Renovated Mixed-Use Building For
For Sale
Contact for pricing
624 W Roosevelt Rd, Chicago, IL
Two properties with retail and office space in downtown Chicago.
Property Size10,632 SF
Lot Size0.13 Acres
Price / SF$213.98
Days on Market587
Property Features for 624 W Roosevelt Rd
General Information
Standard status
Active
Size
10,632 SF
Lot size
0.13 Acres
Property subtype
OFFICE
Lease Type
NNN
Site & Location
Neighborhood
South Loop
Properties For Sale
at 624 W Roosevelt Rd Contact us624 W Roosevelt Rd AVAILABLE, Now
Floor
2
Size
2,332 SF
Type
OFFICE
Lease Type
NNN
Sublease
No
- 622 W. Roosevelt offers a prime leasing opportunity in a three-story office and retail building located in the heart of the South Loop along Roosevelt Road.
- The first floor and lower level are currently leased to a national dispensary, attracting steady foot traffic.
- With parking available at the rear of the building, this space is easily accessible and conveniently located near the University of Illinois Chicago.
Contact us 624 W Roosevelt Rd AVAILABLE, Now
Floor
3
Size
2,692 SF
Type
OFFICE
Lease Type
NNN
Sublease
No
- 622 W. Roosevelt offers a prime leasing opportunity in a three-story office and retail building located in the heart of the South Loop along Roosevelt Road.
- The first floor and lower level are currently leased to a national dispensary, attracting steady foot traffic.
- With parking available at the rear of the building, this space is easily accessible and conveniently located near the University of Illinois Chicago.
Contact us
Listing Agency:
Bradford Allen - Corporate
(312) 994-5700
Listed By:
Craig Nadborne
(773) 454-0159
Source:
Moodyscre
Added: Mar 20, 2025
Changed: Oct 26
Last Checked: Oct 26 at 6:37PM
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
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Investment Insights
Based on property information with market context.
The offering includes two properties: 622 W Roosevelt, featuring 10,632 square feet with 52.75% occupancy, and 632 W. Roosevelt, offering 6,600 square feet with 100% occupancy. The building at 622 W Roosevelt, built in 1904 and situated on 0.13 acres, has undergone a complete renovation, including a new elevator, upgraded HVAC systems, widened stairwells, high ceilings, new in-suite bathrooms, a new elevator lobby, and new interior and exterior doors. The first and lower floors are leased to a national dispensary. The property at 632 W. Roosevelt, built in 1964 and situated on 0.19 acres, is fully leased to a national non-profit. Windows were replaced in 2022. Both properties feature on-site parking behind the building and are located in the DS-3 Downtown Service District enterprise zone, with no transfer tax upon sale. The location is ideal for retail or service-oriented businesses seeking a vibrant urban environment, situated 100 feet from the Dan Ryan Expressway (I-90/94), with 70 feet of frontage on Roosevelt Road and 94 feet on Des Plaines Street. Roosevelt Road sees over 32,000 vehicles per day.
Key Highlights
- High‑traffic location on Roosevelt Road with excellent visibility near the Dan Ryan Expressway.
- Significant recent renovations including a new elevator and upgraded HVAC.
- Stable income from existing tenants, with high occupancy rates.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$147,092
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,941,840
$2.9M
Cap Rate 7%
$2,101,314
$2.1M
Cap Rate 9%
$1,634,356
$1.6M
Market Conditions
NOI Build-Up for 10,632 SF
Gross rent
$229.7K $21.60/SF
− Vacancy
−$19.5K −$1.84/SF
EGI
$210.1K $19.76/SF
− OpEx
−$63.0K −$5.93/SF
NOI
$147.1K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,941,840
Cap Rate 7%
$2,101,314
Cap Rate 9%
$1,634,356
Alternative Uses
Best Use
Office B
$3.26M
$2.85M – $3.80M
NOI $228,120 @ 7.0% cap · market cap 10.03%
Second Best
Retail
$2.10M
$1.84M – $2.45M
NOI $147,092 @ 7.0% cap · market cap 6.47%
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.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,513
Businesses Nearby
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Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Office building - Two properties with retail and office space in downtown Chicago.
Where is this office building located?
The property is located at 624 W Roosevelt Rd 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: High‑traffic location on Roosevelt Road with excellent visibility near the Dan Ryan Expressway.; Significant recent renovations including a new elevator and upgraded HVAC.; Stable income from existing tenants, with high occupancy rates.
