Address: 4839 W 111th Street, Alsip, Illinois, United States 60803
Cap Rate: 7.50%
Lease Type: Triple Net (NNN)
Annual Rent: $188,100
Net Operating Income: $188,100
Lease Term Remaining: 7+ Years
Rental Increases: 10% Every 5
Options: Three, Five-Year Options
Year Built: 1977
Rentable Sq/Ft: 4,176 SF
Rent Sq/Ft: $45.04
Price Sq/Ft: $601
Marcus & Millichap is pleased to present the exclusive listing for Bakers Square Restaurant & Bakery located at 4839 W 111th St, Alsip, Illinois . The site, consists of 4,176 rentable square feet of building space on 1.03 acres of land. The original lease commenced in October 28, 1999, Bakers extended the lease for seven years in 2016 and is now set to expire in 2027. In addition, the tenant has three, five-year extension options. Bakers has enjoyed success at this location as evident by the multiple extensions. The annual rent is currently $188,100, and will increase by 10 percent in 2022.
The subject investment property is located in the Village of Alsip, a suburb of Chicago, Illinois. This Bakers Square property is located along West 111th Street, which boasts an average daily traffic count of 35,225 vehicles. West 111th Street intersects with South Cicero Avenue, which brings an additional 53,735 vehicles to the area each day. There are more than 144,784 individuals residing within a three-mile radius of the subject property and more than 393,716 individuals within a five-mile radius of the property.
The Bakers Square benefits from being well-positioned in a highly trafficked retail corridor amongst a variety of national tenants. Major national tenants include: Mariano’s, Aldi, Starbucks, Chipotle, Wendy’s, Dunkin Donuts, Culver’s, and more. The subject property benefits from being situated within a two-mile radius of Marist High School, a coed Catholic High School with approximately 1,647 students. Additionally, the subject property is located just over two-miles from the international headquarters of Griffith Laboratories, as well as a major bottling plant for Coca-Cola.
The Village of Alsip is located approximately 19 miles from Chicago. The international headquarters of Griffith Laboratories is located in Alsip, as well as one of two major bottling plants for Coca-Cola in the Chicago are. Alsip is located in Cook County, which is included in the Chicago – Naperville – Elgin Metropolitan Statistical Area. Cook County is the second-most populous county in the United States after Los Angeles County, California. The county is largely service based, with a strong transportation network being reconstructed to connect Interstate 290, 90, and 94, and Congress Parkway. Like its neighboring communities, Alsip grew slowly until after World War II, but explosive growth came with building of the Tri-State Tollway in the late 1950s, especially with the opening of the interchange at Cicero Avenue and 127th Street. By 2000, along with extensive commercial growth, Alsip had one of the most congested intersections in the region.
Broker of Record: Steven Weinstock – License # 471.011175