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Renovated Mixed-Use Building For Sale

624 W Roosevelt Rd, Chicago, IL

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For Sale

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Two properties with retail and office space in downtown Chicago.

Type:OFFICE

Property size:

10,632 SF

Lot size:

0.13 Acres

Price / SF:

$282/SF

Contact for Pricing

Please call us for current price
and status of this listing

Craig Nadborne

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.
On‑site parking available.
Located in a DS‑3 Downtown Service District enterprise zone with no transfer tax.
Versatile ground‑floor space suitable for retail or service‑oriented businesses.

For Sale

Contact for pricing

Two properties with retail and office space in downtown Chicago.

Type:OFFICE

Property size:

10,632 SF

Lot size:

0.13 Acres

Price / SF:

$282/SF

Added:: Mar 20, 2025
Days on Market:: 449
Last Refresh:: May 19 at 8:28 pm

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

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Listing Contact

Craig Nadborne

Listing agent Craig Nadborne

Listing office Bradford Allen - Corporate

Listing date Mar 20, 2025

Source Moodyscre

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

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.
On‑site parking available.
Located in a DS‑3 Downtown Service District enterprise zone with no transfer tax.
Versatile ground‑floor space suitable for retail or service‑oriented businesses.

Overview

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.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

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 (±1% cap)

NOI $228,120 @ 7.0% cap · market cap 7.60%

Second Best

Retail

$2.10M

$1.84M – $2.45M (±1% cap)

NOI $147,092 @ 7.0% cap · market cap 4.90%

Theoretical Best

Office A

$5.01M

$4.39M – $5.85M (±1% cap)

NOI $350,907 @ 7.0% cap · market cap 11.70%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

AIBI Production Center Department Store

Suggested Use

Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.6432
Latitude: 41.8675

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For sale
Office buildings
IL
Chicago
624 W Roosevelt Rd

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.

624 W Roosevelt Rd, Chicago, IL

Two properties with retail and office space in downtown Chicago.

Property Features for 624 W Roosevelt Rd

General Information

Properties For Sale

We can help!

HighLights

Overview

Local Financial Insights For Office B

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Renovated Chicago Industrial Flex Warehouse

West Town Corner Retail Space

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with Licenses

Turnkey Restaurant Opportunity in Chicago

Prime Retail Space in Chicago

Chicago Office Building with Parking

Chicago Commercial Buildings For Sale

Chicago Commercial Space for Sale

Fulton River District Commercial Loft

Wicker Park Corner Retail Building

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