South Loop Renovated
622 W Roosevelt Road Chicago, IL 60607
For Sale
$2,275,000
Renovated South Loop building with office and retail space.
Property Size10,632 SF
Price / SF$213.98
Days on Market306
Property Features for 622 W Roosevelt Road
General Information
Standard status
Active
Size
10,632 SF
Property subtype
Retail
Listing Agency:
Bradford Allen - Corporate
(312) 994-5796
Listed By:
Craig A. Nadborne
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Jul 6
Last Checked: Jul 27 at 6:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bradford Allen - Corporate
Investment Insights
Based on property information with market context.
Located in the South Loop, this three-story building at 622 W. Roosevelt offers 10,632 square feet of office and retail space. The property is situated near the University of Illinois Chicago and is surrounded by a variety of national, regional, and local retailers. It provides convenient access to the I-90 expressway and is well-connected to public transportation. The building has undergone a complete renovation, including a new elevator and roof, upgraded HVAC systems, widened stairwells, high ceilings, new in-suite bathrooms, a new elevator lobby, and new interior and exterior doors. The property is 52.75% occupied with a long-term lease in place with an excellent credit tenant. On-site parking is available behind the building. The property is located in a DS-3 Downtown Service District enterprise zone, and there is no transfer tax upon sale. The property is located 100 feet from the Dan Ryan Expressway (I-90/94). The first floor and lower level have been leased to a national dispensary. The property is situated on 0.13 acres.
Key Highlights
- Long‑term lease in place with an excellent credit tenant, providing immediate and stable income (52.75% occupied).
- Complete renovation with new elevator, roof, upgraded HVAC, and other significant improvements.
- Prime South Loop location with high visibility and easy access to I‑90 and public transportation.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $280.7k | $26.40 |
| − Vacancy | −$16.8k | −$1.58 |
| EGI | $263.8k | $24.82 |
| − OpEx | −$66.0k | −$6.20 |
| NOI | $197.9k | $18.61 |
10,632 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.26M
$2.85M – $3.80M
NOI $228,120 @ 7.0% cap · market cap 10.03%
Second Best
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,883 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$5.01M
$4.39M – $5.85M
NOI $350,907 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Renovated South Loop building with office and retail space.
Where is this retail space located?
The property is located at 622 W Roosevelt Road Chicago, IL.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: Long‑term lease in place with an excellent credit tenant, providing immediate and stable income (52.75% occupied).; Complete renovation with new elevator, roof, upgraded HVAC, and other significant improvements.; Prime South Loop location with high visibility and easy access to I‑90 and public transportation.
