The property
Executive summary
Ellsbury Group is pleased to present Theodore Plaza, a 15,000 SF grocery-anchored multi-tenant retail center in Crest Hill, Illinois. Offered at $1,939,000 - an 8.49% in-place cap rate rising to 9.24% upon lease-up of the final 634 SF suite, roughly $130 per square foot and below replacement cost. The center is approximately 95.7% leased to five established, necessity-based tenants: anchor Carniceria Flores (grocery and meat market), My Waffle family restaurant, Marchelloni's Pizza, Estillo's Hair Salon, and AXO Brands apparel printing. In-place NOI is $164,670, increasing to a stabilized $179,070 on lease-up of the one remaining suite. Positioned at the NWC of Theodore Street and Raynor Avenue with ~23,000 vehicles per day, pylon signage and more than 50 surface parking spaces, the property draws from a dense, growing infill trade area - Crest Hill's population is up 51.7% since 2000, minutes from I-80, US-30 and IL-53. A stable, well-located retail investment with a defined value-add path. Offered as-is; certified rent roll and income/expense statement available upon request.