$3,410,000
Est. payment /mo
259,000 SqFt
Active
111 N Wabash Avenue #810-2102-2103-1114-1116 Chicago, IL 60602
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UPDATED:
08/28/2024 06:51 PM
Key Details
Property Type Commercial
Sub Type Office/Tech
Listing Status Active
Purchase Type For Sale
Square Footage 259,000 sqft
Price per Sqft $13
MLS Listing ID 11954596
Year Built 1922
Annual Tax Amount $72,180
Tax Year 2022
Property Description
Don't miss this portfolio investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 5 units that are diversified under 4 separate leases/tenants. This is an armchair investment with maintenance taken care of by the HOA and by the tenants. The portfolio is positioned to trade at a 7.3 cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are all well established medical businesses with significant lease term remaining. One significant tenant is a credit tenant with a lease in place until 2034 and options to extend. This is a premier location in the heart of Chicago's Loop. Close to everything including Michigan Avenue, restaurants, retail, Millenium Park and the lakefront. There is valet parking available. Call for a copy of the rent roll. See MLS #11955091 for Units 1114-1116 or MLS #11955198 for Units 810, 2102 and 2103.
Location
State IL
County Cook
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
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Listed by Charles Kirkwood • Coldwell Banker Real Estate Group
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