Shopping Strip
Value Add Neighborhood Retail Center
17100 Dixie Hwy, Hazel Crest, IL 60429
Listing Price: $818,000
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a 9,600 square foot neighborhood retail center with 33 percent vacancy and enticing value-add potential. The property is well-sited directly off the I-294 highway, at the signalized intersection of Dixie Hwy and 171st St. The vacancy in the center is comprised of two shallow bay units located on the western part of the building.
The vacant space has been proactively vanilla boxed by current ownership, seeing upwards of $45/SF, and is in highly leasable condition. At conservative NNN market rents of $10-12/SF, investors can achieve a Year 2 CAP rate of 16.56%.
The retail center has been well-maintained by the current owners, who are largely focused on their industrial and office portfolio of over 1,500,000 square feet. All the tenants operate on Modified Net leases, reimbursing all CAM Expenses, Insurance, partial Management Fees, and their pro rata share of real estate rax increases over the base year expense.
Located on the southern edge of a dense neighborhood, the center benefits from solid suburban demographics – over 75,000 people live within three miles of the property andaverage household incomes exceed $91,000 annually within the same radius. This retail property further benefits from visibility to 15,000 vehicles per day on Dixie Hwy.
Please contact Marcus & Millichap with additional questions about this opportunity.
Investment Highlights
- 67% occupied, value-add shopping strip offered at an 8.10% CAP rate on in-place income
- In leasing up the remaining vacancy at conservative NNN rents of $10-$12/SF, investors can achieve a Year 2 CAP rate of 16.56%
- Located directly off the I-294 highway, at the signalized intersection of Dixie Hwy and 171st St | Combined traffic count of over 15,000 vehicles per day
- The two remaining vacant units have seen upwards of $45/SF for infrastructure improvements
- Additional upside available in conversion of all leases to true NNN reimbursement structures
- Multiple points of unrestricted ingress and ample parking with over 50 spaces
- Well-positioned on the southern edge of a dense neighborhood, with over 75,000 people and an average household income of $91,000 within 3 miles
Exclusively Listed By
Listing Price: $818,000
Investment Highlights
- 67% occupied, value-add shopping strip offered at an 8.10% CAP rate on in-place income
- In leasing up the remaining vacancy at conservative NNN rents of $10-$12/SF, investors can achieve a Year 2 CAP rate of 16.56%
- Located directly off the I-294 highway, at the signalized intersection of Dixie Hwy and 171st St | Combined traffic count of over 15,000 vehicles per day
- The two remaining vacant units have seen upwards of $45/SF for infrastructure improvements
- Additional upside available in conversion of all leases to true NNN reimbursement structures
- Multiple points of unrestricted ingress and ample parking with over 50 spaces
- Well-positioned on the southern edge of a dense neighborhood, with over 75,000 people and an average household income of $91,000 within 3 miles
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a 9,600 square foot neighborhood retail center with 33 percent vacancy and enticing value-add potential. The property is well-sited directly off the I-294 highway, at the signalized intersection of Dixie Hwy and 171st St. The vacancy in the center is comprised of two shallow bay units located on the western part of the building. The vacant space has been proactively vanilla boxed by current ownership, seeing upwards of $45/SF, and is in highly leasable condition. At conservative NNN market rents of $10-12/SF, investors can achieve a Year 2 CAP rate of 16.56%. The retail center has been well-maintained by the current owners, who are largely focused on their industrial and office portfolio of over 1,500,000 square feet. All the tenants operate on Modified Net leases, reimbursing all CAM Expenses, Insurance, partial Management Fees, and their pro rata share of real estate rax increases over the base year expense. Located on the southern edge of a dense neighborhood, the center benefits from solid suburban demographics – over 75,000 people live within three miles of the property andaverage household incomes exceed $91,000 annually within the same radius. This retail property further benefits from visibility to 15,000 vehicles per day on Dixie Hwy. Please contact Marcus & Millichap with additional questions about this opportunity.
Exclusively Listed By

