2418-2426 SOUTH CICERO AVENUE
Multi-Tenant Center Leased to Metro PCS, Oportun, Loya Insurance and Betty's Bistro. All NNN Leases
Located in a prominent retail corridor in Cicero with neighboring retailers AMC Theaters, Target, Sam's Club, Food 4 Less, Bank of America, The Home Depot., Chipotle ,and Foot Locker
RETAIL INVESTMENT OPPORTUNITY CONTENTS CONFIDENTIALITY & DISCLAIMER
PROPERTY INFORMATION 3 The information contained herein is proprietary and confidential. It is intended only for the use of the party receiving it from Frontline Real Estate Partners, LLC. and is not to be FINANCIAL ANALYSIS 8 duplicated or distributed to any other party without the written approval of Frontline Real Estate Partners, LLC. LOCATION INFORMATION 13 The purpose of this analysis is to provide summary information to prospective investors and DEMOGRAPHICS 15 to establish a preliminary level of interest in the property. THE INFORMATION IS NOT A SUBSTITUTE FOR A THOROUGH DUE DILIGENCE INVESTIGATION BY THE PROSPECTIVE INVESTOR. Although the information contained herein has been secured by sources believed ADDITIONAL INFORMATION 18 to be reliable, Frontline Real Estate Partners, LLC. makes NO REPRESENTATION OF WARRANTY, EXPRESS OF IMPLIED, AS TO THE ACCURACY OF THE INFORMATION, including but not limited to number of legal units, income and expenses of the property; projected financial performance of the property; size and square footage of the property; presence or absence of contaminating substances, lead, PCB’s or asbestos; compliance with the Americans with Disabilities Act; physical condition or age of the property or improvements’ suitability for a prospective investors’ intended us; or financial condition of occupancy plans of tenant. Frontline Real Estate Partners, LLC. has not conducted an investigation for verified the information.
ALL POTENTIAL INVESTORS ARE RESPONSIBLE TO TAKE APPROPRIATE STEPS TO VERIFY ALL PRESENTED BY INFORMATION SET FORTH HEREIN AND CONDUCT THEIR OWN THOROUGH DE DILIGENCE BEFORE PURCHASING THE PROPERTY. Potential investors assume all risk for any inaccuracies MATTHEW TARSHIS or inconsistencies. Vice President ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE ALLOW 24-48 HOUR NOTICE O: 847.780.8063 IN SCHEUDLING YOUR SHOWING. C: 847.542.9058 E: [email protected]
ANDREW RUBIN Vice President O: 224.628.4005 C: 224.628.4005 E: [email protected]
ZACK PEARLSTEIN Associate O: 847.275.6106 C: 847.275.6106 E: [email protected]
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written content of the owner is prohibited. 1 PROPERTY INFORMATION
Executive Summary
Property Description
Property Details
Complete Highlights 1 PROPERTY INFORMATION
OFFERING MEMORANDUM
DETAILS PROPERTY OVERVIEW
Sale Price $3,066,000 6,673 square foot multi-tenant retail center located along South Cicero Avenue in the heart of the Cicero retail corridor. The center sits directly across the street from Menard's Current NOI $229,942 and Bank of America. The building was constructed in 1962 and recently underwent Cap Rate 7.5% major renovations in 2017. The buildings consists of five (5) units, four (4) of which are 2016 Taxes $82,498.25 leased by Tenants Metro PCS, Oportun, Fred Loya Insurance, and Betty's Bistro. All Tenants Lot Size 0.51 Acres recently signed long-term NNN leases. The center is located at the northwest corner of the signalized intersection at Cicero Avenue and 24th Place, providing visibility and Building Size 6,673 SF exposure to nearly 28,000 VPD. The building is submerged in a retail corridor filled with Zoning C-2: Cook County an abundance of national retailers including AMC Theaters, Target, Food 4 Less, Bank of Market Cook County America, The Home Depot, Menard's, Sam's Club, Chipotle, Taco Bell, and Foot Locker Sub Market West Chicago among others. Cross Streets West 24th Place & PROPERTY HIGHLIGHTS South Cicero Avenue • 80% occupied however ownership is willing to sign a Master Lease in last vacancy Trafficoun C t 27,700 VPD • Located at a signalized intersection with visibility to nearly 28,000 VPD
• 32 on-site parking spaces
• Heavy vehicular and pedestrian foot traffic alongic C ero Avenue
4 1 PROPERTY INFORMATION
OFFERING MEMORANDUM
PROPERTY DESCRIPTION
PROPERTY DESCRIPTION 6,673 square foot multi-tenant retail center along South Cicero Avenue in Cicero, Illinois. The property was constructed in 1962 and recently underwent major renovations in 2017. The center currently consists of five (5) units, four (4) of which are leased by Metro PCS, Oportun, Fred Loya and Betty's Bistro. All Tenants are on NNN corporate backed leases. The single vacancy is a 1,436 SF space that ownership is willing to master lease for (1) one year. The property currently produces an NOI of approximately $212,714 with the ability to increase value through lease up of the remaining unit. The property features a 32-car parking lot, tenant signage providing exposure to nearly 28,000 VPD, well located in a strong retail corridor.
LOCATION The subject property is located on the west side of South Cicero Avenue in Cicero, Illinois. Cicero is a part of Cook County and is approximately eight (8) miles west of Chicago. The center is situated on a 21,960 square foot lot at the signalized intersection of Cicero Avenue and 24th Place across the street from Menards. With this location, the center is conveniently located north of Interstate-55 (I-55) in a dense urban community filled with an abundance of national and local retailers with high volumes of vehicular (27,700 VPD) and foot traffic. Notable neighboring national retailers include AMC Theaters, Target, The Home Depot, Sam's Club, Walgreens, Food 4 Less, Chipotle, Bank of America, and many others. Additionally Cicero provides the center convenient access to public transportation. Nearby public transportation includes the newly renovated Metra BNSF Railway and the Cicero PInk line, both of which provide access to downtown Chicago
ZONING The subject property is zoned C-2, motor vehicle-related commercial district in the city of Cicero. The classification permits a wide variety of retail, restaurant, office uses. Additionally, the C-2 zoning for more types of businesses than a B-1 zoning. For example, the current zoning allows liquor stores, warehouses auto-shops, possible drive-thru as well as possible apartments above the ground floor.
SITE DESCRIPTION The subject property is irregular in shape and contains a total of 21,960 square feet or 0.51-acres. The property consists of six (6) separate parcels that vary in size and shape.
5 1 PROPERTY INFORMATION
OFFERING MEMORANDUM
ADDRESS: 2418-2426 South Cicero
CITY: Cicero
STATE: Illinois
ZIP: 60804
Retail PROPERTY TYPE: APN: 16-28-218-029-0000, 16-28-218-030-0000, 16-28-218-035-0000, 16-28-218-036-0000, 16-28-218-037-0000, 16-28-218-038-0000
GROSS LEASABLE AREA: 6,673 SF
BUILDING CLASS: A
ZONING: C-2: Cook County
YEAR BUILT: 1962
RENOVATED: 2017
6 1 PROPERTY INFORMATION
OFFERING MEMORANDUM
PROPERTY HIGHLIGHTS 80% occupied, however ownership is willing to sign a Master Lease for two (2) years on the remaining vacancy
Limited availability within the trade area
32 on-site parking spaces
Convenient accessibility to the CTA Pink Line, CTA Bus Stop, Cicero Metra Station, I-90 and I-55 Expressways
CTA bus stop fronting property
Dense retail trade area with existing national retailers like Bank of America, Home Depot, Menards, AMC Show Place, Chipotle, Sam’s Club, Target and Food 4 Less
AREA HIGHLIGHTS Cicero is the tenth largest municipality in the state of Illinois with a population of 84,103
Located just eight (8) miles west of downtown Chicago
Property benefits from its location at a signalized intersection within a dense community with high volumes of vehicular (27,700 VPD) as well as foot traffic
Rare urban infill location in dense trade area
ECONOMIC HIGHLIGHTS Average household income is $45,963 in a 5-mile radius from the property
Average home value in a 5-mile radius is $193,849 in a 5-mile radius
Approximately 276,000 households in a 5-mile radius
7 2 FINANCIAL ANALYSIS
Financial Summary
Rent Roll
Tenant Overview
Tenant Overview 2 FINANCIAL ANALYSIS
OFFERING MEMORANDUM
2418-2426 South Cicero | Cicero, IL 60804 › For Sale | $3,066,000 Investment Overview
Price $3,066,000 Price per SF $459.00 CAP Rate 7.5%
Current NOI $229,942
Operating Data
Gross Scheduled Income $319,565.84 Other Income $0 Gross Income $319,565.84 Operating Expenses $97,851.84 Net Operating Income with Master Lease $229,946
9 2 FINANCIAL ANALYSIS
OFFERING MEMORANDUM
2418-2426 South Cicero | Cicero, IL 60804 › For Sale | $3,066,000
TENANT UNIT RENT UNIT TERM LEASE LEASE ANNUAL Lease Rent NAME NUMBER (PSF) SIZE (SF) START EXPIRATION RENT Options Escalations
Metro PCS A $35.00 2,000 SF 10 YRS 09/12/2017 08/30/2027 $70,000 09/01/2042 09/01/2022
Oportun B $34.00 1,003 SF 10 YRS 08/03/2017 07/31/2027 $34,102 08/01/2037 08/01/2022
Vequity Construction C $32.00 1,436 SF 1 YRS TBD TBD $45,952 N/A N/A
Fred Loya D $33.00 1,000 SF 5 YRS 09/12/2017 09/30/2027 $33,000 09/30/2034 10/01/2018
Betty's Bistro E $38.00 1,234 SF 10 YRS 09/27/2017 08/31/2027 $46,892 08/01/2037 08/01/2022
10 2 FINANCIAL ANALYSIS
OFFERING MEMORANDUM
TENANT OVERVIEW
MetroPCS is a prepaid wireless service in the United States that is owned by T-Mobile. MetroPCS provides nationwide talk, text, and data services using T-Mobile US GSM, HSPA, HSPA+ and 4G LTE networks. MetroPCS previously operated one of the largest mobile telecommunications network in the United States using code division access (CDMA) technology. In October 2012, MetroPCS Communications reached an agreement to merge with T-Mobile USA, Inc., a deal that would help competing providers become more competitive with the other national carriers. The deal was a reverse merger for MetroPCS; following the closure of the merger on May 1, 2013, the combined company, now known as T-Mobile Us, Inc., began trading on the New York Stock Exchange as TMUS.
Metro PCS
Website: http://www.metropcs.com Number of Locations: 10,000 + Industry: Wireless Accessories
Oportun is a financial echnologyt company founded in 2005 that provides affordable loans that help people establish credit and build a better future. Oportun uses advanced data analytics and technology to score the”unscorable” and offer responsible, affordable, credit-building loans to individuals with limited credit history.
OPORTUN
Website: http://www.oportun.com Number of Locations: 230 + Industry Financial Services
11 2 FINANCIAL ANALYSIS
OFFERING MEMORANDUM
TENANT OVERVIEW
Fred Loya is a Texas based car insurance company. As of 2016, the company had over 5,200 employees and 700 offices in Alabama, Arizona, California, Colorado, Georgia, Illinois, Indiana, Missouri, New Mexico, Nevada, Ohio, and Texas. It is the 18-th largest Latino-owned company in the country.
Fred Loya Insurance Agency provides general auto insurance brokerage services. It offers liability auto insurance, general liability insurance, comprehensive insurance, collision insurance, uninsured motorist insurance, personal injury protection, and medical payments insurance. The company also provides claim services.
Fred Loya Insurance
Website: http://www.fredloya.com Number of Locations: 700 + Industry: Insurance Services
Blackhawk Restaurant Group has created four restaurant brands in Illinois -- all with the same contemporary style, comfortable design, and tempting menu, but each with its own personality. Blackhawk offers a warm, contemporary setting for adults to enjoy smaller plates, sweet treats, gourmet coffee and tea, along with beer and wine. They are your neighborhood place to play Illinois’ newest slot and video poker games.
Betty's Bistro
Website: http://www.anewkindoffun.com Number of Locations: 70 + Industry: Gaming Cafe
12 3 LOCATION INFORMATION
Aerial/Parcel Maps 3 LOCATION INFORMATION
OFFERING MEMORANDUM
14 4 DEMOGRAPHICS
Demographics Report
Demographics Map 4 DEMOGRAPHICS
OFFERING MEMORANDUM
2418-2426 South Cicero | Cicero, IL 60804 › For Sale | $3,066,000
1 MILE 2 MILES 3 MILES
Total households 10,110 41,130 98,842
Total persons per hh 3.8 3.7 3.5
Average hh income $47,362 $46,675 $45,963
Average house value $227,205 $224,711 $238,400
Total population 38,130 152,305 345,172
Median age 27.5 27.7 28.5
Median age (male) 27.8 27.1 27.6
Median age (female) 27.3 28.5 29.7
Total population - White 10,721 44,506 94,439 % White 28.1% 29.2% 27.4%
Total population - Black 4,778 32,957 123,374 % Black 12.5% 21.6% 35.7% Total population - Hispanic 31,063 108,310 188,937 % Hispanic 81.5% 71.1% 54.7% Total population - Asian 64 557 1,828 % Asian 0.2% 0.4% 0.5% Total population - Hawaiian 43 42 45 % Hawaiian 0.1% 0.0% 0.0%
Total population - Indian 137 472 874 % Indian 0.4% 0.3% 0.3% Total population - Other 21,356 70,993 119,982
% Other 56.0% 46.6% 34.8%
16 4 DEMOGRAPHICS
OFFERING MEMORANDUM
POPULATION 1 MILE 2 MILES 3 MILES TOTAL POPULATION 38,130 152,305 345,172 POPULATION DENSITY 38,130 152,305 345,172 MEDIAN AGE 27.5 27.7 28.5 MEDIAN AGE (MALE) 27.8 27.1 27.6 MEDIAN AGE (FEMALE) 27.3 28.5 29.7
HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES TOTAL HOUSEHOLDS 10,110 41,130 98,842 # OF PERSONS PER HH 3.8 3.7 3.5 AVERAGE HH INCOME $47,362 $46,675 $45,963 AVERAGE HOUSE VALUE $227,205 $224,711 $238,400
RACE & ETHNICITY 1 MILE 2 MILES 3 MILES TOTAL POPULATION - WHITE 10,721 44,506 94,439 TOTAL POPULATION - BLACK 4,778 32,957 123,374 TOTAL POPULATION - HISPANIC 31,063 108,310 188,937 TOTAL POPULATION - ASIAN 64 557 1,828 TOTAL POPULATION - HAWAIIAN 43 42 45 TOTAL POPULATION - INDIAN 137 472 874 TOTAL POPULATION - OTHER 21,356 70,993 119,982
17 5 ADDITIONAL INFORMATION
Additional Photos
Site Plan 5 ADDITIONAL INFORMATION
OFFERING MEMORANDUM
19 5 ADDITIONAL INFORMATION
OFFERING MEMORANDUM
2418-2426 South Cicero | Cicero, IL 60804 › For Sale | $3,066,000
20 Frontline Real Estate Partners, LLC 477 Elm Place Highland Park, IL 60035
847.780.8065 main 847.919.3816 fax www.frontlinerepartners.com
2418-2426 SOUTH CICERO
6,681 SF | Fully Leased Strip Center For Sale Fronting Mendars in Cicero Cicero, IL
MATTHEW TARSHIS ANDREW RUBIN Office: 847.780.8063 Office: 224.628.4005 Cell: 847.542.9058 Cell: 224.628.4005 Email: [email protected] Email: [email protected]
ZACK PEARLSTEIN Office: 847.275.6106 Cell: 847.275.6106 Email: [email protected]
http://www.frontlinerepartners.com/property-listings?propertyId=282289-lease