Harbor Freight Tools (Corporate Lease) | 7520 W 159th St
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Harbor Freight Tools (Corporate Lease) 7520 W 159th St
17,029 SF Retail Building Orland Park, IL 60462 £1,869,502 (£110/SF) 7% Net Initial Yield
Investment Highlights
- Recent 10-Year Extentsion
- Backed by $6.5 Billion Corporate Lease
- 90,225 People within 3 Miles
- 10% Rent Increases
- 82,218 Combined VPD
- Affluent Area with $110,448 Avg HH Income
Executive Summary
LEASE
The lease is with Harbor Freight Tools USA, Inc which is a corporate lease. Harbor Freight has been at this location 10+ years and recently extended for another 10 years. There are generous 10% rental increases every 5 years through the primary term and options. Landlord is responsible for roof, structure, and parking lot replacement. Tenant maintains all CAM and parking lot repairs. Tenant reimburses Landlord for taxes and insurance. Rent is under market at only $11.11/ sf. Landlord recently installed a new roof on the building, and Tenant plans on investing over $250,000 into building remodeling over the next 5 years.
PROPERTY
The Property consists of a 14,910 sf building on a large ± 2.02 acre site right in the heart of the Orland Park retail trade area. The site is on busy 159th Street (38,890 VPD) just west of Harlem Ave (43,328 VPD). Harlem is the primary north/south corridor for the area, linking to Interstate 80 to the south. 159th Street (also known as Route 6) is the primary east/west corridor, linking the area to I-57 to the east. There are numerous national retail tenants in all directions consisting of nearby Home Depot, Meijer, Hobby Lobby, Menards, Sam’s Club, and many others. There are 90,225 people living within 3 miles earning an average HH Income of $110,448/household. This is one of the strongest submarkets in the entire Chicagoland area.
The lease is with Harbor Freight Tools USA, Inc which is a corporate lease. Harbor Freight has been at this location 10+ years and recently extended for another 10 years. There are generous 10% rental increases every 5 years through the primary term and options. Landlord is responsible for roof, structure, and parking lot replacement. Tenant maintains all CAM and parking lot repairs. Tenant reimburses Landlord for taxes and insurance. Rent is under market at only $11.11/ sf. Landlord recently installed a new roof on the building, and Tenant plans on investing over $250,000 into building remodeling over the next 5 years.
PROPERTY
The Property consists of a 14,910 sf building on a large ± 2.02 acre site right in the heart of the Orland Park retail trade area. The site is on busy 159th Street (38,890 VPD) just west of Harlem Ave (43,328 VPD). Harlem is the primary north/south corridor for the area, linking to Interstate 80 to the south. 159th Street (also known as Route 6) is the primary east/west corridor, linking the area to I-57 to the east. There are numerous national retail tenants in all directions consisting of nearby Home Depot, Meijer, Hobby Lobby, Menards, Sam’s Club, and many others. There are 90,225 people living within 3 miles earning an average HH Income of $110,448/household. This is one of the strongest submarkets in the entire Chicagoland area.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
17,029 SF
Building Class
C
Year Built
1973
Price
£1,869,502
Price Per SF
£110
Net Initial Yield
7%
NOI
£130,814
Tenancy
Single
Number of Floors
1
Building FAR
0.11
Land Acres
3.50 AC
Amenities
- Air Conditioning
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Harbor Freight Tools
- -
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99,999 SF
- -
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Lorem Ipsum
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Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Harbor Freight Tools | - | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Walk Score ®
Very Walkable (75)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 27-13-402-017-0000 | Improvements Assessment | £170,918 |
| Land Assessment | £330,251 | Total Assessment | £501,169 |
PROPERTY TAXES
Parcel Number
27-13-402-017-0000
Land Assessment
£330,251
Improvements Assessment
£170,918
Total Assessment
£501,169
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Harbor Freight Tools (Corporate Lease) | 7520 W 159th St
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