Professional Office Condominium For
435 W Erie Street Chicago, IL 60654
435 W Erie Street, Chicago, IL, 60654
$2,990,000
For Sale
$2,990,000
Corporate tenant in place with a guaranteed 10-year NNN lease.
Property Size4,200 SF
Price / SF$711.90
Days on Market245
Property Features for 435 W Erie Street
General Information
- Standard status
- Active
- Size
- 4,200 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1982
Listing agency
@PROPERTIES CHRISTIE'S INTERNATIONAL REAL ESTATE
(773) 472-0200
Listed by
EMILY SACHS WONG
Source
Corcoran
Added: Nov 19, 2025 Updated: Jul 6 at 9:57AM Checked: Jul 22 at 10:06AM
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 @PROPERTIES CHRISTIE'S INTERNATIONAL REAL ESTATE
Investment Insights
Based on property information with market context.
This 4,200 square foot professional office condominium is available for sale, presenting a sale-leaseback opportunity with a corporate tenant already in place under a guaranteed 10-year NNN lease. The property is located in a highly desirable, prime location with excellent visibility and DX-7 zoning. The current net operating income (NOI) is $167,091. The ground-level unit is well-maintained and currently used as a corporate office. The space is fully built out and turn-key, featuring nine executive, private office suites, cubicles for support staff, a conference room, a supply storage room, and two large, modern restrooms. It also includes a full, private kitchen/break area. The unit is fully wired with fiber optic, internet, phone, Cat 5, and music, and is handicap accessible from the interior entrance. The unit features a full sprinkler system and all-new, commercial-grade, copper plumbing throughout. The property is near public transportation, including bus, train, Metra, and CTA, and is located right off The Ohio spur downtown, providing quick access from all highways. The assessment includes water, rubbish, scavenger, maintenance, and elevator fees. Surrounding area retail businesses include East Bank Club and Erie Cafe. The property is suitable for various businesses, including office, tech, government, real estate, insurance, mortgage, financial trading, medical, dental, and retail uses.
Key Highlights
- Guaranteed 10‑year NNN lease with a corporate tenant in place, providing immediate and consistent rental income.
- Net Operating Income (NOI) of $167,091.
- Prime location with excellent visibility and DX‑7 zoning, suitable for various business types.
Local 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 | $161.3k | $38.40 |
| − Vacancy | −$41.1k | −$9.79 |
| EGI | $120.2k | $28.61 |
| − OpEx | −$30.0k | −$7.15 |
| NOI | $90.1k | $21.46 |
4,200 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.50M
NOI $90,115 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,620 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Cohen Michael P
Law Firm
Mostardi Platt
Environmental Consultant
Erie Cleaners
(Bike/Boat/Book/etc) Store
Eckroth Planning Group
Architect
Arnecilla Pablo B ...
Physician
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Corporate tenant in place with a guaranteed 10-year NNN lease.
Where is this office units located?
The property is located at 435 W Erie Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: Guaranteed 10‑year NNN lease with a corporate tenant in place, providing immediate and consistent rental income.; Net Operating Income (NOI) of $167,091.; Prime location with excellent visibility and DX‑7 zoning, suitable for various business types.
