Dunkin Donuts and Primo Pizza Strip
5600 & 5602 N Clark St
Chicago, Illinois
Property Details
Available
5600 & 5602 N Clark St | Chicago, IL 60660 Dunkin Donuts & Primo Pizza Strip
Net Operating
Income
$102,000
Year Built
1958
Lot Size
0.13 Acres
Building Size
2,406 SQ FT
Lease Structure
NNN
Ownership Type
Fee Simple
Investment Details
- Unlevered Cap Rate Return– Expected Nearly 8% Unlevered Cap Rate return average over a 10 Year Horizon assuming Dunkin option renewal.
- Landlord Friendly Clauses- Extremely Limited Management with only two tenants both on NNN Leases with very landlord friendly clauses
- Excellent Long Term Residual Value– Priced Below Replacement Cost for the land and building
- 100% Occupied– Two Tenant Retail Asset
- Primo Pizza– $3,500/Mo in Rent with annual uncapped CPI increases.
- Long Term Historical Occupancy with Primo Pizza boasting over a decade of occupancy since 2012 Recent Renewal Momentum- Primo Pizza recently renewed their lease for a new 10 Year initial term & Dunkin recently renewed their lease by taking their first option in 2021
- Landlord Termination Option- (exclusive to Landlord if desire to redevelop) triggered March 1, 2026 is when the Dunkin expires. If Dunkin decides not to renew owner can facilitate an early termination, if desired exclusively at discretion of landlord, in order to effecutate a redevelopment strategy
Location
- Exceptional Real Estate- Located in Chicago’s prosperous Andersonville neighborhood on the hard corner of W Brynn Mawr Ave & N Ashland Ave
- Strategic Positioning & Strong Location Fundamentals– Located roughly half a mile from major highways US Routes 14 & 41 as well as Bryn Mawr L Station
- Large Daytime Population– ±100,860 Employees within 3 miles. The Largest employment sectors in the submarket are Retail,Healthcare and Engineering
- Excellent Retail Synergy- located in a premiere trade area that additional businesses and retailers alike bring consumers to the immediate surrounding areas. There are many national retailers such as Jewel Osco, McDonald’s, Walgreens, CVS, Starbucks, Whole Foods & more..
- Prime Urban Location & Close Proximity To Popular Chicagoland Destinations- Enviable urban location featuring a walk score of 98/100, a transit score of 70/100, and a bike score of 77/10. It is Surrounded by 34 Acres of Parkland featuring 13 parks and three multi-use recreational paths
- Retail Submarket- contains over 64 Million Sq. Ft. of Inventory with a Large Daytime Population with ±100,860 Employees within 3 miles
Property & Long Term Development Potential
- Renovation- Major +/- $400,000 Renovation funded by Dunkin Franchisee to modernize the consumer foot traffic experience
- Parcel- Versitle 2,400SF Building on an oversized 5,580SF lot. Under Developed for highest and best use
- Zoning- B3-2 Zoning should allow for wide variety of uses, zero setbacks and possibly expanding the building area to the edge of the parcel
- Landlord Termination Option- (exclusive to Landlord if desire to redevelop) triggered March 1, 2026 is when the Dunkin expires. If Dunkin decides not to renew owner can facilitate an early termination, if desired exclusively at discretion of landlord, in order to effecutate a redevelopment strategy
- Building FAR Coverage- With a Maximum Building FAR Coverage of 2.2x potentially allowing for up to 3-4 story building and +/- 12,000SF (Check with city or zoning attorney for confirmation of assessment.)
- Location-Highly desirable, highly versitle location with fluid ingress, egress AND AMPLE PARKING
- Premium location highlighted by the fact that this parcel out positions McDonalds, (who historically has sought the most premium locations for their real estate focused operation.)
asking price
$1,457,143
cap rate
7.00%
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