312-334-7242
223 W Erie St, Chicago, IL for Sale
Loft/Creative Space - FOR SALE
1/19
null | Request Cap Rate

223 W Erie St
Chicago, IL 60654


OVERVIEW

This ideally located loft office building is 76% leased with .80 years of WALT. The property also provides for exceptional transit as all main forms of transportation are within a short walk. Both the Merchandise Mart “L” stop as well as the Chicago “L” stop are within a six-minute walk of the property. In addition, The Ohio feeder ramp is just two blocks west of the Property, providing not only convenient access to Chicago’s main highways in I-290, I-90, and I-94 but also presenting extreme visibility to the building. [THE EPITOME OF LIVE, WORK, AND PLAY] The Property sits on a stretch of Erie Street that provides versatile mixed-use experiences just steps away from its doors. Tenants and future residents can find high-end dining options, luxury wellness spaces, and exciting nightlife venues without having far to venture. This building provides access to the true River North experience. [DIVERSIFIED RENT ROLL WITH INCOME GROWTH] The property features 17 distinct tenants with none taking up more than 8.3% of the building’s rent-able space - therefore a new buyer wont be beholden to a large tenants that could make or break the property’s success. [TENANT TENURE] The Property has a proven track record of stability with several tenants remaining in the building for the last 5 to 10 years. [OWNER/USER OPPORTUNITY] The building’s second floor (2nd floor) encompasses 7,640 square feet of contiguous space which offers an open floor plan with three window line views. The presents a tremendous opportunity for an owner/user to occupy the space while collecting steady cash from the asset. [RE-DEVELOPMENT POTENTIAL | DX-5 ZONING] The DX-5 Zoning allows for downtown high-rises, offices, or apartments with ground floor retail, which implies multiple options for redevelopment at the site. With limited WALT, the property is a prime candidate for a residential conversion. The Property offers three window line views and two interior stairwells, allowing for a seamless transition to multifamily.

FOR SALE DETAILS

PRICE

Request Info for Price

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Loft/Creative Space

TOTAL BUILDING SIZE

-

STORIES

7

BUILDING CLASS

B

YEAR BUILT

1899

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,019 SF

ZONING

DX-5, Chicago

APN/PARCEL ID

17-09-223-001-0000

ASK ABOUT THIS PROPERTY

312-334-7242

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312-334-7242

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