513-533 University Pkwy, University Park, IL 60484
12,328 SF | 100% Leased | Retail Building | University Park, IL 60484 | $890,000 ($72/SF) | 11.43% Cap Rate
For Sale
Active
Asking Price $890,000
- Property Type
-
Retail
- Square Feet
- 12,328 SF
- Price / Square Foot
- $72
Listing Contacts
Guzel Lubinski
Property Overview
Announcing an 11.43% cap investment opportunity called “Limited Plaza” located at 515-533 University Pkwy in University Park, IL, which is a southern suburb of Chicago and is home to Governors State University, a public university founded in 1969. This 100% occupied shopping center is anchored by a thriving seafood restaurant “J&J Fish”. Among other businesses are hair and nail salons, a barbershop, a beauty supply store and opening soon (August 1, 2024) Yoshi Mini Mart. They are stable, reliable tenants, many of which have been at the center for years, and all have written leases with annual escalations. The property has recently undergone a few major renovations ($53,500 in repairing costs): rear and side of building siding, roof and interior repairs, parking lot resurfacing and one HVAC replacement. This strip center is benefiting from fantastic exposure with great visibility. There is abundant parking in the front and a private alley behind the building. The shopping center has easy access to I-57. It’s a family-oriented neighborhood with residential homes surrounding the property and 93,716 people living within a five-mile radius. Flexible rent structure provides a buyer the opportunity to renew or re-tenant at higher rental rates. There is market-supported upside in rents ranging from $50-$150 per unit; many through simple renewal increases. This is an excellent opportunity to acquire an income-producing building with a huge upside on future development.
Property Details
- Class
- C
- Year Built/Renovated
- 1980/2024
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 47,480 SF
Highlights
- 100% occupied shopping center at 11.43% cap rate as of 09/01/2024
- High net operating income
- Stable, reliable tenants, all with written leases and annual escalations
- Recently updated & well-maintained
- Ample parking on front and rear
- Located on a busy road with easy access to I-57 & in close proximity to Governors State University (4,400+ students)
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