873 N Larrabee St - Suite A Retail address is 901 Larrabee 1,634 SF Office/Retail Unit Offered at £312,819 in Chicago, IL 60610
EXECUTIVE SUMMARY
this is the retail space on the ground floor. It will not accommodate restaurants as it has no black iron or commercial venting . watch video walkthrough https://www.dropbox.com/scl/fi/435ai3j38i7h74dpua23h/Video-Aug-12-2024-1-57-12-PMLarrabee.mov?rlkey=nx31mohm9e1gojplzxtlqrt5a&st=426rhv6r&dl=0
PROPERTY FACTS
| Price | £312,819 |
| Unit Size | 1,634 SF |
| No. Units | 1 |
| Total Building Size | 88,087 SF |
| Property Type | Multifamily (Unit) |
| Property Subtype | Apartment |
| Sale Type | Investment or Owner User |
| Building Class | B |
| Number of Floors | 7 |
| Typical Floor Size | 8,916 SF |
| Year Built | 2006 |
| Lot Size | 0.58 AC |
| Parking Ratio | 1.6/1,000 SF |
| Zoning | B3-5 - B3-5 Community Shopping District |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Waste Disposal
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Oven
- Stainless Steel Appliances
- Cooker
- Bath/Shower
SITE AMENITIES
- Laundry Facilities
- Lift
1 UNIT AVAILABLE
Unit 901
| Unit Size | 1,634 SF |
| Price | £312,819 |
| Price Per SF | £191.44 |
| Unit Use | Office/Retail |
| Sale Type | Investment or Owner User |
| Net Initial Yield | 7.17% |
| NOI | £22,424.96 |
| No. Parking Spaces | 1 |
DESCRIPTION
1634 SF Ground Floor Retail/Medical/Office Space on N Larrabee Street. It has 50 Feet of street frontage with large front glass windows and two entrances. Zoning is B3-5 which allows many uses. The space has two bathrooms, a small Kitchen/Office area/Sink area. Tall 14-foot ceilings with excellent lighting. It has Stained Concrete Floors. The space has its own gas forced air heat/Air Conditioning system, an auxiliary wall mounted cooling unit by the prep area, and. an 10" powered exhaust fan with ductwork running to the exterior. Garbage removal is included in the CAM charges.
The space is located in the River North neighborhood. River North is an affluent area known for its Art Galleries, Clubs, and Restaurants. The site is surrounded by several blocks of larger, higher end condominium buildings. The 18th District police Station is located two blocks North on Larrabee Street and the constant flow of police vehicles traveling up and down Larrabee Street helps make Larrabee one of the safer streets. Construction is beginning this year on Chicago's new Casino and Entertainment Complex located one block West on Chicago Avenue, across the river, on the Chicago Tribune Property.
The space is potentially a great location for a Convenience Store, a Pet Supply or Services location, a Commercial Office, Dentist Office, Medical Office, Brokers Office, Acupuncture or Holistic Clinic, or a Specialty Retail Store. The space does NOT have a black iron exhaust hood for a fry grill and the building configuration CANNOT accommodate one.
SALE NOTES
The rent was $18/SF triple net, which comes out to $4,657.15/Month Gross. The $4,583/monthly Gross Rent breaks down as follows: $2,451/Month actual rent for the space, $284.15/Month CAM charges, and $1,922/Month property taxes. This would drive a CAP of about 7
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 72 | - | - |
