312-446-9111
60 W Ontario St, Chicago, IL for Sale
Restaurant - FOR SALE
1/16
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60 W Ontario St
Chicago, IL 60654


HIGHLIGHTS

  • 3% escalations annually with two, 5-year options to renew
  • 15 years remaining of NNN lease with no termination options
  • Chop House sales exceeding pre-covid levels by over 50% for last three years
  • Classic steakhouse experience, rich history of quality dining and tradition
  • River North submarket consistently benefits from its centralized location

OVERVIEW

Cushman & Wakefield Retail Investment Advisors (“C&W”) has been retained as exclusive advisor to sell the fee simple interest in 60 West Ontario Street, Chicago, Illinois (the “Property”) – a multistory structure containing approximately 9,565 square feet occupied by the award-winning Chicago Chop House. The Property, which operates as a single-tenant restaurant, is fully occupied for an initial term of 15 years with two, 5-year options to extend, and 3% annual escalations in rent. This longterm tenant’s new net lease commenced August 1, 2024, and offers no rights for early termination or contraction in advance of natural expiration, as well as a declining-basis guaranty.The urban asset commands over 55 feet of linear frontage along the heavily trafficked Ontario Street (50,382 VPD) between Clark and Dearborn Streets in the dynamic submarket of River North. 60 West Ontario Street delivers a unique value proposition to the marketplace: a historic, finedining experience for consumers and a stable cash flow opportunity for investors. Beyond the remarkable area demographics, attributable to both local and visiting patrons, the Property will continue to benefit from efficient health ratios and attractive income growth. The sales performance at Chicago Chop House underscores the strength of operations, making 60 West Ontario Street a rare offering with compelling yields.

FOR SALE DETAILS

PRICE

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CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1897

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

DX-5

APN/PARCEL ID

17-09-226-012-0000,17-09-226-013-0000

ASK ABOUT THIS PROPERTY

Michael MarksCushman & WakefieldMore Info
312-446-9111

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Michael MarksCushman & WakefieldMore Info
312-446-9111

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.