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AutoZone | Abs NNN Ground Lease 5415 N Harlem Ave 6,815 SF Retail Building Chicago, IL 60656 $3,430,398 CAD ($503.36 CAD/SF) 4.50% Cap Rate
Investment Highlights
- Corporate Guaranteed Ground Lease | 10% Rent Increase in Year 10 | Long-Term Passive Investment
- Proximity to O’Hare International Airport | Regional Connectivity | Established Retail Trade Area
- Absolute NNN | Leased Fee Ownership | Zero Landlord Responsibilities
- Strong Demographics In 5-Mile Trade Area
Executive Summary
SRS Real Estate Partners is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased AutoZone investment property located in Chicago, Illinois. AutoZone recently executed a 15-year lease extension through August 31, 2041 with 8 (5-year) options to extend, demonstrating its long-term commitment to the site. The lease features a scheduled 10% Rental Increase in Year 10, providing built-in NOI growth and an attractive hedge against inflation. The lease is structured as an absolute NNN ground lease with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Auto Repair
Building Size
6,815 SF
Building Class
C
Year Built
2010
Price
$3,430,398 CAD
Price Per SF
$503.36 CAD
Cap Rate
4.50%
NOI
$154,396 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.30
Lot Size
0.53 AC
Zoning
B3-1 - Community Shopping District
Parking
28 Spaces (4.11 Spaces per 1,000 SF Leased)
Amenities
- Signage
Moderately walkable
60/100
Moderately drivable
70/100
Good public transit
60/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $65,005 CAD | |
| Land Assessment | $245,799 CAD | Total Assessment | $310,805 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$245,799 CAD
Improvements Assessment
$65,005 CAD
Total Assessment
$310,805 CAD
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AutoZone | Abs NNN Ground Lease | 5415 N Harlem Ave
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