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Views: 171 DOM: 390 Updated: 07.26.24 Posted: 11.18.23 Status: Active

Summary

Price $2,305,630
Built/Renov 1997
Tenant Harbor Freight
Cap Rate 6.50%
Lease Type Double NN
Guarantor Corp Rated
Size/SF 15,563
Lease Start 11-15-2023
#Units 1,500
Price/SF $148.15
Expiration 11-30-2033
Tenant Type General Retail
NOI $149,866
R. Term 8.11
Ownership Fee Simple
Rent/SF $9.63
Increases 10.0%/5/yrs
Pop 5Mi 63,615
Lot/AC 1.29
Options 3/5yrs/10%
AHHI 5Mi $111,685

Lease Highlights

  • Harbor Freight recently signed a brand new 10-year lease with 3 (5-year) options to extend
  • Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
  • High residual value with replaceable rent | $10 rent PSF
  • Corporate guaranteed lease

Location Description

Harbor Freight is strategically located within a prime retail corridor along N Richmond Road, with access to 22,200 vehicles passing by daily. The property is conveniently situated in proximity to major national retailers, including The Home Depot, Meijer, Kohl’s, and more. Additionally, it serves as an outparcel to McHenry Plaza, a community shopping center anchored by notable establishments...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Harbor Freight Tools (aka Harbor Freight) is a privately held tool and equipment retailer, which operates a chain of stores, as well as an e-commerce business. The chain offers more than 7,000...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 7,754 36,450 67,208
2023 Total Population : 7,337 34,980 63,615
2023 Employed Civilian Pop : 4,080 18,805 34,880
2023 Total Businesses : 495 1,271 1,953
2023 Average Household Income : $ 108,710 $ 108,939 $ 111,685
2023 Total Consumer Spending : $ 288 M $ 1302 M $ 2406 M
2023 Median Age : 39 41 41
2023 Total Households : 3,101 13,984 25,180
2023 Pop Age 25+: Bachelor's Degree : 1,184 5,399 10,247
2023 Average Home Value : $ 269,140 $ 264,941 $ 271,892
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
N Richmond Rd Washington St 2007 24,200 0.11 mi
N Richmond Rd Washington St 2009 16,600 0.13 mi
N Richmond Rd Maple Ave 2013 23,500 0.15 mi
N Richmond Rd McCullom Lake Rd 2009 16,600 0.15 mi
Richmond Rd Grand Ave 2007 24,200 0.22 mi
Maple Ave Freund Ave 2013 2,200 0.26 mi
Pearl St Green St 2009 5,900 0.27 mi
Green St Pearl St 2013 6,050 0.30 mi
N Riverside Dr Washington St 2009 5,800 0.30 mi
Richmond Rd Pearl St 2013 23,500 0.31 mi

Listing Broker

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