17550-17546 Chicago Avenue
- Address:
- 17550-17546 Chicago Avenue Lansing, IL 60438
- Property Type:
- Single-Tenant
- Price:
- $865,000
- Cap Rate:
- 10.02% cap
- NOI:
- $86,664
- Square Feet:
- 6,950 sqft
- Lot Size:
- 0.38 acres
- Price Per Square Foot:
- $124.46
- Year Built:
- 1985
-
Marketing Package*
Investment Highlights
Investment Highlights
- Fully Occupied Two-Building 6,950-Square-Foot Industrial Asset Situated on 0.38 Acres
- Featuring Masonry Construction, 10′-16′ Clear Heights, and Six Grade-Level Doors
- Partial Sale Leaseback Opportunity with FineTune Auto | Five-Year NNN Lease Offer at $17.17/SF on 3,650 SF with 3.0% Escalations and Two Five-Year Renewal Options
- Newly Signed Three-Year NNN Lease with Five Star Collision at $7.27/SF on 3,300 SF with 3.0% Escalations
- Pro-forma 10.32% Cap Rate | Landlord Responsibilities Limited to Roof & Structure
- Located Along I-80/I-94 Near Border of Illinois & Indiana | Property Currently Benefits and is Eligible for Renewable Cook County Class 8 Property Tax Incentive
Investment Overview
For sale is a fully occupied two-building industrial asset situated on 0.38 acres. It features masonry construction with clear heights ranging from 10 to 16 feet and six grade-level doors. The property’s design and layout provide an ideal setting for industrial operations. The location of the property is also advantageous, being situated along I-80/I-94 near the border of Illinois and Indiana. This strategic location allows for easy access to major transportation routes. The property’s eligibility for the renewable Cook County Class 8 property tax incentive is an added benefit. The incentive can help reduce the property’s tax burden.
The property’s lease structure is attractive, with a partial sale leaseback opportunity with the seller, FineTune Auto. Upon closing, FineTune Auto plans to sign a five-year triple-net lease at $17.17 per square foot on 3,650 square feet, with 3.0 percent annual escalations and two five-year renewal options. Additionally, Five Star Collision recently signed a three-year triple-net lease at $7.27 per square foot on 3,300 square feet, with 3.0 percent annual escalations, providing further stability to the property’s income stream. The leases are structured to provide a steady stream of income with opportunities for growth. The property’s pro forma 10.32 percent cap rate is a testament to its potential for strong returns. The landlord’s responsibilities are limited to roof and structure, making it an attractive option for investors.