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8821 W 87th Street, Hickory Hills, IL 60457
$3,800,000
8821 W 87th Street, Hickory Hills, IL 60457View this property at 8821 W 87th Street, Hickory Hills, IL 60457
8821 W 87th StreetHickory HillsIL60457
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Property Description
We are proud to present the opportunity to acquire a value-add investment property including a 40,850 square foot multi-tenant retail center and three undeveloped outlots 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 outlots. Furthermore, new ownership can add value by repositioning the below-market gross leases into NNN market rents. 87th Plaza contains 40,850 square feet and is situated on approximately 6.26 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 fully 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. Three entrances on two separate roads aid traffic flow and allow tenants to operate smoothly. Cross access with CVS and Shell allows for entry for those customers as well. This asset has tremendous upside potential through future development and repositioning of the property.
Full Property Details
Full Property Details for 8821 W 87th St
General
- Price: $3,800,000
- Taxes: $240,000 (2021)
- Status: Active
- Type: Retail
- MLS ID: 11659191
- Updated: 2/16/2024
- Added to Site: 553 day(s) ago
Additional Information
- Security/Safety: Other
Location
- Area: Hickory Hills
- County: Cook
- Township: Palos
- Driving Directions: 90/94 E to I55 S to US 45 S, Left on 87th to address.
Heating & Cooling
- Cooling Type: Central Individual
- Heating Type: Central Heat/Individual Controls
Structural Information
- Stories/Levels: 1
- Square Feet: 39,590
- Year Built: 1988
Lot Features
- Lot Size (Sq. Ft.): 272,686
- Lot Dimensions: 0 x 0
- Zoning: COMMR
Financial Considerations
- For Sale/Rent/Lease: For Sale Only
- Security Deposit: Other
- Assessment Year: 1988
- Tax Amount: $240,000
- Tax Year: 2021
- Tenant Pays: Air Conditioning, Electricity, Heat
Disclosures and Reports
- Property ID: 23032010190000
Listed by Brookline Real Estate LLC
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Schools
Schools serving 8821 W 87th St
School Districts:North Palos School District 117, Cons High School District 230
Rating | Name | Grades | Distance |
---|---|---|---|
9045 S 88th Ave, Hickory Hills, IL 60457 | 2-5 | 0.4 mi | |
Dorn Elementary School
7840 W 92nd St, Hickory Hills, IL 60457 | PK-1 | 1.4 mi | |
7950 W 97th St, Hickory Hills, IL 60457 | 6-8 | 1.6 mi | |
8015 W 111th St, Palos Hills, IL 60465 | 9-12 | 3.2 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 8821 W 87th St
Date
Details
Price
Change
Source
1/19/2024
Price Reduced
$3,800,000
-17.39%
MLS
10/24/2022
Listed
$4,600,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 8821 W 87th St
8821 W 87th Street, Hickory Hills, IL 60457 (MLS# 11659191) is a Retail property. 8821 W 87th Street is currently listed for $3,800,000 and was received on October 24, 2022. Want to learn more about 8821 W 87th Street? Do you have questions about finding other Retail real estate for sale in Hickory Hills? You can browse all Hickory Hills real estate or contact a Coldwell Banker agent to request more information.