South Loop Renovated
622 West Roosevelt Road, Chicago, IL 60607
Renovated South Loop building with office and retail space.
Type:Retail
Property size:
10,632 SFPrice / SF:
$282/SF- Added:
- Sep 25, 2025
- Days on Market:
- 240
- Last Refresh:
- Apr 6 at 12:50 am
Property Features for 622 West Roosevelt Road
General Information
- Standard status
- Active
- Size
- 10,632 SF
- Property subtype
- Retail
Listing agent Craig A. Nadborne (312) 994-5796
Listing office Bradford Allen - Corporate (312) 994-5796
Listing date Sep 25, 2025
Source Tcnworldwide
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
- Long‑term lease in place with an excellent credit tenant, providing immediate and stable income (52.75% occupied).
- Complete renovation with new elevator, roof, upgraded HVAC, and other significant improvements.
- Prime South Loop location with high visibility and easy access to I‑90 and public transportation.
- On‑site parking available behind the building.
- Located in DS‑3 Downtown Service District enterprise zone, resulting in no transfer tax upon sale.
- National dispensary tenant on the 1st Floor and LL.
Overview
Located in the South Loop, this three-story building at 622 W. Roosevelt offers 10,632 square feet of office and retail space. The property is situated near the University of Illinois Chicago and is surrounded by a variety of national, regional, and local retailers. It provides convenient access to the I-90 expressway and is well-connected to public transportation. The building has undergone a complete renovation, including a new elevator and roof, upgraded HVAC systems, widened stairwells, high ceilings, new in-suite bathrooms, a new elevator lobby, and new interior and exterior doors. The property is 52.75% occupied with a long-term lease in place with an excellent credit tenant. On-site parking is available behind the building. The property is located in a DS-3 Downtown Service District enterprise zone, and there is no transfer tax upon sale. The property is located 100 feet from the Dan Ryan Expressway (I-90/94). The first floor and lower level have been leased to a national dispensary. The property is situated on 0.13 acres.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$2.53M
NOI $228,120 @ 9.00% cap · cautious / downside scenario
Moderate
$3.26M
NOI $228,120 @ 7.00% cap · market / base-case scenario
Aggressive
$4.56M
NOI $228,120 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| 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 Use Scenarios
Best Use
Office B
$3.26M
$2.85M – $3.80M
NOI $228,120 @ 7.0% cap · market cap 7.60%
Second Best
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,883 @ 7.0% cap · market cap 6.60%
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6431
- Latitude
- 41.8675
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - Renovated South Loop building with office and retail space.
Where is this retail space located?
The property is located at 622 West Roosevelt Road 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: Long‑term lease in place with an excellent credit tenant, providing immediate and stable income (52.75% occupied).; Complete renovation with new elevator, roof, upgraded HVAC, and other significant improvements.; Prime South Loop location with high visibility and easy access to I‑90 and public transportation.
