Harbor Freight

7520 West 159th Street, Orland Park, IL 60462

$2,490,000

Cap Rate 6.65%

Views: 106 DOM: 155 Updated: 07.26.24 Posted: 04.14.24 Status: Active

Summary

Price $2,490,000	Built/Renov 1980	Tenant Harbor Freight
Cap Rate 6.65%	Lease Type Double NN	Guarantor Corp Rated
Size/SF 14,910	Lease Start 05-11-2014	#Units 1,500
Price/SF $167.00	Expiration 05-31-2034	Tenant Type General Retail
NOI $165,585	R. Term 9.8	Ownership Fee Simple
Rent/SF $11.11	Increases 10.0%/5/yrs	Pop 5Mi 189,737
Lot/AC 2.02	Options 5/5yrs/10%	AHHI 5Mi $114,177

Tom Fritz

Northmarq

Contact

Lease Highlights

Harbor Freight recently executed a 10-year lease extension with 5 (5-year) options to extend
The lease features 10% rental escalations at the start of each option period
Corporate guaranteed lease

Location Description

Harbor Freight is strategically located on West 159th Street, a busy thoroughfare with access to 38,890 vehicles passing by daily. The property benefits from its proximity to Harlem Ave (43,328 VPD), a major north/south route connecting the area to I-80 in the south. Surrounding the immediate area are well-known national retail tenants including Home Depot, Meijer, Hobby Lobby, Menards, Sam’s...

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Key Features

Dense retail corridor
Near major nationals
Strategically located
Top 100 MSA
Strong demographics
Long operation history
Recently extended lease
Long 10+ yr lease
Corporate Guarantee
Credit rated company

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Links

Harbor Freight Tools Wikipedia Harbor Freight Tools Wikipedia Orland Park, Illinois Zip Code 60462 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Harbor Freight
Guarantor:Corp Rated
Company:Harbor Freight Tools USA, Inc.
# Units:1,500
Tenant S&P: BB-
Moody’s: B1
Stock:Private

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 :	13,372	88,614	186,530
2023 Total Population :	13,761	90,225	189,737
2023 Employed Civilian Pop :	7,509	48,922	99,524
2023 Total Businesses :	600	2,566	6,866
2023 Average Household Income :	$ 95,890	$ 110,448	$ 114,177
2023 Total Consumer Spending :	$ 485 M	$ 3313 M	$ 7222 M
2023 Median Age :	47	43	44
2023 Total Households :	5,921	35,315	74,492
2023 Pop Age 25+: Bachelor's Degree :	2,474	16,621	34,336
2023 Average Home Value :	$ 266,474	$ 289,819	$ 304,017

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
West 159th Street	77th Ave	2019	32,200	0.23 mi
159th St	Harlem Ave	2013	39,300	0.35 mi
Harlem Ave	158th St	2013	40,500	0.42 mi
Harlem Ave	161st St	2013	37,900	0.57 mi
159th St	71st Ct	2013	38,900	0.57 mi
163rd Street	76th Ave	2022	450	0.58 mi
IL 43		2021	28,700	0.60 mi
South 80th Avenue	157th St	2022	15,900	0.62 mi
80th Ave	160th St	2014	18,000	0.62 mi
	161st St	2022	15,900	0.65 mi

Listing Broker

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