Renovated Mixed-Use Building For
624 W Roosevelt Rd Chicago, IL
For Sale
Contact for pricing
Two properties with retail and office space in downtown Chicago.
Property Size10,632 SF
Lot Size0.13 Acres
Price / SF$282.17
Days on Market495
Property Features for 624 W Roosevelt Rd
General Information
Standard status
Active
Size
10,632 SF
Lot size
0.13 Acres
Property subtype
OFFICE
Properties For Sale
at 624 W Roosevelt Rd Contact us
Listing Agency:
Bradford Allen - Corporate
(773) 454-0159
Listed By:
Craig Nadborne
(773) 454-0159
Source:
Moodyscre
Added: Mar 20, 2025
Changed: Jul 6
Last Checked: Jul 21 at 6:02AM
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.
The offering includes two properties: 622 W Roosevelt, featuring 10,632 square feet with 52.75% occupancy, and 632 W. Roosevelt, offering 6,600 square feet with 100% occupancy. The building at 622 W Roosevelt, built in 1904 and situated on 0.13 acres, has undergone a complete renovation, including a new elevator, upgraded HVAC systems, widened stairwells, high ceilings, new in-suite bathrooms, a new elevator lobby, and new interior and exterior doors. The first and lower floors are leased to a national dispensary. The property at 632 W. Roosevelt, built in 1964 and situated on 0.19 acres, is fully leased to a national non-profit. Windows were replaced in 2022. Both properties feature on-site parking behind the building and are located in the DS-3 Downtown Service District enterprise zone, with no transfer tax upon sale. The location is ideal for retail or service-oriented businesses seeking a vibrant urban environment, situated 100 feet from the Dan Ryan Expressway (I-90/94), with 70 feet of frontage on Roosevelt Road and 94 feet on Des Plaines Street. Roosevelt Road sees over 32,000 vehicles per day.
Key Highlights
- High‑traffic location on Roosevelt Road with excellent visibility near the Dan Ryan Expressway.
- Significant recent renovations including a new elevator and upgraded HVAC.
- Stable income from existing tenants, with high occupancy rates.
Financial Insights For Office B
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 | $408.3k | $38.40 |
| − Vacancy | −$104.1k | −$9.79 |
| EGI | $304.2k | $28.61 |
| − OpEx | −$76.0k | −$7.15 |
| NOI | $228.1k | $21.46 |
10,632 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.26M
$2.85M – $3.80M
NOI $228,120 @ 7.0% cap · market cap 7.60%
Second Best
Retail
$2.10M
$1.84M – $2.45M
NOI $147,092 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$5.01M
$4.39M – $5.85M
NOI $350,907 @ 7.0% cap · market cap 11.70%
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?
Office building - Two properties with retail and office space in downtown Chicago.
Where is this office building located?
The property is located at 624 W Roosevelt Rd Chicago, IL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: High‑traffic location on Roosevelt Road with excellent visibility near the Dan Ryan Expressway.; Significant recent renovations including a new elevator and upgraded HVAC.; Stable income from existing tenants, with high occupancy rates.
