+/-3,290 SF      0.94 Acres      $66,000    SOLD

225 W Joe Orr Rd, Chicago Heights, IL 60411

BANK OWNED PROPERTY

±3,290 SF FREESTANDING RETAIL/OFFICE BUILDING W/ PARKING

 

This offering represented an opportunity to acquire a ±3,290 square feet freestanding retail/office building with parking located at 225 W Joe Orr Road, in the City of Chicago Heights, Illinois, 60411.

Kennedy-Wilson Properties LTD, an Illinois Real Estate Broker (the “Listing Broker”) was retained by the Seller as the marketing agent for the sale and disposition of 225 W Joe Orr Road (the “Property”).

Property Address: 225 W Joe Orr Road, Chicago Heights, IL 60411
Jurisdiction: City of Chicago Heights (Nicknamed “The Crossroads of the Nation"), Cook County, Illinois
Owner of Record: U.S. Bank National Association, a national banking association
Assessor Parcel Numbers: 32-17-115-035-0000; 32-17-115-034-0000; 32-17-115-040-0000
Year Built: 1975
Building Size: +/-3,290 SF
Land Size: +/-0.94 AC
Zoning B1 (Non-Profit business not allowed by the City)
Submarket: Chicago-Far South
Traffic Count: 12,578
Land Use & Zoning: Retail Business District (B1)
Project Site: Rectangular and level at street grade
Project Access: The subject has frontage along Joe Orr Road, is clearly visible in both directions along the street and is in close proximity to Dixie Highway, and local industrial developments.

Primary access to the site is approximately 5 miles from Interstate 294 exit at IL-1/S. Halsted St south, west on W Joe Orr Road. The Property is located approximately 3.2 miles east of Metra Electric-Olympia Fields

Year Built: 1975
Construction: Steel and masonry
Parking: 33 surface spaces
Property Condition: Average condition, there is power to the building and the HVAC plant is operable
Information Sources: Appraisal, CoStar, FEMA Firmette, Chicago Southland Chamber of Commerce

Chicago Heights is located an the Chicago Southland suburban region south and southwest of the City of Chicago, made up of approximately 70 municipalities. Bordered by Bedford Park (near Chicago Midway International Airport) on the north, the Chicago Southland extends south to Kankakee. Known for its blue collar roots, the Chicago Southland was once home to the region's steel mills and heavy industry. Some heavy industry still remains, but many Southland communities are transforming themselves into service-oriented economies as the bulk of heavy industry moves out of the Chicago metro region.

Major residential development has made its way to the Southland as Chicago's northern and western suburbs are filling in and developers search for the last available open land for subdivisions. Southland property values continue to soar, especially in the southwestern portion of the region. Nevertheless, housing remains affordable compared to the northern and western suburbs. In 2007, Forbes Magazine rated three Southland municipalities as being the most "livable" suburbs in the Chicago Metropolitan area: South Holland, Park Forest, and Homewood. The November 17, 2009 issue of Bloomberg Business Week named Tinley Park as Number One in the Nation – “America’s Best Place to Raise Your Kids.”

Located at the nation's crossroads, the Chicago Southland is served by interstates I-80, I-90, I-94, I-294, I-55, and I-57, and the six major U.S. rail lines. The Lincoln Highway - America's first transcontinental paved roadway - crosses another famous highway, the Dixie Highway, in Chicago Heights, hence the city's nickname, "The Crossroads of the Nation." The Tri-State Tollway (I-80/I-294) which runs through this region has an oasis appropriately named the Chicago Southland - Lincoln Oasis near South Holland.

The Chicago Southland is home to CN Railway - American Headquarters, Ford, the Hollywood Casino Amphitheatre, a large outdoor music theater; and Toyota Park, the home of the Chicago Fire MLS Soccer Team.

Kennedy Wilson Properties LTD

Marty Clouser

800-522-6664

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