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18322-18328 Governors Hwy
Homewood, IL 60430
3-Tenant Retail Outparcel · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- All tenants operate on NNN leases, reimbursing for their pro rata share of CAM, Insurance, and RE Taxes
- The property is well-maintained with the roof replaced in 2020 and a new HVAC unit as of last year
- Located just off the signalized intersection of 183rd and Governors Hwy | Combined daily traffic count of over 33,000 cars
- Long-term historical occupancy, all tenants have been here for over 10 years | Weighted Average Lease Term of 5.82 Years
- Part of Cherry Creek Shopping Center | Home of Walgreens, Ace Hardware, and Franciscan Health, who just put $10M into their space this year
- All customers benefit from surrounding parking, courtesy of the larger shopping center
EXECUTIVE SUMMARY
Marcus and Millichap is pleased to present the opportunity to purchase the fee simple interest in a 3-Tenant Retail Outparcel located within the Cherry
Creek Shopping Center in Homewood, Illinois. The property is shadow anchored by Walgreens, and other retailers operating within Cherry Creek such as Ace
Hardware and numerous medical tenants. One of which, Franciscan Health, recently invested over $10,000,000 into their space.
This retail center is leased to a Pop’s Italian Beef, Forever Yogurt, and Home- Slice Pizza Shop. All three tenants operate on NNN leases and have signed
numerous renewal options since first taking occupancy. These tenants have over 10 years of tenure at this property and are paying affordable rents in the
~$20/SF range.
With some near-term rental upside achievable through the enforcement of administrative fee clauses in the leases, your Year 2 CAP rate jumps almost
20bps. Furthermore, Forever Yogurt has a significant rent increase coming in 2028.
The property benefits from high end brick construction that has been beautifully maintained, with a new roof installed in 2020, and one of the HVAC units was
replaced last year.
Homewood is a well-established community located within the greater Chicago MSA, roughly 20 miles south of downtown. There are over 80,000 people and an
average household income of $104,000 within a 3-mile radius. Homewood is a sought-after neighborhood to raise a family and has an overall rating of “A” on
Niche.com, with multiple highly ranked public schools.
Creek Shopping Center in Homewood, Illinois. The property is shadow anchored by Walgreens, and other retailers operating within Cherry Creek such as Ace
Hardware and numerous medical tenants. One of which, Franciscan Health, recently invested over $10,000,000 into their space.
This retail center is leased to a Pop’s Italian Beef, Forever Yogurt, and Home- Slice Pizza Shop. All three tenants operate on NNN leases and have signed
numerous renewal options since first taking occupancy. These tenants have over 10 years of tenure at this property and are paying affordable rents in the
~$20/SF range.
With some near-term rental upside achievable through the enforcement of administrative fee clauses in the leases, your Year 2 CAP rate jumps almost
20bps. Furthermore, Forever Yogurt has a significant rent increase coming in 2028.
The property benefits from high end brick construction that has been beautifully maintained, with a new roof installed in 2020, and one of the HVAC units was
replaced last year.
Homewood is a well-established community located within the greater Chicago MSA, roughly 20 miles south of downtown. There are over 80,000 people and an
average household income of $104,000 within a 3-mile radius. Homewood is a sought-after neighborhood to raise a family and has an overall rating of “A” on
Niche.com, with multiple highly ranked public schools.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,925 SF
Building Class
B
Year Built
2000
Price
$1,947,308 CAD
Price Per SF
$395.39 CAD
Cap Rate
7.75%
NOI
$150,900 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.13
Lot Size
0.88 AC
Zoning
B-3
Parking
52 Spaces (10 Spaces per 1,000 SF Leased)
AMENITIES
- Restaurant
- Drive Thru
PROPERTY TAXES
| Parcel Number | 31-01-225-005-0000 | Improvements Assessment | $134,315 CAD |
| Land Assessment | $40,211 CAD | Total Assessment | $174,526 CAD |
PROPERTY TAXES
Parcel Number
31-01-225-005-0000
Land Assessment
$40,211 CAD
Improvements Assessment
$134,315 CAD
Total Assessment
$174,526 CAD
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