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55 E Erie St - Compass Real Estate Office - Suite C-1
3,979 SF Office Unit Offered at £2,347,350 in Chicago, IL 60611
Investment Highlights
- Proximity to Landmarks: Just a short walk to the Magnificent Mile, offering world-class shopping and dining options. Close to cultural landmarks such
- Schools and Education: Nearby educational institutions include Loyola University Chicago and the School of the Art Institute of Chicago.
- Economic and Demographic Data: The Near North Side is one of Chicago’s wealthiest neighborhoods, with high average household incomes and property valu
- Public Transportation: Close to the Grand (Red Line) and Chicago (Red Line) subway stations. Numerous bus routes serve the area, providing convenient
- Healthcare: Close to Northwestern Memorial Hospital, and Lurie Children’s Hospital
- Estimated Traffic Volume: Erie Street is a busy urban street, especially given its proximity to major commercial and residential areas. Streets in thi
Executive Summary
55 East Erie is a luxury high-rise condominium building located just steps from the heart of Chicago’s famed Magnificent Mile. The 56-story tower affords residents breathtaking views of Lake Michigan and the incredible Chicago skyline in all four directions.
Property Facts
1 Unit Available
Unit C-1
| Unit Size | 3,979 SF | Net Initial Yield | 7.05% |
| Price | £2,347,350 | NOI | £165,566.42 |
| Price Per SF | £589.93 | No. Parking Spaces | 6 |
| Unit Use | Office | APN/Parcel ID | 17-10-112-011-1194 |
| Sale Type | Investment |
| Unit Size | 3,979 SF |
| Price | £2,347,350 |
| Price Per SF | £589.93 |
| Unit Use | Office |
| Sale Type | Investment |
| Net Initial Yield | 7.05% |
| NOI | £165,566.42 |
| No. Parking Spaces | 6 |
| APN/Parcel ID | 17-10-112-011-1194 |
Description
This 3,979-SF ground-floor retail condo was renovated in 2024 for Compass Real Estate, a nationwide residential real estate brokerage.
Sale Notes
Marcus & Millichap is pleased to exclusively offer the opportunity to acquire the fee simple interest in a Compass Real Estate Agency office, located at 55 East Erie Street, Suite C-1, Chicago, IL 60611 (the “Property”).
Compass has signed a brand new 7-year lease in 2024, with the primary term now running through May 2031. The lease includes 3% annual rental increases during the primary term and two (2) five-year renewal options.
The Property features 3,979 square feet of rentable building area on approximately 0.61 acres of land along East Erie Street (± 20,000 vehicles per day). The location benefits from excellent demographics, with nearly 1.2 million residents within a 5-mile radius and an average household income ranging between $100,000 and $150,000. It is also near two major educational institutions, Loyola University Chicago and the School of the Art Institute of Chicago.
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 100 | - | 922 - 1,312 |
| 2+2 | 90 | - | 930 - 2,275 |
| 3+2 | 4 | - | 1,802 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Fireplace
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Fitness Centre
- Property Manager on Site
- Sauna
- Security System
- Spa
- Doorman
- Dry Cleaning Service
- Lift
zoning
| Zoning Code | DX-12 (Downtown Mixed-Use District) |
| DX-12 (Downtown Mixed-Use District) |
Presented by
55 E Erie St - Compass Real Estate Office - Suite C-1
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