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111 N Wabash Ave - Medical Office Investment
4,034 - 9,040 SF Units Offered at £867,900 - £2,690,490 Per Unit in Chicago, IL 60602
Investment Highlights
- Investment Opportunity - 6.73% Cap at List Price
- Solid Medical Tenants
- Extensive Lease Term Remaining
- Arm Chair Investment with Minimal Owner Involvement
Executive Summary
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 6.73 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 for a fee. Call for a copy of the rent roll. Units 810, 2102 and 2103 can be purcahsed independently for 1,190,000. Units 1114 - 1116 can be purchase independently for for 2,310,000.
Property Facts
| Price | £867,900 - £2,690,490 | Building Class | B |
| Unit Size | 4,034 - 9,040 SF | Number of Floors | 22 |
| No. Units | 3 | Typical Floor Size | 11,773 SF |
| Total Building Size | 259,000 SF | Year Built | 1914 |
| Property Type | Office | Lot Size | 0.36 AC |
| Property Subtype | Medical |
| Price | £867,900 - £2,690,490 |
| Unit Size | 4,034 - 9,040 SF |
| No. Units | 3 |
| Total Building Size | 259,000 SF |
| Property Type | Office |
| Property Subtype | Medical |
| Building Class | B |
| Number of Floors | 22 |
| Typical Floor Size | 11,773 SF |
| Year Built | 1914 |
| Lot Size | 0.36 AC |
3 Units Available
Unit 2202-2203
| Unit Size | 9,040 SF | Sale Type | Investment |
| Price | £2,690,490 | Net Initial Yield | 6.91% |
| Price Per SF | £297.62 | NOI | £185,848.94 |
| Unit Use | Office/Medical | APN/Parcel ID | 17-10-309-016-1034, 17-10-309-016-1160, 17-10-309-016-1161, 17-10-309-016-1063, 17-10-309-016-1064 |
| Unit Size | 9,040 SF |
| Price | £2,690,490 |
| Price Per SF | £297.62 |
| Unit Use | Office/Medical |
| Sale Type | Investment |
| Net Initial Yield | 6.91% |
| NOI | £185,848.94 |
| APN/Parcel ID | 17-10-309-016-1034, 17-10-309-016-1160, 17-10-309-016-1161, 17-10-309-016-1063, 17-10-309-016-1064 |
Description
Investmert opportunity with 5 medical office units under 4 separate leases.
Unit 810, 2102, 2103
| Unit Size | 5,006 SF | Unit Use | Office |
| Price | £867,900 | Sale Type | Investment |
| Price Per SF | £173.37 |
| Unit Size | 5,006 SF |
| Price | £867,900 |
| Price Per SF | £173.37 |
| Unit Use | Office |
| Sale Type | Investment |
Description
Don't miss this 100% leased investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 3 units that are diversified under 2 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 7.27% cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are well established dentistry professionals with significant lease term remaining. One of the tenants has a lease in place until 2033 and the other is in place until 2028. Both leases feature 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 for a fee. Call for a copy of the rent roll. Units 1114-1116 also available for 2,310,000 or purchase the whole portfolio for 3,410,000.
Unit 1114, 1116
| Unit Size | 4,034 SF | Sale Type | Investment |
| Price | £1,822,590 | Net Initial Yield | 7.34% |
| Price Per SF | £451.81 | NOI | £133,778.10 |
| Unit Use | Office |
| Unit Size | 4,034 SF |
| Price | £1,822,590 |
| Price Per SF | £451.81 |
| Unit Use | Office |
| Sale Type | Investment |
| Net Initial Yield | 7.34% |
| NOI | £133,778.10 |
Sale Notes
Don't miss this investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 2 units that are diversified under 2 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 7.34% cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are well established medical businesses with significant lease term remaining. One of the tenants 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 for a fee. Call for a copy of the rent roll. See MLS #11955198 for Units 810, 2102, 2103 or MLS #11954596 for Units 810, 2102, 2103, 1114 and 1116 combined.
Amenities
- 24 Hour Access
- Bus Route
- Commuter Rail
- Conferencing Facility
- Convenience Store
- Public Transport
- Property Manager on Site
- Signage
- Central Heating
- Air Conditioning
zoning
| Zoning Code | DX-16 (Downtown Mixed-Use District) |
| DX-16 (Downtown Mixed-Use District) |
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Charles Kirkwood -
Coldwell Banker
Presented by
111 N Wabash Ave - Medical Office Investment
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