12803 Harlem AvePalos Heights, IL 60463

Property Details for 12803 Harlem Ave

Year built

2012

Lot size

9.97 AC

Property size (Sq ft)

57,685 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 57,685 square foot Jewel-Osco grocery store located at 12803 S Harlem Ave, Palos Heights, IL 60463, Cook County. The property sits on a 9.97-acre lot and boasts 290 parking spaces. Built in 2012, this modern facility features a convenient drive-thru pharmacy. The property is offered at $17,126,903, representing a price per square foot of $296.90 and a 5.65% cap rate with a NOI of $967,670. The absolute NNN lease with Jewel Osco (a subsidiary of Albertsons Companies, Fortune 500 #53) features a corporate guarantee and a remaining term of 13 years. Rent increases by 7.5% every five years, providing a strong hedge against inflation. The lease includes eight 5-year options. Assumable financing is available at a fixed 4.38% interest rate, coterminous with the lease term. The property benefits from strong demographics, with over 250,000 people within a 5-mile radius and an average household income exceeding $117,000 within a 2-mile radius. Monthly visits of 76,505 people place this location in the upper 77th percentile of Jewel-Osco's nationwide performance. The grocery store's recession-resistant nature provides stability and mitigates risk.

Location Insight

City

Palos Heights

County

Cook

State

Illinois

Latitude

41.6591

Longitude

-87.7949

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