Property Description
- High Income Area – Average Household Income is $92,808 and $90,969 in 1 and 3 miles
- Dense Trade Area – Population of 25,322 and 172,421 in 1 and 3 miles respectively
- Subway is in the CVS Building via a sublease which creates high traffic
- Investment Grade Tenant
- 24 Hour Store
- St. Xavier University is two blocks away with 3,896 Students
- Over 8 years remaining on the Lease
HMX Realty Advisors exclusively presents for sale a 24-hour CVS located in a dense and wealthy area of Chicago near Oak Lawn. The property is located on the corner of West 103rd Street and South Pulaski Road. St. Xavier University is two blocks away with 3,896 Students. The intersection where the CVS is located has traffic counts of 30,500 vehicles per day. On a 103rd there are 22,600 vehicles per day and Pulaski Road has 30,600 vehicles per day. CVS has sub leased a small portion of the building to Subway, Minute Clinic and Cleaners Depot. There are a 139,000 people within a 10-minute drive from the property. The area is 91% white 5% black and 12% Hispanic within one-mile and within 3 miles it is 78% white 18% black and 19% Hispanic. There are 171,000 households within 5 miles of the property. In the Chicago market freestanding buildings fundamentals have continued to tighten. One of the bright spots in the Chicago retail market has been the single tenant net leased space, which continues to benefit from historically low interest rates and steady demand from 1031 exchange investors. With the most diverse economy of any major city in the United States, Chicago has greatly benefited from the strong national economy and its prominent position as a distribution hub and the largest city in the Midwest. With unemployment hovering near a 50-year low Chicago’s labor market is historically tight and Chicago continues to create thousands of new jobs.
The Chicago metro is made up of 9,500,000 people. The vacancy rate is 3.8% for retail in the properties submarket. The current retail landscape is highly bifurcated both in terms of the physical space and the retailers themselves. For example both grocery anchored shopping centers and stand-alone single tenant properties with good local demographics have been able to maintain strong occupancies and pricing power in lease negotiations. On the other end of the spectrum changing consumer provinces coupled with the rise of e-commerce has created disruption in the apparel and big Box retail environment. In the past 12 months new development within 4 miles of the CVS includes Fifth Third Bank, a two tenant out lot, a Taco Bell, a Family Dollar and two Dunkin Donuts.
