Contacts

Guzel Lubinski

Golden Group Real Estate

Property Details

Property Type Retail - Strip
Property Size 12,328 SF
Units 8
Lot Size 1.09 Acre
Additional Rent Contact for pricing
Property Tenancy Multi-Tenant
Year Built 1980
Year Renovated 2017
Date Updated Aug 14, 2024

Located in northeast Illinois near the Kankakee River. University Park is a suburb of Chicago (about 37 miles south from Chicago) with a population of 7,328.Announcing an 11% cap investment opportunity called “Limited Plaza” located at 515-533 University Pkwy in University Park, IL, which is a southern suburb of Chicago and is home to Governors State University, a public university founded in 1969. This 100% occupied shopping center is anchored by a thriving seafood restaurant “J&J Fish”. Among other businesses are hair and nail salons, a barbershop, a beauty supply store and opening soon (August 1, 2024) Yoshi Mini Mart. They are stable, reliable tenants, many of which have been at the center for years, and all have written leases with annual escalations. The property has recently undergone a few major renovations ($53,500 in repairing costs): rear and side of building siding, roof and interior repairs, parking lot resurfacing and one HVAC replacement. This strip center is benefiting from fantastic exposure with great visibility along with heavy traffic counts. There is abundant parking in the front and a private alley behind the building. The shopping center has easy access to I-57. It’s a family-oriented neighborhood with residential homes surrounding the property and 93,716 people living within a five-mile radius. Flexible rent structure provides a buyer the opportunity to renew or re-tenant at higher rental rates. There is market-supported upside in rents ranging from $50-$150 per unit; many through simple renewal increases. This is an excellent opportunity to acquire an income-producing building with a huge upside on future development.

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Highlights

100% occupied shopping center at 11.16% cap rate
Great owner-user or value-add investment opportunity
High net operating income
Stable, reliable tenants, all with written leases and annual escalations
Recently updated & well-maintained
Ample parking on front and rear
Corner location with great visibility & high traffic counts
Located on a busy road with easy access to I-57
Low Will County real estate taxes
Family-oriented residential area
In close proximity to Governors State University (4,400+ students)

Getting around

24/100
Walk Score ®
34/100
Bike Score ®

Powered by Walk Score ®

City University Park, IL
Zip Code 60484
Market Chicago

Points of Interest

University Park

2.81 miles
211th Street (Lincoln Highway)

4.43 miles
Flossmoor

6.77 miles
Homewood

8.11 miles
Calumet

8.84 miles

Shell

1.94 miles
Speedway

2.11 miles
Steger Citgo

2.51 miles
BP

2.63 miles
Marathon

3.06 miles
Mobil

3.16 miles
Citgo

3.46 miles

Southland College Prep Parking Lot

3.91 miles
Matteson Metra Station Lot #2

3.94 miles
Matteson Metra Station Lot #1

4.00 miles
Petro Truck Stops - Extended Parking

4.43 miles
Campground Parking Lot

4.69 miles
Hap Bruno Field

4.80 miles
Equestrian Trailer Parking

4.86 miles
U-Pull-It Salvage Yard

5.52 miles
Pace Homewood Park & Ride

8.44 miles
Strip Mall Parking Lot

8.77 miles

Aurelio's Pizza

2.11 miles
Pizza Hut Delivery

2.13 miles
Scrementi's Restaurant

2.21 miles
Little Caesars

2.62 miles
Subway

2.91 miles
McDonald's

2.98 miles
Dunkin'

3.01 miles
Burger King

3.02 miles
Wingstop

3.07 miles
Domino's

3.09 miles

Jet Foods

2.60 miles
Save-A-Lot

2.89 miles
Jewel-Osco

2.93 miles
Heights Fresh Market

4.17 miles
ALDI

4.26 miles
Food 4 Less

4.27 miles
Walmart Supercenter

4.29 miles
Walt's Food Center

4.43 miles
JCPenney

4.63 miles
Pete's Market

4.73 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.