8821 W 87th Street, Hickory Hills, IL, 60457

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$3,700,000
790 Days On Site

8821 W 87th Street
Hickory Hills, IL 60457

For Sale|Retail|Active Under Contract
0
Beds
0
Full Baths
0
Partial Baths
41,650
SqFt
$89
/SqFt
1988
Built
County:
Cook
Listing Courtesy of MRED as distributed by MLS Grid of Brookline Real Estate LLC

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We are proud to present the opportunity to acquire a value-add investment property including a 41,650 square-foot multi-tenant retail center and one undeveloped outlot positioned in a strong, transit-oriented location in the Chicago suburb of Hickory Hills. This property offers tremendous upside and future NOI growth through the potential for development of the outlot. Furthermore, new ownership can add value by repositioning the below-market gross leases into NNN market rents. 87th Street Plaza contains 41,650 square-feet and is situated on approximately 5.42 acres. At the southwest corner of 87th Street and 88th Avenue just south of I-294, the center benefits greatly from its position next to CVS and Shell Gas Station across from Hickory Hills Police Department. Anchored by recently-renewed variety store chain, Dollar General, the center is 96% occupied by many internet-resistant tenants on long-term leases. Differentiated businesses and contrasting rush hours allow for an ideal synergy and mutual benefit across the property. The brick construction building has been beautifully maintained and offers its visitors 242 parking spots in a landscaped and well-kept lot. Four entrances on two separate roads aid traffic flow and allow tenants to operate smoothly. Cross access with CVS and Shell allows for easy entry for those visitors as well. This asset is being offered at an 8.81% CAP rate with tremendous upside potential through future development and repositioning of the property.

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Listing Snapshot
Price 
$3,700,000
Days On Site 
790 Days
Bedrooms 
N/A
Inside Area (SqFt) 
41,650 sqft
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
N/A
Year Built 
1988
MLS® Number 
11659191
Status 
Active Under Contract
Property Tax 
$208,904
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
a month agoListing updated with changes from the MLS®
a month agoPrice changed to $3,700,000
3 months agoStatus changed to Active Under Contract
2 years agoListing first seen on site
General Features
Number Of Stories 
1
Property Sub Type 
Retail
SqFt Total 
41650
Zoning 
COMMR
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Community Features
MLS Area 
Hickory Hills
Township 
Palos
Listing Courtesy of MRED as distributed by MLS Grid of Brookline Real Estate LLC



Based on information submitted to the MLS GRID as of 2024-10-30 12:00 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Data last updated: 2024-10-30 12:00 AM UTC
MRED DMCA Copyright Information Copyright © 2024 Midwest Real Estate Data LLC. All rights reserved.

Neighborhood & Commute
Source: Walkscore
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