Property for Sale: 8821 W 87th, Hickory Hills, IL 60457

$3,700,000
$3,700,000
8821 W 87th, Hickory Hills, IL 60457
$3,700,000
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Price:
$3,700,000
$100,000 - 11/14/2024

Type Commercial
Year Built 1988

City Hickory Hills
County Cook

MLS 11659191
Status Active Under Contract
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 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 8.38% CAP rate with tremendous upside potential through future development and repositioning of the property.

Lot & Building Features

Cooling Central Individual
Tax Year 2022
Lot Dimensions 0X0 ft

Price History of 8821 87th, Hickory Hills, IL

Date Name Price Difference
11/14/2024 Price Adjustment $3,700,000 2.63%
01/19/2024 Price Adjustment $3,800,000 17.39%
12/31/1969 Listing Price $4,600,000 N/A
*Information provided by REWS for your reference only. The accuracy of this information cannot be verified and is not guaranteed.
Photo of Richard Schultz
Direct: 708-237-7779
Office
3580 W 95th Street
Evergreen Park, IL 60805
708-422-0011
Listed by Brookline Real Estate LLC, Dominick Cannata & William Lundy
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6.75%
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8821 87th (MLS #11659191) is a commercial listing located in Hickory Hills, IL. This property was listed on 10/24/2022 and has been priced for sale at $3,700,000.

Nearby zip codes are 60455, 60458, 60465, 60480 and 60525. This property neighbors other cities such as Bridgeview, Hodgkins, Justice, Palos Hills and Willow Springs.

Midwest Real Estate Data

Listing Last updated . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. Walk Score map and data provided by Walk Score. Google map provided by Google. Bing map provided by Microsoft Corporation.

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Listing information courtesy of: Brookline Real Estate LLC