$1,100,000
Est. payment /mo
259,000 SqFt
Active
111 N Wabash AVE #810-2102-2103 Chicago, IL 60602
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UPDATED:
08/17/2024 08:31 AM
Key Details
Property Type Commercial
Sub Type Office/Tech
Listing Status Active
Purchase Type For Sale
Square Footage 259,000 sqft
Price per Sqft $4
MLS Listing ID 11955198
Year Built 1922
Annual Tax Amount $30,779
Tax Year 2022
Property 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. See MLS #11955091 for Units 1114-1116 or MLS #11954596 for Units 810, 2102, 2103, 1114 and 1116 combined.
Location
State IL
County Cook
Area Chi - Loop
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Office/Tech
Level or Stories 22
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Charles Kirkwood • Coldwell Banker Real Estate Group
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