611-613 N Union Ave Chicago, IL 60654
- Jones Lang LaSalle ("JLL"), the exclusive advisor to Ownership, has been retained to market the fee-simple interest in 611 N Union Ave (the "Offering" or the "Property") for sale, a 58,590 square foot, flex/ industrial Property located in Chicago. - 611 N Union Ave is 52% leased to The Auto Club Group, commonly known as "AAA," with 4.8 years of lease term remaining and in-place rents that are 64.2% below market, presenting investors with the opportunity for material net operating income (NOI) growth by marking in-place rents to market and leasing up the remaining vacant space. - The Offering also offers a future development opportunity with an air rights bonus via utilization of the Neighborhood Opportunity Bonus program. - The Property is situated adjacent to Chicago's vital business and population centers including Fulton Market District, River, North, and the Loop, and has experienced 156%+ population growth since 2010. - The Property benefits from a population of 91,991 and a median household income over $120,000 within 1-mile. - Additionally, the Property's infill location adjacent to the Ohio feeder ramp, with 91,200 daily vehicles, offers visibility and signage opportunities for future occupiers. - The Offering presents an exciting opportunity for investors to acquire a value-add industrial asset with significant mark-to-market upside and long-term development potential next door to the Fulton Market District the country's most sought-after submarket.
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendComparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
No recorded transactions found for this property.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.