1131 175Th St Homewood, IL 60430

This distressed multi-tenant industrial property, located at 1131 W 175th St in Homewood, Illinois, presents a compelling investment opportunity. The 18,200 square foot building sits on a 1.4-acre lot and features eight individual units, ideal for a variety of uses. Three units boast convenient overhead drive-in doors, perfect for contractors, distributors, or businesses requiring easy access for loading and unloading. The building's flexible layout, combined with its M-1 manufacturing zoning, allows for diverse occupancy options, including office space, contractor shops, distribution centers, and more. Specific permitted uses should be verified with the Village of Homewood. The property includes a long-term lease with a cannabis dispensary, providing stable income. Built in 1985, the single-story building features a 12-foot ceiling height and recently underwent significant improvements with a new TPO rolled roof installed in August 2023. The asking price is $675,000, representing a pro-forma cap rate of 15.00% and a pro-forma NOI of $133,450. Its strategic location, just blocks from the soon-to-open Homewood Casino, further enhances its investment potential. The property's Class C designation reflects its current condition, offering significant upside for renovation and repositioning. Currently, two units are available for lease, with lease rates starting at $17.50 per square foot annually. This property offers a unique blend of income-generating potential and redevelopment opportunities.