South Loop Mixed-Use
For Sale
Contact for pricing
622 W Roosevelt Road, Chicago, IL 60607
Renovated office and retail space in the South Loop.
Property Size10,632 SF
Lot Size0.13 Acres
Price / SF$213.98
Days on Market703
Property Features for 622 W Roosevelt Road
General Information
Standard status
Active
Size
10,632 SF
Class
B
Lot size
0.13 Acres
Property subtype
Office, Retail
Zoning
DS-3 Downtown Service District
Occupancy
52%
Lease Type
Modified Gross
Investment Type
Value Add
Building Details
Year Built
1904
Year Renovated
2022
Stories
3
Tenancy
Single
Listing Agency:
Bradford Allen Realty Services Chicago
Listed By:
Craig A Nadborne · License #IL
(312) 994-5796
Source:
Crexi
Added: Nov 5, 2024
Changed: Oct 1
Last Checked: Oct 7 at 10:36AM
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 Realty Services Chicago
Investment Insights
Based on property information with market context.
This 10,632 square foot mixed-use property features office and retail space in the South Loop. The building is 52.75% occupied with a long-term lease in place with an excellent credit tenant. Located on 0.13 acres, the property offers on-site parking behind the building. The building has undergone a complete renovation, which includes 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 located in the DS-3 Downtown Service District enterprise zone, and there is no transfer tax upon sale. The location provides easy access to I-90 and public transportation and is surrounded by diverse retailers. Real Estate Tax Parcels: 17-16-331-030-0000.
Key Highlights
- Excellent credit tenant with long‑term lease in place (52.75% occupied).
- Complete renovation including new elevator, roof, HVAC systems, bathrooms, and more.
- Located in DS‑3 Downtown Service District enterprise zone with no transfer tax upon sale.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$179,415
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,588,300
$3.6M
Cap Rate 7%
$2,563,071
$2.6M
Cap Rate 9%
$1,993,500
$2.0M
Market Conditions
NOI Build-Up for 10,632 SF
Gross rent
$319.0K $30.00/SF
− Vacancy
−$31.9K −$3.00/SF
EGI
$287.1K $27.00/SF
− OpEx
−$107.6K −$10.13/SF
NOI
$179.4K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,588,300
Cap Rate 7%
$2,563,071
Cap Rate 9%
$1,993,500
Alternative Uses
Best Use
Mixed Use
$2.56M
$2.24M – $2.99M
NOI $179,415 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.01M
$4.39M – $5.85M
NOI $350,907 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,513
Businesses Nearby
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated office and retail space in the South Loop.
Where is this mixed-use property located?
The property is located at 622 W Roosevelt Road Chicago, IL.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: Excellent credit tenant with long‑term lease in place (52.75% occupied).; Complete renovation including new elevator, roof, HVAC systems, bathrooms, and more.; Located in DS‑3 Downtown Service District enterprise zone with no transfer tax upon sale.
