Added: Jan 27Changed: Oct 3Last Checked: Oct 5 at 5:42PM
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Investment Insights
Based on property information with market context.
Located in Chicago's River North neighborhood, River North Park offers leasing opportunities within a newly renovated (2019) 24-story apartment building. The property features approximately 19,600 square feet of prime storefront space. Available units along Grand Avenue include spaces of 2,998 SF, 5,977 SF, and 6,073 SF, which can be combined. The units feature large windows and open interiors, providing flexibility for restaurant, retail, medical office, or service-oriented users, and have the potential for black iron hook ups. A 211-space adjacent parking garage is available for a fee. The building is situated on an entire city block between Grand Avenue and Illinois Street, and between North Orleans Street and North Franklin Street, in one of Chicago’s most densely populated neighborhoods. The location offers excellent public transit options, steps from the Merchandise Mart 'L' station (Brown and Purple lines) and just west of the Grand 'L' station (Red line). The building is surrounded by several tech companies, contributing to a large daytime employee population. Convenient access to the Kennedy Expressway (Interstate 90 and Interstate 94) is provided via the Ontario Street and Ohio Street feeder ramps, located just two blocks north. The property is surrounded by national and local retailers and is within walking distance of North Michigan Avenue. The location has tenant signage opportunities available with visibility and exposure to 17,000 vehicles per day along Grand Avenue and 21,400 vehicles per day along Orleans Street, in addition to heavy pedestrian traffic. The property is part of a thriving community projected to experience population growth, with a high median household income within a one-mile radius. Current co-tenants include UPS, Domino’s Pizza, Re’Luxe, Ora Dental Studio, and Pups Pet Club. The current zoning allows for a range of retail, restaurant, office, and medical office tenants. Potential exists to provide parking for commercial tenants.
Key Highlights
Prime River North location with high foot and vehicle traffic.
Excellent transportation access near Merchandise Mart and Grand 'L' stations.
Flexible unit sizes suitable for various businesses; potential for black iron hookups.
Property Analytics
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Current Use
Caras Law GroupLaw FirmRiver North Park ...Real Estate AgencyTMV ServicesHardware & Home ImprovementMetrotech Design GroupInterior DesignAssociated Rack CorporationBusiness Management Consultant
Suggested Use
Top Pick(Bike/Boat/Book/etc) StoreBuffetRestaurantClothing & Fashion StoreButcherPet Grooming Service
Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.
Lease Details
NNN (Triple Net)
Lease Type
Location Intelligence
Trade Area within ½ mile
28,995
Businesses Nearby
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Business Placement
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
Median Home Value
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Market
Lease Benchmarks for Chicago, IL
$25.49 /SF/Yr
Avg Asking Price
$8–$114 /SF/Yr
Price Range
8,917 SF
Avg Space Size
Vacancy Rate%for Office in Chicago, IL
17.9%2019
19.2%2020
20.7%2021
23.1%2022
23.3%2023
25.1%2024
25.6%2025
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Retail space - Prime retail, restaurant, or office spaces in vibrant River North.
Where is this retail space located?
The property is located at 320 W Illinois Street Chicago, IL.
What are key features of this property?
This property features: Prime River North location with high foot and vehicle traffic.; Excellent transportation access near Merchandise Mart and Grand 'L' stations.; Flexible unit sizes suitable for various businesses; potential for black iron hookups.
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New: 350 Mission StJust listed · $36/SF · 2 min ago