7413 Duvan Drive
- 7413 Duvan Drive, Tinley Park, IL 60477
- Property Type:
- Multi Tenant
- Cap Rate:
- 7.36% cap
- Square Feet:
- 26,666 sqft
- Lot Size:
- 2.10 Acres
- Price Per Square Foot:
- Year Built:
- Income-Producing Multi-Tenant Small-Bay Industrial Building
- 26,666-Square-Foot Building with Four Docks and Five Drive-In Doors
- High Barrier-to-Entry Submarket 4.89% Vacancy
- Value-Add Opportunity Given Short-Term Leases in Place
- High Growth Submarket Rent Up 8.44% Year-Over-Year
- Premier Accessibility with Ingress and Egress on Both Sides of the Property
- Less Than Five Minutes to the Area’s Main Interstate I-80
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 7413 Duvan Drive in Tinley Park, Illinois. The subject property consists of approximately 26,666 square feet of space and is situated on 2.1 acres of land. The multi-tenant asset features four dock-high doors, five drive-in doors, and a clear height of 18’. Tenants are offered easy access with ingress and egress on both sides of the property. With month-to-month leases in place, the fully occupied property offers investors a value-add opportunity by securing long-term leases at current market rates. Situated within a small industrial pocket just off South Harlem Avenue, the property is only a five-minute drive from Interstate 80.
Near South Cook is a massive submarket, containing 52.5 million square feet of industrial space. The submarket consists mostly of logistics space, accounting for 66 percent of the inventory. Yet, specialized properties, including manufacturing facilities, make up a sizeable 30 percent of the submarket, followed by flex space at 4 percent. With annual net absorption of nearly 1.2 million square feet, Near South Cook closed out 2022 with a vacancy rate of 4.9 percent. Limited space helped pushed market rents up 8.6 percent last year, 200 basis points higher than the three-year average. Going into the new year, market rents average just under $9.00 per square foot. With construction activity representing just 1.3 percent of current inventory levels, new supply will likely have minimal impact on rents and vacancies for the foreseeable future (CoStar).
Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.5 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 33 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).