,700, giving gross potential at $178,927. Effect gross income is at $173,560. Projected expenses at 101,351. NOI is calculated at $72,208 with vacancy and collection loss at 3.00%, which is consistent with market expectations. Current as is capitalization rate applied is 8%. Building is in good condition. Overall lot area is 18,393 sqft, with an asphalt paved parking area with 30 spaces.
Property Highlights
Property Type: Commercial - Retail
Building Description: 1.0 stories
Year Built: 2008
General Information
County: Cook
Listed By:
L & B All Star Realty Advisors LLC
312-925-0900
MRED MLS
MLS ID: 12746756
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629-645 E 162nd Street, South Holland, IL 60473.
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| Loan Type | 30 Year Fixed | FHA 30 Year Fixed | 15 Year Fixed |
| Purchase Price | $900,000 | $900,000 | $900,000 |
| Down Payment | $180,000 | $31,500 | $225,000 |
| Monthly Mortgage Amount | $4,551 | $5,513 | $5,651 |
| Taxes | $1253 | $1253 | $1253 |
| Insurance | $100 | $100 | $100 |
| HOA/Dues/Fees | $0 | $0 | $0 |
| Monthly Mortage Insurance | $0 | $540 | $0 |
| Monthly Estimated Total | $6,065 | $7,567 | $7,165 |
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