Click on picture for full size view of property
Preview
of the Investment
There are Three NNN[2] leases in a center comprised of two buildings with three tenants. The tenants are Blockbuster, Subway, and Dunkin Donuts. Details on the leases follow.
Two aerial views are shown elsewhere. They give some clues as to the area. 79th Street is a very viable retail area. The area to the south is housing. Across the street is a shopping center with Walgreen’s, Dominick’s, and a bank as anchor. To the west, across the street, is a large Chicago Transit Authority maintenance center.
The area is known as Chatham and is primarily residential. Much of the housing is bungalows. The average sale price in 1997 was about $100,000. New luxury townhomes are being constructed on the site of former Unity Catholic High School.
Across the Dan Ryan to the east is further retail development.
Site
Description
The site is about
265 feet along 79th Street and 125 feet on Yale and Wentworth.
Total on site parking is about 57 spaces.
Comments on zoning follow. The
site has about 33,125 sf. There
are six lots as described in the tax information in this parcel.
Short
History of the Property
The larger building, Blockbuster, was built in 1994 and is 8,040 square feet. The smaller building is divided into two tenant spaces and is about 1,530 sf. In was constructed in 1897 and remodeled in 1992.
Lease Summary
The summary is available to qualilfied purchasers by contacting listing agent.
All leases are what we commonly call triple net. The Blockbuster lease also includes any exterior maintenance of the building and parking lot. All are corporately signed. All tenants appear to be successful at this location.
If we assume the new owner would take over the building in 2001, the annual rents would be (Financial information available from listing office) per year Net. The current owner has owned the property since 1995 and has only been to the site four times, he reports.
Leases are corporately signed. The Subway and Dunkin Donuts operators have recently spent money to remodel and would like to have an immediate extension of the lease. Present ownership has not discussed this with them since a sale is preferred. Blockbuster reports that store is doing well.
The leases are thick as befits this type of corporate
lease. They may be viewed at the
offices of Liberty Real Estate Group, Inc.
Real
Estate Taxes and Assessments and Transfer Taxes
The property is in
an Enterprise Zone. As such, we
believe there are no City Transfer Taxes!![5]
That saves nearly $20,000 in buyer expenses.
|
PIN |
1999 Assessment |
1999 Taxes |
|
2033203001 |
$163,754 |
$31,457.55 |
|
2033203002 |
$5,345 |
$1,026.80 |
|
2033203003 |
$11,138 |
$2,139.63 |
|
2033203004 |
$41,249 |
$7,924.05 |
|
2033203005 |
$23,142 |
$4,445.63 |
|
2033203006 |
$4,206 |
$808.02 |
|
Totals |
$250,833.00 |
$49,800.68 |
Of course, since
the leases are Net, the taxes are paid by the tenants according to the formulas
in the leases.
Environmental
The owners have indicated they are unaware of any environmental issues regarding the property.
Zoning
Zoned C1-1, a Restricted Commercial District, this allows a wide variety of business, commercial, and manufacturing uses.
Summary
11.25% Cap Rate investment with quality national tenants.
Report - Demographic Overview
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1.0
Miles: |
3.0
Miles: |
5.0
Miles: |
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|||
|
Population |
|||
|
5 Year Projection |
34,206 |
361,032 |
844,042 |
|
Current Year Estimate |
35,935 |
370,407 |
858,968 |
|
1990 Census |
35,857 |
367,109 |
864,135 |
|
|
|||
|
Households |
|||
|
5 Year Projection |
14,357 |
137,616 |
317,481 |
|
Current Year Estimate |
13,660 |
129,367 |
299,593 |
|
1990 Census |
13,304 |
124,923 |
293,563 |
|
|
|||
|
Current Year Estimated Population by Race |
35,935 |
370,407 |
858,968 |
|
White |
0.56% |
1.83% |
22.78% |
|
Black |
99.22% |
97.88% |
76.12% |
|
Asian |
0.10% |
0.19% |
0.91% |
|
American Indian |
0.12% |
0.10% |
0.19% |
|
|
|||
|
Current Year Estimated Population |
35,935 |
370,407 |
858,968 |
|
Hispanic Origin |
0.55% |
0.94% |
11.12% |
|
|
|||
|
Occupied Units |
13,356 |
125,031 |
293,605 |
|
Owner Occupied |
3,714 |
39,459 |
97,418 |
|
Renter Occupied |
7,552 |
68,199 |
154,465 |
|
1990 Average Persons Per HH |
2.70 |
2.94 |
2.94 |
|
|
|||
|
Current Year Estimated Households by Income |
|||
|
$150,000 or More |
0.82% |
1.07% |
1.59% |
|
$100,000 - $149,999 |
3.43% |
2.95% |
3.85% |
|
$75,000 - $99,999 |
6.05% |
6.66% |
7.43% |
|
$50,000 - $74,999 |
13.30% |
13.98% |
15.29% |
|
$35,000 - $49,999 |
16.47% |
14.41% |
14.53% |
|
$25,000 - $34,999 |
14.45% |
13.38% |
12.97% |
|
$15,000 - $24,999 |
16.28% |
15.43% |
14.74% |
|
$5,000 - $15,000 |
21.95% |
23.56% |
21.68% |
|
Under $5,000 |
6.51% |
8.11% |
7.53% |
|
|
|||
|
Current Year Estimated Average Household Income |
$36,418 |
$35,883 |
$38,926 |
|
Current Year Estimated Median Household Income |
$29,411 |
$29,480 |
$32,452 |
|
Current Year Estimated Per Capita Income |
$13,891 |
$12,697 |
$13,877 |
|
|
|||
|
Current Year Estimated Population by Sex |
35,935 |
370,407 |
858,968 |
|
Male Population |
44.77% |
45.43% |
46.39% |
|
Female Population |
55.23% |
54.57% |
53.61% |
|
|
|||
|
Marital Status |
28,457 |
283,768 |
658,270 |
|
Single Male |
17.49% |
19.33% |
19.77% |
|
Single Female |
18.92% |
20.59% |
19.78% |
|
Married |
31.66% |
30.76% |
34.70% |
|
Previously Married Male |
9.70% |
9.10% |
7.93% |
|
Previously Married Female |
22.08% |
20.21% |
17.82% |
|
|
|||
|
Households with Children |
4,554 |
49,260 |
116,740 |
|
Married Couple Family |
34.72% |
36.97% |
45.11% |
|
Other Family - Male Head |
7.79% |
7.36% |
6.91% |
|
Other Family - Female Head |
57.15% |
55.62% |
47.99% |
|
Non Family |
32.40% |
30.67% |
31.40% |
|
|
|||
|
1990 Population by Occupation |
13,449 |
135,636 |
328,862 |
|
White Collar Occupations |
61.07% |
57.87% |
57.84% |
|
Blue Collar Occupations |
38.93% |
42.13% |
42.16% |
|
|
|||
|
Executive and Managerial |
8.77% |
8.35% |
8.94% |
|
Professional Specialty |
12.65% |
11.86% |
12.85% |
|
Technical Support |
3.62% |
3.17% |
3.40% |
|
Sales |
8.53% |
8.49% |
8.84% |
|
Administrative Support |
27.49% |
25.99% |
23.80% |
|
Service: Private Household |
0.62% |
0.46% |
0.42% |
|
Service: Protective |
4.66% |
4.24% |
3.96% |
|
Service: Other |
11.82% |
13.88% |
12.39% |
|
Farming Forestry & Fishing |
0.38% |
0.21% |
0.32% |
|
Precision Prod/Craft/Repair |
6.17% |
6.65% |
7.82% |
|
Machine Operator |
6.13% |
6.68% |
6.97% |
|
Trans. & Material Moving |
4.95% |
5.37% |
5.14% |
|
Laborers |
4.20% |
4.63% |
5.15% |
|
|
|||
|
|
|||
|
Population 25 + by Education Level |
23,678 |
227,544 |
521,597 |
|
Elementary (0-8) |
10.45% |
10.95% |
12.29% |
|
Some High School (9-11) |
20.69% |
23.83% |
21.69% |
|
High School Graduate (12) |
24.85% |
26.02% |
25.93% |
|
Some College (13-15) |
24.39% |
22.73% |
20.78% |
|
Associates Degree Only |
6.05% |
5.56% |
5.19% |
|
Bachelors Degree Only |
8.46% |
6.93% |
8.27% |
|
Graduate Degree |
5.11% |
3.98% |
5.86% |
|
|
|||
|
Population Enrolled in School |
34,289 |
350,296 |
822,182 |
|
Pre-Primary |
1.70% |
2.00% |
2.03% |
|
Elementary/High School |
18.32% |
20.23% |
20.72% |
|
Enrolled in College |
7.18% |
7.08% |
7.64% |
|
|
|||
|
Housing Units by Occupancy Status |
14,692 |
140,142 |
327,478 |
|
Occupied |
90.91% |
89.22% |
89.66% |
|
Vacant |
9.09% |
10.78% |
10.34% |
|
|
|||
|
Housing Units by Occupancy Status |
14,692 |
140,142 |
327,478 |
|
Occupied |
90.91% |
89.22% |
89.66% |
|
Vacant |
9.09% |
10.78% |
10.34% |
|
|
|||
|
Vacant Units |
1,336 |
15,112 |
33,872 |
|
Seasonal |
1.34% |
0.57% |
0.89% |
|
|
|||
|
Owner Occupied Property Values |
3,714 |
39,459 |
97,418 |
|
Less than $24,999 |
2.58% |
3.46% |
2.85% |
|
$25,000 to $49,999 |
19.87% |
23.86% |
21.01% |
|
$50,000 to $74,999 |
47.92% |
47.68% |
43.10% |
|
$75,000 to $99,999 |
23.02% |
18.83% |
22.42% |
|
$100,000 to $149,999 |
5.31% |
4.18% |
7.09% |
|
$150,000 to $199,999 |
0.86% |
1.17% |
1.75% |
|
$200,000 to $299,999 |
0.25% |
0.54% |
1.08% |
|
$300,000 to $399,999 |
0.06% |
0.15% |
0.35% |
|
$400,000 to $499,999 |
0.07% |
0.07% |
0.18% |
|
$500,000 + |
0.07% |
0.06% |
0.18% |
|
Median Property Value |
$62,646 |
$59,483 |
$69,446 |
|
Total Rental Units |
7,552 |
68,199 |
154,465 |
|
|
|||
|
Median Rent |
$370 |
$355 |
$362 |
|
|
|||
|
Year Round Units in Structure |
14,692 |
140,142 |
327,478 |
|
Single Units Detached |
2.58% |
3.46% |
2.85% |
|
Single Units Attached |
19.87% |
23.86% |
21.01% |
|
Double Units |
47.92% |
47.68% |
43.10% |
|
3 to 9 Units |
23.02% |
18.83% |
22.42% |
|
10 to 19 Units |
5.31% |
4.18% |
7.09% |
|
20 to 49 Units |
0.86% |
1.17% |
1.75% |
|
50 + Units |
0.25% |
0.54% |
1.08% |
|
Mobile Home or Trailer |
0.06% |
0.15% |
0.35% |
|
All Other |
0.07% |
0.07% |
0.18% |
|
|
|||
|
Housing Units by Year Built |
13,304 |
124,923 |
293,563 |
|
Built 1985 to March 1990 |
0.17% |
0.22% |
0.34% |
|
Built 1980 to 1984 |
0.00% |
0.41% |
0.40% |
|
Built 1970 to 1979 |
1.10% |
3.61% |
3.29% |
|
Built 1960 to 1969 |
13.81% |
14.11% |
13.94% |
|
Built 1950 to 1959 |
13.84% |
19.95% |
24.09% |
|
Built 1949 or Earlier |
71.07% |
61.71% |
57.94% |
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Additional demographic information is available.
Below is the MLSNI printout, for those that like mysterious codes.
|
TYP: RS |
COMMERCIAL
- RETAIL/STORE |
LN: 01021699 |
||||
|
ST: NEW |
MC: A |
MT: 0 |
STD: 01/30/01 |
UD: 01/30/01 |
|
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SO: |
SAG: |
FIN: 0 |
SP: $0 |
OMD: |
|
|
|
LO: 8049 |
LAG: 81398 |
CLI: |
|||
|
AAN: |
LD: 01/30/01 |
XD: 12/31/01 |
LP: $1,750,000 |
|
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|
HSN: 207 |
CP: W |
STR: 79TH
STREET |
|||
|
CIT: CHICAGO |
ZIP: 60620 |
0 |
AR: 8044 |
RP: 0.00 |
|
|
CNY: COOK |
SUBTPE: SC |
UNT: 3 |
TEN: 3 |
EC: 0.00 |
TXF: 0.00 |
|
TWN: |
LT0: |
|
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|
DR1: DAN
RYAN TO 79TH WEST TO PROPERTY, 2 BLOCKS |
|
DR2: |
|
N: 0 |
E: 0 |
PHO: TP |
C35: 0 |
C57: 0 |
C810: 0 |
|
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W: 0 |
S: 8 |
MIN: 0 |
||||
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MAX: 0 |
|||||
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SUB: |
UNC: N |
AZN: C1-1 |
GRA: |
|||
|
DIM: 265X125 |
LSF: 33125 |
NRA: |
||||
|
BSQ: 10164 |
MPN: Y |
PIN: 2033203001 |
STRYS: 1 |
|||
|
DID: 0 |
NDK: 0 |
CH: |
PKS: 57 |
ESS: N |
|
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RE1: GREAT
LEASES TO CORPORATE SIGNATURES, NNN |
|
RE2: BLOCKBUSTER,
DUNKIN DONUTS, AND SUBWAY. ALL DOING WELL |
|
RE3: GOOD
DEMOGRAPHICS. GOOD TRAFFIC. OTHER SHOPPING |
|
RE4: NEARBY
AND LARGE CTA FACILITY ACROSS THE STREET TO DRAW |
|
RE5: CUSTOMERS.
BUMPS IN LEASES. |
|
RE6: ASK
FOR FAXPAK(C) FOR FURTHER DETAILS ON LEASES AND $ |
|
|
MONTHLY INCOME |
TENANT |
SQ FT. |
LEASE EXP |
|
LEASE TYPE |
|
IN1: |
RX1: |
TN1: BLOCKBUSTER |
TS1: 8040 |
LE1: 12/03+ |
LT1: N |
|
|
IN2: |
RX2: |
TN2: DUNKIN
DONUTS |
TS2: 1062 |
LE2: 4/03 |
LT2: N |
|
|
IN3: |
RX3: |
TN3: SUBWAY |
TS3: 1062 |
LE3: 1/03 |
LT3: N |
|
|
IN4: |
RX4: |
TN4: |
TS4: 0 |
LE4: |
LT4: |
|
|
IN5: |
RX5: |
TN5: |
TS5: 0 |
LE5: |
LT5: |
|
|
IN6: |
RX6: |
TN6: |
TS6: 0 |
LE6: |
LT6: |
|
|
IN7: |
RX7: |
TN7: |
TS7: 0 |
LE7: |
LT7: |
|
|
GRI: 196916 |
SCI: N |
MOST RECENT ANNUAL
EXPENSES |
|||||
|
EGI: 196916 |
|
|
JAN: 0 |
JAS: AC |
RPM: 0 |
RPS: AC |
|
|
VAC: 0 |
VAS: AC |
|
MNG: 0 |
MGS: AC |
OEX: 0 |
OES: AC |
|
|
MSI: 0 |
|
|
FUE: 0 |
FUS: AC |
ASC: 0 |
ASO: AC |
|
|
SMI: |
AON: N |
|
ELEC: 0 |
ELS: AC |
EEX: 0 |
EES: |
|
|
GSI: 196916 |
|
|
WTR: 0 |
WTS: AC |
SPL: 0 |
SPS: AC |
|
|
NOI: 196916 |
NOY: 1 |
|
SCV: 0 |
SCS: AC |
ADX: 0 |
ADS: AC |
|
|
CPR: 11.3 |
|
|
INS: 0 |
ISS: AC |
VAP: 0.0 |
VPS: AC |
|
|
CC: 2.5 |
|
|
TAX: 0 |
TXS: AC |
TYR: 0 |
|
|
|
OTC: |
|
|
TAE: 0 |
EXS: AC |
EPY: 0 |
|
|
|
APN: |
|
|
|
|
|
|
|
|
INTERNET LISTING: ALL |
|
|
CALL BROKER FOR
CONFIDENTIAL RENT ROLL INFO. |
||||
|
ADDR: 207 W 79TH
STREET |
LISTING #: 01021699 |
||
|
|
|||
|
AAG: 7-15
YRS,OLDER |
|
|
INFO: NO
SIGN |
|
ACD: CEN
AIR |
ENC: 1ST
MTG |
||
|
BAK: BACK-UP-PACKAGE |
LOCAT: CORNER,PUB
TRANS |
||
|
CLN: OUT OF
PRTNRSHIP |
MI: |
||
|
CLW: |
MO: |
||
|
CNS: BRICK,CONCRETE
BLK,STEEL |
OWT: OTHER |
||
|
CUU: COMMERCIAL |
PKI: |
||
|
DRN: |
PKO: 51-100,LIGHTED,PAVED |
||
|
DKS: NONE,SRVC
ENTRANCE |
POS: CLOSING |
||
|
ELCS: OTHER |
PTU: COMMERCIAL |
||
|
EXT: |
ROC: |
||
|
FLO: |
ROS: |
||
|
FND: |
TPA: AIR
CNDTNG,COM AREA MAINT,ELECTRIC,HEAT,JANITORIAL,REAL PROP TAX,PROP
INS,REPAIR/MAINT,ROOF,SCAVENGER,STRUCTURE,WATER/SEWER,OTHER,PCT RENT,VAR
BY TNT |
||
|
FPR: OTHER |
TRM: CONV,TRADE/XCHNG |
||
|
FTG: CTY ST |
UTIL: |
||
|
HVT: GAS |
GEO: CHICAGO
STH |
||
|
|
Click on picture to see larger view - Aerial view of south side of Chicago with subject property featured
Click
on Picture to see MAP of property area.
This package has been prepared for information purposes to assist
potential partners, buyers, or exchangers in determining whether to proceed with
their own in-depth investigation of the property.
No representation or warranties, expressed or implied, as to accuracy or
completeness of this package, or any of its contents, shall be deemed made, and
no legal commitment or obligation shall arise by reason of this package or its
contents. Interested parties are expected to review independently all
documents relating to the property as to the accuracy and completeness of the
information contained herein. All
financial projections have been based upon various assumptions relating to the
general economy, competition, and other factors beyond reasonable control, and
therefore, they are subject to material variation.
[1] Quotes from MAI appraisal done of site in December 1999.
[2] See actual leases and explanation of leases for details of NNN aspects of the leases.
[3] Plus percentage rent of 5% of annual gross receipts over $400,000. Dunkin Donuts has consistently paid overages. 1997 it was $8,892 and 1998 it was $8,316.
[4] Plus percentage rent of 5% of annual gross receipts over $400,000.
[5] A buyer should contact the City of Chicago or other authority to confirm.
Faxpak (c) is a copyright name by Liberty Real Estate Group, Inc.