1607 87Th St, Chicago, IL 60620
1,000 SF | Vacant | Retail Building | Online Auction Sale | Chicago, IL 60620
For Sale
Active
8 pictures
- Property Type
-
Retail
- Square Feet
- 1,000 SF
Listing Contacts
Mike Petrik
Amen Almukhtar
- Property Info
Property Overview
1607 West 87th Street presents the market with a rare opportunity to acquire a flexible quick-service retail asset with excellent frontage and access to the thriving Chicago metro. The vacant, approximately 1,000-square-foot property presents ownership with an opportunity to acquire a retail asset equipped with two drive-thrus, a pylon sign, and a freestanding building. The asset provides frontage to the intersection of W 87th Street and Ashland Avenue, along with the intersections of 30,000 vehicles passing through each day. Alternatively, the 0.28-acre parcel can be acquired for a potential new development strategy to accommodate the growing population's needs.
1607 W 87th Street is part of the Auburn Gresham neighborhood on the South Side of Chicago. This is a district that spans from 75th to 91st Street. This community offers a robust collection of diverse restaurants and stores and is centrally located just 9 miles south of Downtown Chicago, which can be reached via the Red Line transit system. The surrounding 5-mile demographics include a robust population of over 720,000 people who earn an average of $66,000 per household. This population base typically spends big in the retail sector, including an almost $6 billion net spend in 2023 alone. This figure is expected to balloon to $6.4 billion by 2028, setting the table for long-term retail success.
The Greater Chicago Retail Market has chronicled continued success, posting positive results across multiple key performance metrics. The market has seen a 12-month move-in rate of 1.8 million square feet during Q3 2024. This has shrunk the vacancy rate even lower now at just 4.8% as space becomes more difficult for tenants to find. These positive results are driven by a limited amount of retail closures that are being outpaced by new openings. The prominent restaurant scene in Chicago supports the rising demand for retail space. This market segment, which includes quick-service restaurants, has seen continued sustained growth, which has helped positively shape the evolving retail market.
Property tours are available by appointment only. Please contact the broker to schedule.
1607 W 87th Street is part of the Auburn Gresham neighborhood on the South Side of Chicago. This is a district that spans from 75th to 91st Street. This community offers a robust collection of diverse restaurants and stores and is centrally located just 9 miles south of Downtown Chicago, which can be reached via the Red Line transit system. The surrounding 5-mile demographics include a robust population of over 720,000 people who earn an average of $66,000 per household. This population base typically spends big in the retail sector, including an almost $6 billion net spend in 2023 alone. This figure is expected to balloon to $6.4 billion by 2028, setting the table for long-term retail success.
The Greater Chicago Retail Market has chronicled continued success, posting positive results across multiple key performance metrics. The market has seen a 12-month move-in rate of 1.8 million square feet during Q3 2024. This has shrunk the vacancy rate even lower now at just 4.8% as space becomes more difficult for tenants to find. These positive results are driven by a limited amount of retail closures that are being outpaced by new openings. The prominent restaurant scene in Chicago supports the rising demand for retail space. This market segment, which includes quick-service restaurants, has seen continued sustained growth, which has helped positively shape the evolving retail market.
Property tours are available by appointment only. Please contact the broker to schedule.
Property Details
- Class
- F
- Year Built
- 1992
- Stories
- 1
- Property Subtype
- Storefront Retail/Residential, Grocery/Convenience Store, Office/Residential
- Lot Size (sq. ft)
- 12,197 SF
Highlights
- The site offers an investor or user the opportunity to acquire a prominent Chicago parcel primed for redevelopment, with a QSR of 1,000 SF.
- Located at the the intersection of 87th Street and Ashland Avenue, providing a signage opportunity with visibility to 30,000 vehicles per day.
- Value-add opportunity to acquire a stake in the growing Chicago retail market with a freestanding retail building with two drive-thrus.
- Robust surrounding demographics include a population of 720,000 people with 5 miles who spent over $6 billion in 2023 alone.
- Chicago's retail success has largely been driven by prominent restaurant scene, which includes market gains in the quick-service industry.
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