Address: 1643 West Monterey Ave, Chicago, Illinois, United States 60643
Type: Discount Store
Cap Rate: 6.00%
Lease Type: Triple Net (NNN)
Annual Rent: $121,624
Net Operating Income: $121,624
Lease Term Remaining: 15 Years
Rental Increases: 5% Every Five Years, Starting Year 11
Options: 6, 5-Year Option Periods
Rentable Sq/Ft: 8,320 SF
Rent Sq/Ft: $14.62
Price Sq/Ft: $244
Lot Size: +/-0.87 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Family Dollar located at 3687 West Polk Road in Hart, Michigan. The property consists of 8,320 square feet of building space and is situated on approximately 1.20 acres of land. This Family Dollar Property is subject to a 15-year triple-net (NNN) lease. The current annual rent is $88,655. The lease is subject to ten percent rental increases every five years, which will begin in Year 11. The rental increases will continue through the six, five-year tenant renewal options.
This Family Dollar is located at 1643 W Monterey Ave in Chicago, Illinois. The property is ideally positioned off Interstate 57 two blocks from Morgan Park High School.
The subject property is strategically located in a densely populated area surrounded by numerous nationally recognized tenants. Retailers in the immediate area include Target, Marshalls, Burlington, Chili’s Grill and Bar, Panda Express, Petco, LA Fitness, Old Navy, Payless Shoe Source and many others. Additionally, there are several golf courses and local community parks in close proximity to the subject property. Bennett Elementary School, Morgan Park High School, Gwendolyn Brooks College Prep, and Chicago State University are each within a five-mile radius of the subject Family Dollar. These four schools combined have a total enrollment exceeding 4,500 students.
Hart has approximately 194,817 individuals residing within a three-mile radius of the property and more than 440,755 within a five-mile radius. The Family Dollar property is located on West Monterey Ave, which passes over Interstate 57 one block from the subject property. These two roads experience average traffic counts of 20,200 vehicles and 116,400 vehicles each day respectively.
Chicago is the third largest city in the United States and the county seat of Cook County. Located where the Chicago River meets Lake Michigan, Chicago is known as the “Windy City” due to the weather caused by the nearby bodies of water. Chicago has the second largest business district in the nation as well as having its most balanced economy. Multiple Dow 30 companies are based in the Chicago Metropolitan Area, such as Boeing, Sears, Kraft, and McDonald’s. Every year, over 50 million people visit the city. With two-time World Series winners the Chicago Cubs, the six-time Stanley Cup winning Chicago Blackhawks, and six-time NBA championship winning Chicago Bulls, the city has a tradition of excellence in all sports. Chicago is also home to several universities such as Northwestern University, University of Chicago, the Art Institute of Chicago, DePaul University, and several others with a combined total enrollment of over 60,000 students.
Broker of Record: Steven Weinstock – License # 471.011175