Log In/Sign Up
Your email has been sent.
22nd St Plaza 300-350 E 22nd St 40,800 SF 88% Leased Retail Building Lombard, IL 60148 $9,539,250 CAD ($233.81 CAD/SF) 8.80% Cap Rate
INVESTMENT HIGHLIGHTS
- Neighborhood Center in densely populated suburb of Lombard
- Upside through rental increases and net lease conversions
- Easy access to full I-88 and I-355 Interchanges
- Low vacancy submarket
- DuPage County taxes
EXECUTIVE SUMMARY
22nd Street Plaza (the “Property”) presents a unique
opportunity for an investor to acquire 40,800
square feet of prime neighborhood retail, ideally
situated along the highly trafficked East 22nd Street
in one of DuPage County’s hottest retail markets,
the Eastern East/West Corridor, boasting a low
submarket vacancy rate of 4.9%. The Property has
been impeccably maintained by a well-established,
Chicago based operator and is available for sale for
the first time in nearly 20 years.
The Property is currently 88% occupied to a
diverse tenant base, with Greek Islands restaurant
and SMART Golf & Fitness as the marquee tenants.
Greek Islands is a well-known, established operator
with locations in Lombard and the West Loop and
has been a local favorite and tenant at the Property
since 1997. SMART Golf & Fitness is a well-established operator with three locations, offering
a combination of golf and fitness instruction,
featuring state-of-the-art simulators. Having been
a tenant at the property since 2021, SMART Golf &
Fitness recently expanded its premises by nearly
50% and extended its lease term through 2035.
The Property offers substantial upside through
rental increases, net lease conversions and lease
up of the remaining 4,835 square foot vacant
storefront. Existing tenants are currently on
modified gross leases, with in place rental rates
that are approximately 23% below the projected
market rent of $20 psf NNN.
The Eastern East/West Corridor is one of the most
affluent areas of Chicago, boasting excellent
schools and a highly educated workforce. Retailers
thrive from residents with funds available for
discretionary spending.
According to CoStar, the current vacancy rate
within the submarket is 4.9% and the five- and ten-year averages are 5.4% and 5.2%, respectively. The
western suburbs of DuPage County also maintain
one of the lowest overall tax rates in the entire
Chicagoland area.
The property is priced at $6,900,000 with an
attractive 8.80% capitalization rate.
opportunity for an investor to acquire 40,800
square feet of prime neighborhood retail, ideally
situated along the highly trafficked East 22nd Street
in one of DuPage County’s hottest retail markets,
the Eastern East/West Corridor, boasting a low
submarket vacancy rate of 4.9%. The Property has
been impeccably maintained by a well-established,
Chicago based operator and is available for sale for
the first time in nearly 20 years.
The Property is currently 88% occupied to a
diverse tenant base, with Greek Islands restaurant
and SMART Golf & Fitness as the marquee tenants.
Greek Islands is a well-known, established operator
with locations in Lombard and the West Loop and
has been a local favorite and tenant at the Property
since 1997. SMART Golf & Fitness is a well-established operator with three locations, offering
a combination of golf and fitness instruction,
featuring state-of-the-art simulators. Having been
a tenant at the property since 2021, SMART Golf &
Fitness recently expanded its premises by nearly
50% and extended its lease term through 2035.
The Property offers substantial upside through
rental increases, net lease conversions and lease
up of the remaining 4,835 square foot vacant
storefront. Existing tenants are currently on
modified gross leases, with in place rental rates
that are approximately 23% below the projected
market rent of $20 psf NNN.
The Eastern East/West Corridor is one of the most
affluent areas of Chicago, boasting excellent
schools and a highly educated workforce. Retailers
thrive from residents with funds available for
discretionary spending.
According to CoStar, the current vacancy rate
within the submarket is 4.9% and the five- and ten-year averages are 5.4% and 5.2%, respectively. The
western suburbs of DuPage County also maintain
one of the lowest overall tax rates in the entire
Chicagoland area.
The property is priced at $6,900,000 with an
attractive 8.80% capitalization rate.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
40,800 SF
Building Class
B
Year Built
1982
Price
$9,539,250 CAD
Price Per SF
$233.81 CAD
Cap Rate
8.80%
NOI
$839,497 CAD
Percent Leased
88%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.26
Lot Size
3.54 AC
Zoning
B-3 - Community Shopping District
Parking
200 Spaces (4.9 Spaces per 1,000 SF Leased)
Frontage
351’ on East 22nd Street
AMENITIES
- Signage
- Air Conditioning
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
SINGLE FLOOR OFFICE / SHOWROOM SPACE AVAILABLE. owner responsibility for roof and hvac maintenance.
| Space | Size | Space Use | Position | Available |
| 345 | 4,835 SF | Office/Retail | - | Now |
345
| Size |
| 4,835 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
345
| Size | 4,835 SF |
| Space Use | Office/Retail |
| Position | - |
| Available | Now |
SINGLE FLOOR OFFICE / SHOWROOM SPACE AVAILABLE. owner responsibility for roof and hvac maintenance.
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 06-20-307-013 | Improvements Assessment | $610,996 CAD |
| Land Assessment | $689,025 CAD | Total Assessment | $1,300,021 CAD |
PROPERTY TAXES
Parcel Number
06-20-307-013
Land Assessment
$689,025 CAD
Improvements Assessment
$610,996 CAD
Total Assessment
$1,300,021 CAD
1 of 11
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
22nd St Plaza | 300-350 E 22nd St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.