6340 Northwest HwyChicago, IL 60631

Property Details for 6340 Northwest Hwy

Year built

2017

Lot size

0.15 AC

Property size (Sq ft)

2,540 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 2,540 square foot storefront in Chicago, Illinois, currently occupied by Verizon Wireless under a triple-net (NNN) lease expiring October 31, 2034. The tenant, Cellular Sales of Knoxville, LLC, the nation's largest Verizon franchisee with nearly 800 locations across 41 states, provides exceptional lease security. The lease includes a 10% rent increase in 2029 and during each of the two five-year option periods, ensuring consistent and growing cash flow. The property boasts a 6.00% cap rate and a strong net operating income (NOI) of $130,983. Built in 2017, this single-story building sits on a 0.15-acre lot at a high-traffic intersection (Northwest Highway and Harlem Avenue), averaging 32,700 vehicles daily. The location benefits from desirable co-tenancy with a Starbucks, further enhancing visibility and foot traffic. This prime retail corner is situated in an affluent area of Chicago, with a one-mile radius boasting an average household income of $144,580 and home values of $414,017. The property's location is highly ranked, placing in the top 13% of all Verizon locations in Illinois, receiving nearly 60,000 visits annually, a 5% increase year-over-year. This is a rare opportunity to acquire a stable, high-performing net lease investment with significant long-term growth potential. The property's address is 6340 N Northwest Hwy, Chicago, IL 60631. The building is part of a two-building retail project.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9967

Longitude

-87.8066

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