9321 S Western Ave 14,633 SF Retail Building Chicago, IL 60643 $7,029,018 CAD ($480.35 CAD/SF) 6.55% Cap Rate

Constructed in 2018, this single tenant net leased freestanding Goodwill store represents a ground-up new construction combined with a partial adaptive reuse, delivering a fully renovated asset with zero landlord responsibilities in a dynamic retail corridor bordering the southwestern edge of Chicago and Evergreen Park. Its location between both high-income and emerging neighborhoods drives robust inbound donation traffic and consistent outbound shopper activity.
Positioned on Western Avenue with a rare 320 feet of frontage and on-site parking, the property benefits from exceptional visibility and access to more than 31,000 vehicles per day. Additionally, the site is shadow anchored by major national retailers including Walmart, Sam’s Club, Meijer, and Menards, and sits within a vibrant retail and medical corridor that brings strong daytime and employee populations.
The submarket exhibits extremely low retail vacancy for spaces with Western Avenue exposure, underscoring the strong tenant demand in the area. Recent nearby lease transactions have achieved gross rents of more than $20/SF higher than the subject property, highlighting the below-market rent and NNN pass-through expenses.
The property is leased to the largest of the 150 regional Goodwill organizations across the world, operating roughly 100 stores between greater Chicago and Milwaukee with $360 Million in 2024 revenues. The thrift retail sector continues to experience powerful growth driven by sustainability trends, affordability, and the enduring popularity of the “treasure hunt” shopping experience. As a resilient, recession-resistant retail category, the sector tends to do better in economic downturns.
With its strong tenant, below-market rent, thrift sector trends, and location in a stable and dynamic Chicago retail corridor, this asset represents a rare opportunity to acquire a newly constructed, high-visibility retail property with a strong fundamentals and long-term upside.
Owner is a licensed Illinois managing real estate broker.